With concern that the San Francisco luxury real estate market is slowing down, we looked at sales figures for the period of 9/1/08 to today (10/13/08), compared to the same period in 2007, for all properties priced above $3 million — and what we found surprised us. More luxury homes have sold since September 2008 than a year ago!
The numbers speak for themselves.
9/1/07 – 10/13/07
Number of $3MM+ homes & condos sold: 8
Highest Price: 2500 Steiner Street was listed at $6,750,000
9/1/08 – 10/13/08
Number of $3MM+ homes & condos sold: 11
Average Sale Price: $3,965,312
Average Sale Price, Per Square Foot: $1,013
Highest Price: 3460 Clay Street sold for $6,150,000 on 9/24/08 *
Obviously it’s not a dramatic increase, but isn’t it interesting that the figures have risen at all?
*And yes, we’ve heard all about 2799 Broadway, which sold to the Birch family on 9/05/08 for price rumored to be somewhere around $29 million. As this was not sold on the open market, it is not included in the figures cited above.