the san francisco luxury house market - your home sf...homes sold, $2.5m+: no price reduction homes...
TRANSCRIPT
The San Francisco Luxury House Market
Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.
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Inner Sunset/ GG Heights
Russian, Nob & TelegraphHills (D8)
Potrero Hill/ Inner MissionBernal Heights (D9)
St. Francis Wood/ Forest HillMonterey Heights (D4)
Lower Pacific Heights/Hayes Valley/ Alamo Sq. (D6)
Sea Cliff/ Lake St./ Jordan Pk/Richmond District (D1)
Pacific & Presidio Heights/Cow Hollow/ Marina (D7)
Noe, Eureka & Cole Valleys/Ashbury Heights, BV Park (D5)
$3m - $3.99m $4m - $4.99m $5m - $9.99m $10 million+
* 14 months sales reported to MLS, except non-MLS sales of $10m+ are estimated. Not all sales are reported to MLS.Neighborhood groupings correspond to SF Realtor districts, which often include adjacent neighborhoods not listed.Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate.
San Francisco Luxury House Market
Houses Selling for $3,000,000+, 14 Months Sales*
Unit Sales in Price Segment
$3 Million+ Houses, Average $/Sq.Ft. Values:
• Pacific & Presidio Heights (D7) $1494• Russian & Telegraph Hills (D8) $1588• Noe, Eureka & Cole Valleys (D5) $1231• Sea Cliff/ Lake/ Jordan Park (D1) $1243• Lwr Pacific Hghts/ Hayes Vly (D6) $1189• Potrero Hill/ Bernal/ Mission (D9) $1219• Inner & Central Sunset (D2) $1067• St. Francis Wood/ Forest Hill (D4) $ 893
The fewer the sales, the less reliable the $/Sq.Ft. calculation
As reported to MLS 7/15/18 through 9/15/19
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Luxury Condos, Co-ops, TICs - $2m+
Luxury House Sales - $3m+
All Home Sales - $5m+
San Francisco Luxury Home Sales
12-Month Rolling Sales Figures, since 2005
Sales reported to MLS only. Not all sales in this price segment are reported – many new project condo sales,for example. Data from sources deemed reliable, but may contain errors and subject to revision. Allnumbers should be considered approximate.
Sales reported to MLS per Infosparks though 8/31/19
Each data point reflects 12 months of MLS sales: Average monthly sales volumes = 1/12 of these compiled figures. Does not include
new luxury condo project sales unreported to MLS.
▼ Financial markets crash
▲Market recovery begins2008 market peak▲
San Francisco Luxury Home Sales since 2015
House Sales, $3 Million+ & Condo Sales, $2 Million+, by Quarter
40 66 42 49 35 63 40 73 46 68 51 75 52 78 57 83 51 9865 95 53 59 48 70 51 64 56 102 48 89 81 103 66 80 58 12220
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House Sales, $3 Million+ Condo, Co-op, TIC Sales, $2m+
Sales reported to MLS, per Infosparks. Condo sales include co-ops and TICs. Many new project condo sales are not reported to MLS. Data from sources deemed reliable, but subject to error and revision. All numbers are approximate.
The market for luxury homes fluctuates by season,with spring (Q2) typically the dominant selling period.Q2 2019 saw luxury home sales hit new highs.
Sales reported to MLS
Auto-Updating Market Analytics Charts
The Luxury House Market, $3m+, in San Francisco
Longer-Term TrendsNew Listings Coming on Market, 6-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Sz-I6xActive Listings on Market, 6-month rolling:http://sfar.stats.10kresearch.com/infoserv/s-v1/F4SL-NdOSales, 6-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4SX-sXRAverage Days on Market, 6-month rolling:http://sfar.stats.10kresearch.com/infoserv/s-v1/F4SM-sqXPercentage of Listings Sold over Final List Price, 6-month rolling:http://sfar.stats.10kresearch.com/infoserv/s-v1/F4S5-et6Median Percentage of Sales Price to Final List Price, 6-month rolling:http://sfar.stats.10kresearch.com/infoserv/s-v1/F4So-Y2hMonths Supply of Inventory, 3-month rolling:http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Sv-6GQ
Year-over-Year Comparisons, 3-month rollingActive Listings for Sale: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4O9-9DtListings Pending Sale: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4ud-1LKSales: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4u2-XT1Avg. Days on Market: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4ub-ZQ3% Selling over Final LP: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4uf-HBMMedian % of SP to LP: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4uF-EGm
Luxury House Market Seasonality, Shorter-Term, by MonthNew Listings: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Sn-xuxActive Listings: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Od-JOdListings Going Pending Sale: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Ob-dsLSales: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Om-GvIAverage Days on Market: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4O2-jLA% of Listings Sold over LP: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4O7-h16
Luxury House Trends by Selected DistrictsDistrict Sales, 12-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4Ow-O6lActive Listings, 6-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4OW-oGWAverage Dollar/Square Foot: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4OX-n6x
The Ultra-Luxury House Market, $5m+, in San FranciscoActive Listings, 6-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4ui-gOgSales, 6-month rolling: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4u5-Q8xAvg. Days on Market: http://sfar.stats.10kresearch.com/infoserv/s-v1/F4up-YV5% of Listings Selling over Final LP: http://sfar.stats.10kresearch.com/infoserv/s-v1/F439-Llg
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Sept. 2016
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July 2016 June
2017
Does not include activity unreported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.
