Luxury Segment Continues to Top San Francisco Bay Area Home Sales

shutterstock 172844773 Luxury Segment Continues to Top San Francisco Bay Area Home Sales

CoreLogic DataQuick, the La Jolla-based real estate information firm, reported that Bay Area home sales overall edged slightly higher in October, climbing 1.3 percent from a year ago. But the luxury segment of the market turned in a much more robust performance, soaring by as much as 55 percent in some regions, according to new Coldwell Banker Previews luxury market reports.


 Marin County led the way in the high-end segment of the market, with 62 luxury sales over $1.5 million, a 55 percent increase from the same period a year ago. The county also recorded 38 sales over $2 million during October, double the number from last October. All other key indicators were strong as well with homes selling faster and at a higher percentage of list price on average.

 Luxury sales also continued their torrid pace in Silicon Valley with 222 homes over $1.5 million changing hands, a 41 percent increase from a year ago. There were 109 sales over $2 million and 28 sales over $3 million, both figures up substantially from last October.

 And finally, the booming luxury market continued to spill over to the East Bay, where million-dollar home sales were up 46 percent in the month and the median sale price of luxury homes jumping 13 percent. Sales of $2 million homes were also double the number from last year.

 Our East Bay offices are seeing many more buyers crossing the Bay Bridge in search of more affordable prices compared to San Francisco and the Peninsula. And that’s serving to make Oakland and other parts of the East Bay perhaps the fastest growing luxury market in the Bay Area.

 To be sure, the luxury market in the East Bay and all around the Bay Area is showing no signs of slowing down as we move toward the end of the year.

 Demand for well-appointed, fairly priced high-end homes continues to outstrip supply. With a strong Bay Area economy, a growing number of highly compensated tech employees and other knowledge workers, and a limited supply of housing, there are just aren’t enough properties to go around. It’s as simple as that.

via CaliforniaHomes

Janice Lee
415-832-9151
Top 1% San Francisco Realtor
International President's Premier
JaniceFLee@gmail.com
www.JaniceLeeHomes.com
BRE #01720205
Location: 1390 Noriega Street, San Francisco, CA 94122, USA

Comments

Post a Comment

Popular posts from this blog

Pandemic-Friendly Tips for Selling Your House

Pandemic-Friendly Tips for Selling Your House At first glance, it might appear that a home sale is impossible during a worldwide pandemic. However, nothing could be further from the truth. Check out these resources to help you navigate a successful home sale, regardless of what COVID-19 sends your way. Technology Is Your Friend In one sense, the pandemic couldn’t have come along at a better point in history. Since our age has the advantages of technology, we can do things to accommodate home sellers that no generation before could consider. ●         Go online   to explore the real estate market in your area. ●       Consider adding   drones   to your arsenal of home-selling tech, since it’s a great way to present your property from unique perspectives. ●       Hubspot suggests you ease staging woes with well-chosen   apps for virtual staging . ●       Prepare your home for   presenting it virtually   to buyers via photography and virtual tours. Safe Showing
Read more about this entry »»»»

FINANCIAL RELIEF TO EMPLOYER, EMPLOYEE AND INDEPENDENT CONTRACTOR

Image
FINANCIAL RELIEF TO EMPLOYER, EMPLOYEE AND INDEPENDENT CONTRACTOR The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed on March 27 to provide financial relief to small business owners, independent contractors and other unemployed Americans.  The Act was unprecedented in size and was passed quickly through Congress to speed relief to those harmed by the COVID-19 crisis. There are many ambiguous provisions in the law that will be clarified by rule-making at the federal and state agencies. April 6 Updates The SBA has announced that lenders may begin processing loan applications as soon as April 3, 2020 for small businesses, and April 10, 2020 for independent contractors and the self-employed. If you need assistance finding a PPP lender, SBA has created a “ Lender Match ” tool that allows you to search for lenders based on your Zip Code. As of April 6, Wells Fargo has stopped taking PPP loan applications. Please use the “Lender Match” tool to find anothe
Read more about this entry »»»»

Think This Is a Housing Crisis?

Image
  Think This Is a Housing Crisis?   Think Again. With all the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it’s logical to ask that question. Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that started with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country. Let’s look at five things we know about today’s housing market that were different in 2008. 1. Appreciation When we look at appreciation in the visual below, there’s a big difference between the 6 years prior to the housing crash and the most recent 6-year period of time. Leading up to the crash, we had much higher appreciation in this country than we see today. In
Read more about this entry »»»»