San Francisco Luxury Home Sales Flat in Third Quarter, Coldwell Banker Residential Brokerage Reports
Luxury home sales in San Francisco were flat in the most recent quarter as the high-end market in the City by the Bay took a breather after strong results earlier in 2011, according to a new report by the region's leading luxury real estate company, Coldwell Banker Residential Brokerage.
- San Francisco, CA (1888PressRelease) November 15, 2011 - Luxury home sales in San Francisco were flat in the third quarter of this year from 2010 while the median sale price dipped year over year, according to a new market report by Coldwell Banker Residential Brokerage, the region's leading provider of luxury real estate services.
A total of 52 homes sold for more than $2 million in San Francisco during the July-September quarter compared to 55 during the same period a year ago. The median sale price of a multi-million home fell to $2.75 million, down 7.6 percent from last year.
On a quarterly basis, sales declined from the second quarter to the third quarter of this year, falling from 86 transactions to 52. Although a drop in sales from the second to third quarter is not unusual, the decline was a bit sharper than normal. The median price did increase 3.1 percent from the second to third quarter.
Other metrics showed a fairly level luxury market in the most recent quarter. Sellers received 98 percent of their asking price on average compared to 97 percent last year. Homes sold in just 58 days on average versus 70 days in 2010. And there were 23 sales in excess of $3 million compared to 27 in the same period a year ago.
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.
"The luxury market in San Francisco saw a tremendous surge in sales during the second quarter, reaching its highest level in three years and that might have taken away some of the sales that would otherwise have closed in the third quarter," said Rick Turley, president of Coldwell Banker Residential Brokerage.
Turley said the fall season traditionally is a quieter time of year for the housing market so it wouldn't be surprising to see the sector slow a bit for the end of year holiday season before picking up again in the new year.
"I think a lot of the performance in the fourth quarter and into 2012 will really be driven by the overall financial markets, the outlook for the economy and consumer sentiment in general," he said. "As the macroeconomic picture becomes clearer we'll have a better idea how the housing market will respond."
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
o The most expensive sale in San Francisco during the quarter was a six-bedroom, eight-bath 7,920-square foot home in Pacific Heights that sold for $8.5 million;
o Zip code 94123 (Marina) had the most multi-million-dollar sales with 13, followed by 94115 (Pacific Heights) with six sales, 94117 (Haight/Cole Valley) with five, and 94114 (Noe Valley/Castro Valley, 94118 (Presidio Heights/Inner Richmond) and 94127 (St. Francis Woods) with four apiece;
o Sellers received on average 98 percent of their asking price, up from 97 percent the previous quarter and a year ago;
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 750 offices and 45,000 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 # 00313415.
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