Feb. 2016
San Francisco Luxury House Market Seasonality
New Listings Coming on Market: Priced $3 Million+ by Month
Feb. 2015
Mar. 2017
Dec.
Mar. 2018
As reported to MLS, per Infosparks.
Sept. 2018
Dec.
Apr. 2019
Aug. 2018
July 2015
July 2019
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Autumn2016
Mid-Winter
Autumn2017
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Does not include activity unreported to MLS, such as many new-project condo transactions. Data from sourcesdeemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.
As reported to MLS, per Infosparks
San Francisco Ultra-Luxury Home Market Seasonality
Listings Accepting Offers: Homes Priced $5 Million+
Spring 2016 Spring 2017
Spring 2018 Spring 2019
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Oct. 2018
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Closed sales in one month generally reflect new listings and accepted-offer activity in previous months.
May 2019
Summer
Does not include sales not reported to MLS. Data from Infosparks deemed reliable but maycontain errors and subject to revision. All numbers are approximate.
House sales reported to MLS
San Francisco Luxury HOUSE Market Seasonality
Unit Sales by Month, Sales Prices $3 Million+
166423618104522311240241550
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These analyses were performed in good faith with data derived from sources deemed reliable, but they may contain errors and subject to revision. All numbers should be considered approximate.
MLS activity, per Broker Metrics.
# of Expired/Withdrawn (No-Sale) Listings
San Francisco Luxury House Market, $3 Million+
Q4 typically sees the most luxury homes pulled off themarket for the mid-winter holiday period. Some willbe re-listed, often at a lower price in the new year.
San Francisco High-Price Homes: Pricing Analysis
Home Sales, $2.5 Million+, With & Without Price Reductions
103% of LP
30
100%
88%
97 days
89%
Avg. Sales Price to OriginalList Price Percentage
Avg. Days on Marketto Offer Acceptance
Dollar per Square FootDifferential
Homes Sold, $2.5m+: No Price Reduction Homes Sold, $2.5m+: 1+ Price Reductions
No price cut prior to sale
No price cut prior to sale
No price cut prior to sale
The sales price to list price and days on market analyses were based upon 3 years of sales through Q1 2019, averaging Broker Metrics quarterly data. The dollar per square foot analysis was based on an analysis of 12 months sales ending 6/21/19. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
House, condo and co-op sales reported to MLS, per Broker Metrics
Price cut prior to sale
Price cut prior to sale
High-price homes requiring price reductionbefore selling averaged a sales price 12%below original list price, while those sellingwithout reduction averaged 3% over list price.
No Sale
High-price homes requiring pricereduction averaged over 9 weekslonger on market to acceptance of offer.
High-price homes requiring pricereduction before selling averaged a dollarper square foot value 11% below thoseselling without price reduction.
Price cut prior to sale
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Average Monthly # of Active Listings at End of Month
Average # of Monthly Sales
Each data point is the monthly average for the rolling 12-month period.
San Francisco Luxury House Market since 2005
Average Monthly Listings vs. Sales, Houses Priced $3m to $4,999,999
Chart reflects sales reported to MLS only. Some luxury houses are not listed on MLS and some sales are notreported to MLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbersshould be considered approximate.
12-month rolling MLS data per Infosparks through 8/31/19
Active house listings (at end of month) and sales, priced $3m to $4.999 million: 12-month rolling averages.
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Each data point is the monthly average for the rolling 12-month period.
San Francisco Ultra-Luxury House Market since 2005
Average Monthly Listings vs. Sales, Houses Priced $5 Million+
Chart reflects sales reported to MLS only. Some ultra-luxury houses are not listed on MLS and some sales are notreported to MLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbersshould be considered approximate.
12-month rolling MLS data per Infosparks through 8/31/19
Active house listings (at end of month) and sales, priced $5 million and above: 12-month rolling averages.
↑SUPPLY
↑DEMAND
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Active House Listings - $3,000,000 to $4,999,999
Active House Listings - $5,000,000+
Active Luxury House Listings for Sale at End of Month
San Francisco, 12-Month Rolling Averages since 2005
Chart lines & columns reflect listings in MLS, per Infosparks. Data from sources deemed
reliable, but may contain errors and subject to revision.
Each data point reflects the average number of active MLS listingsat the end of the month, for the previous 12 month period.
