Luxury home sales in San Francisco edged lower in the third quarter of 2016 compared to a year ago while sale prices were fractionally higher, according to a new market report by Coldwell Banker Residential Brokerage, the Bay Area’s leading luxury real estate services company.
The report is based on Multiple Listing Service data of all homes that sold for more than $2 million during the last quarter in San Francisco.
There were 160 luxury sales during the July through September quarter, down 4.7 percent from the same three months a year ago when 168 homes changed hands. The sales decline was even larger compared to the second quarter of 2016 when 211 homes sold, although some of the decline was due to normal seasonal changes.
One positive indicator for the market was that the upper end of the luxury market was very strong in the third quarter with 55 sales over $3 million, up from 51 a year ago, and 29 sales over $4 million, up from 20 a year ago.
Meanwhile, the median sale price in the third quarter was $2,525,000, up just under 1 percent from the third quarter of 2015. Prices in the most recent quarter were off more sharply from the second quarter, when the median reached $2.8 million.
“San Francisco’s luxury market continues to show signs of cooling off from the red-hot seller’s market we saw earlier in the year to a more balanced market,” said Mike James, president of Coldwell Banker Residential Brokerage.
“We’re seeing a normal, healthy rebalancing of the market as we move through the fall home buying season,” he continued. “Inventory levels are gradually increasing, although they are still below normal for this time of year. Some sellers – and perhaps some buyers – may be holding off until after the first of the year to jump back into the market.”
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
- The most expensive home sale last quarter was a 14-bedroom, 11-bath Presidio Heights estate that sold for $15.75 million;
- Homes in zip code 94123 (Marina) and 94114 (Noe Valley) boasted the most sales with 24 each, followed by 94118 (Presidio Heights) with 20, 94127 (St. Francis Wood) with 13, and 94109 (Nob Hill) and 94115 (Western Addition) with 12 each;
- Homes sold in 58 days on average during the quarter, up from 48 days a year ago and 50 days the previous quarter;
- Sellers received 104 percent of their asking price on average, down from 112 percent a year ago and 105 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, Coldwell Banker 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 925.771.5285.