Sales of Luxury Homes Increase in San Francisco

Sales of luxury homes have increased substantially in San Francisco according to the Coldwell Banker Residential Brokerage Reports. The report found luxury home sales in San Francisco increased by 42% during the third quarter of this year compared to a year ago, based on Multiple Listing Service data for homes sold for more than $2 million during this period.

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There were a total of 74 homes sold for more than $2 million in San Francisco between July and September compared to 52 sales for the same period last year. However sales have eased slightly since the second quarter of this year when they reached their highest level since before the recession. Sales of luxury properties in excess of $3 million also increased, reaching a total of 29 transactions compared to 23 during the same period in 2011.

Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area says 'Luxury home sales in San Francisco remain very strong as we go through the fall selling season. We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market.'

The median sales price of a multimillion dollar home has eased by 4.3% compared to a year ago to reach $2,629,573 in the third-quarter. This is below levels achieved in the second quarter when the median sale price was $3,006,212. The most expensive property sold during the third quarter was a four-bedroom 7200 ft.² property in the Gold Coast section of in Pacific Heights for $17 million. Homes are taking an average of 73.8 days to sell, up from 61 days on the previous quarter and 58 days a year ago. Sellers are achieving 99% of their asking price on average, down from 101% in the previous quarter, but up from 98% a year ago.

The San Francisco Luxury Market Report is produced quarterly by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Coldwell Banker Residential Brokerage serves San Francisco with five offices and can be reached on 9 to 5-275-3085. It is the largest residential real estate brokerage in Northern California and service markets from Monterey to Tahoe with more than 62 office locations and 3,600 sales associates.