From the first time in memory Noe Valley superseded Pacific Heights in luxury home sales. Luxury home sales are defined as homes that are selling for more than 2 million dollars in San Francisco.
A total of 83 homes sold for more than $2 million in the city during
the first quarter compared to 55 sales during the first quarter of 2012,
a 51 percent increase. Sales were off from the fourth quarter’s level
of 119 transactions, although there typically is a seasonal decline
between those periods, according to a report from Coldwell Banker
Residential Brokerage.
The leading ZIP code in the plus $2 million club was Noe Valley’s
94114, which saw 15 luxury sales. That was followed by Pacific Heights
with 10, the Marina with eight, and the Inner Richmond and Russian Hill,
with nine.
The report is based on Multiple Listing Service data of all homes
that sold for more than $2 million during the quarter in San Francisco.
The median sale price in the first quarter of 2013 was $2.76 million
fractionally lower from the same period a year ago, said the brokerage.
The upper end of the luxury market was particularly strong in the
first quarter with 34 sales of homes over $3 million, nearly double the
18 transactions in the first quarter of 2012. And there were 17 sales in
excess of $4 million compared to just seven a year ago. “San
Francisco’s luxury home market has picked up right where it left off
last year with strong sales, especially in the upper end,” said Rick Turley,
president of Coldwell Banker Residential Brokerage. “We’re gradually
getting more inventory on the market, but it’s still not enough to meet
the robust buyer demand.”
The most expensive sale in San Francisco during the quarter was an
seven-bedroom, eight-bath approximately 11,000-square-foot home in
Pacific Heights that sold for $12.75 million.
The source of this information was as follows: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2013/04/noe-valley-beats-pac-heights-in-q1.html
J.K. Dineen Reporter- San Francisco Business Times, Apr 30, 2013, 1:04pm PDT
