Luxury home sales soaring

Market News

Everything is topsy-turvy in this craziest of years – home sales typically slow in quarter three after a more robust spring; the reverse is true this year. Moreover, the median price continues to rise, due to two factors: low inventory which is driving up prices, and a dramatic increase in the sales of luxury homes.

Quarter three saw the median square footage of home sold in the East Bay rise to over 2,700 square feet. As expected, the median sales price increased to over $1,300,000!

Inventory remains low as new listings remain low, driving up the prices even higher but the demand for larger – and more expensive – home remains strong.

Sales of Luxury Homes in San Francisco at an All-Time High

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The San Francisco Chronicle is reporting that sales of luxury home in San San Francisco during the second quarter of 2014 was 291 more than double the pervious peak of 142 which was established in 2007. “Luxury” is defined as single-family homes with value of at least $2 million or condos selling for $1.5 million.

In contrast, total sales of all homes in san Francisco actually decreased with 1,498 being sold this year as compared to 1,593 sales in the second quarter of 2007. It was also reported that appreciation rates for luxury properties was greater than the average home increases.