Bay Area Luxury Homes Sales Continue to Climb

 bay2 Bay Area Luxury Homes Sales Continue to Climb

The Bay Area’s luxury housing market is showing no signs of slowing down as we move through the spring home buying season. From Marin to San Francisco to Silicon Valley and across to the East Bay, Previews level properties are selling in greater numbers and at higher prices than they did a year ago at this time.

We just released Coldwell Banker Residential Brokerage’s luxury market reports this week, and here’s a quick recap:

Luxury sales over $2 million in San Francisco jumped 27 percent in the first quarter versus first quarter 2013, with 107 such transactions. The median price was up 5.7 percent to $2.9 million.
The upper end of the luxury market was particularly strong in the most recent quarter with 51 sales of homes over $3 million in The City, up from 34 transactions a year ago, and 23 sales over $4 million versus 17 in first quarter 2013.
Silicon Valley luxury sales over $1.5 million soared 28 percent last month compared to a year ago. In the upper end of the market, there were 83 sales over $2 million and 20 over $3 million.
Perhaps the biggest spike in luxury sales were in Marin County where there were 56 sales over $1.5 million in March, more than double the high-end transactions in February and up 47 percent from March 2013.
Marin’s median sale price of a luxury home surged to $2,654,000, up 26 percent from the previous month and 34 percent from a year ago.
Finally, the East Bay luxury market also turned in a banner month in March when it recorded 212 sales over $1 million, up 30 percent from a year ago and almost double the number of high-end sales in February.

I think part of the reason for the solid gains is that we have seen a gradual increase in inventory. There continues to be extremely strong demand from well-qualified buyers who want to purchase homes here, and now we are finally starting to see more listings come on the market to meet that demand.

Having said that, we could still use more inventory. We still don’t have enough good listings given the robust demand, but we’re moving in the right direction. Word is finally getting out to homeowners that this is a great market to sell your home. Hopefully we’ll see even more inventory as spring continues

via California Home

Do not hesitate to contact Janice Lee at 415-832-9151 or JaniceFLee@gmail.com for any real estate purpose you may have. 

Janice Lee
415-832-9151
International President's Premier
Top Producer, Realtor
janiceflee@gmail.com
www.JaniceLeeHomes.com
www.facebook.com/JaniceLeeRealEstate 
BRE #01720205

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