Luxury home prices increased by 3 percent in the second quarter compared to 2016. Total sales also increased by 6.8 percent, according to a new report by Coldwell Banker Residential Brokerage.
There were 1,001 sales of luxury homes priced at or above $1,000,000 in Q2, compared to 937 sales in Q2 2016 and only 616 sales in Q1 of 2017. Home prices increased to $1,520,000 from $1,475,000 in Q2 2016 and from $1,470,000 in Q1 of 2017. The data is based on sales transactions recorded in San Francisco in the Multiple Listing Service.
Among homes priced at or above $2,000,000, the county saw a strong increase in sales with 264 total property closings in Q2, compared to 150 sales in Q1 of 2017 and 214 sales in Q2 of 2016, a 23 percent gain.
“The competitive seller’s market continued in June as both total sales and sale prices increased,” said Mike James, president of Coldwell Banker Residential Brokerage San Francisco Bay Area. “Nearly 80 percent of luxury homes traded hands at or above the original asking price.”
Some key findings from the Coldwell Banker Residential Brokerage Q2 luxury report include:
- The most expensive property sold in Q2 was a four-bedroom, six-bathroom estate for $22,000,000
- Luxury homes sold in an average of 44 days as compared to 45 days in Q2 2016 and 55 days in Q1 2017
- 799 out of the 1,001 luxury home sales sold at or above the listing price
- The most competitive property sale closed after 11 days on the market for $1,567,000, or 196 percent of its listing price
The San Francisco Luxury Housing Market Report is a monthly report produced by Coldwell Banker Residential Brokerage, which specializes 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 the San Francisco Bay Area, Sacramento/Tahoe and Hawaii with 44 offices from Palo Alto to Hollister.