San Francisco, CA, August 11, 2012 --(PR.com
)-- Luxury home sales and the median sale price in San Francisco both surged again in the second quarter of 2012, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 90 homes sold for more than $2 million in San Francisco during the April-June quarter compared to 55 sales during the previous quarter. Sales were also up 4.7 percent from second quarter 2011. Sales reached their highest level since before the recession.
At the same time, the median sale price for a luxury property also rose sharply to $3,006,212, up 12.8 percent from a year ago and 7.4 percent from the previous quarter. Like sales figures, the median price also reached its peak since before the economic downturn.
Other metrics showed a luxury market that is gaining momentum. The upper end of the market saw particular strength with 48 sales over $3 million, up from just 18 the prior quarter and 33 a year ago. Homes also sold at a faster pace and sellers received a higher percentage of their asking price.
The figures were derived from Multiple Listing Service data of all homes sold in San Francisco for more than $2 million during the most recent quarter.
“San Francisco's luxury market is only getting stronger as the year goes along," said Rick Turley, president of Coldwell Banker Residential Brokerage. "As with other luxury markets in the Bay Area, including Silicon Valley and the Peninsula, there just aren't enough listings to meet the demand of well-qualified buyers in The City."
Turley said the inventory of homes for sale remains as much as 50 percent below a year ago. As a result, sellers are often getting multiple offers for their homes and bids above the asking price. "I don't see those market dynamics changing in the near future," he said. "It really creates a very strong seller's market."
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in San Francisco during the quarter was a five-bedroom, eight-bath 6,375-square-foot home in the Sea Cliff section of the city that sold for $13 million;
- Zip code 94123 (Marina) had the most multi-million-dollar sales with 16, followed by 94115 (Pacific Heights) with 14, 94118 (Inner Richmond) with 13, 94114 (Noe Valley) with nine, and 94117 (Coe Valley) with seven;
- Homes sold in 61 days on average during the quarter, up from 90 days the previous quarter and 70 a year ago;
- Sellers received 101 percent of their asking price on average, up from 97 percent a year ago and 98 percent the previous quarter.
The San Francisco Luxury Market Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage serves San Francisco with five offices. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 725 offices and 41,500 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE #01908304.