As reported to MLS, per Infosparks through 8/31/19
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House Sales - $3,000,000 to $4,999,999
House Sales - $5,000,000+
San Francisco Luxury House Sales
12-Month Rolling Averages since 2005
Chart lines & columns reflect sales reported to MLS, per Infosparks. Data from sources
deemed reliable, but may contain errors and subject to revision.
Each data point reflects 12 months of MLS sales: Average monthly sales volumes = 1/12 of these compiled figures.
As reported to MLS, per Infosparks through 8/31/19
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Houses, condos and co-ops. Does not include activity unreported to MLS, such as many new-projectcondo transactions. Data from sources deemed reliable but may contain errors and subject torevision. All numbers should be considered approximate.
Spring
San Francisco Ultra-Luxury Home Market Seasonality
Home Sales of $5 Million & Above
Spring Spring2017
Spring2018
As reported to MLS, per Infosparks.
Spring2019Sales closing in one month
generally reflect new listingsand accepted-offer activity inthe previous month or two.
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Active Ultra-Luxury House Listings, $5m+
Active Ultra-Luxury House Listings, $5m+ for Sale at End of Month
San Francisco, 12-Month Rolling Averages, since 2005
Chart only reflects listings in MLS. Data from sources deemed reliable, but may
contain errors and subject to revision.
Each data point reflects the average numberof active MLS listings at the end of themonth, for the previous 12 month period.
As reported to MLS, per Infosparks through 8/31/19
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House Sales - $5 Million+
San Francisco Ultra-Luxury House Sales
12-Month Rolling Sales Figures, since 2005
Sales reported to MLS only. Not all sales in this price segment are reported. Data from sources deemed reliable,
but may contain errors and subject to revision. All numbers should be considered approximate.
Each data point reflects 12 months of MLS sales: Average monthly sales volumes = 1/12 of these compiled figures.
▼ Financial markets crash
▲Market recovery begins
As reported to MLS, per Infosparks through 8/31/19
Ratio of Expired/Withdrawn (No Sale) Listings to Sold ListingsSan Francisco Ultra-Luxury House Market – Prices $5 Million+
25%23%
125%
150%
30%
38%
116%
78%
61%
45%
64%
138%
59%
Q2
201
9
Q1
201
9
Q4
201
8
Q3
201
8
Q2
201
8
Q1
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8
Q4
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7
Q3
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7
Q2
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7
Q1
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Q4
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6
Q3
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6
Q2
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6
Sales reported to MLS, per Broker Metrics. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
This chart compares the number of ultra-luxury HOUSE listingspulled off the market without selling, to the number sold in thequarter. So, for example, in Q2 2019, for every 12 ultra-luxuryhome sales, 3 listings priced $5m+ expired or were withdrawnwithout selling (i.e., a ratio of 25%).
In some quarters, more listings arepulled off the market without sellingthan sell (percentages over 100%).
0
5
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15
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25
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45
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55
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75
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-14
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-15
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-16
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-17
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Jan
-18
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18
Jan
-19
Jul-
19
New Listings Sales
Does not include luxury homes not listed in or sales reported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers to be considered approximate.
San Francisco Ultra-Luxury House Market: $7.5 Million+
New Listing & Sales Volumes, since 2005, 12-Month Rolling Figures
The Most Expensive House Segment: Prices of $7,500,000+
Each data point reflects 12 months of MLS activity: Average monthly listing and sales volumes = 1/12 of these compiled figures.
As reported to MLS, per Infosparks through 8/31/19
10
20
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50
60
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Jan-0
8
Ap
r-08
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-08
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-09
Jan-1
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Ap
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r-12
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-17
Jan-1
8
Ap
r-18
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Oct
-18
Jan-1
9
Ap
r-19
Jul-
19
San Francisco Luxury House Market Dynamics
Average Days on Market, House Listings Priced $3 Million+
Chart reflects listings and sales reported to MLS only. Some luxury house sales are not reported. Data from
sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
6-month rolling MLS data per Infosparks through 8/31/19
Average Days on Market (DOM) measures the average amount of time
between a listing going on market and accepting an offer (for those
listings that accept offers and close escrow). Generally speaking, the
lower the average DOM figure, the stronger the buyer demand.
1.0
2.0
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Jan-1
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-14
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-15
Jan-1
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-16
Jan-1
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-17
Jan-1
8
Ap
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Jan-1
9
Ap
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Jul-
19
MSI - Ultra-Luxury Houses, $5 Million+
MSI - Luxury Houses, $3m - $4.99m
San Francisco Luxury House Market Dynamics
Months Supply of Inventory (MSI), Listings & Sales of $3 Million+
Chart reflects listings and sales reported to MLS only. Some luxury house listings and sales are not reported. Datafrom sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
6-month rolling MLS data per Infosparks through 8/31/18
MSI measures how long it would take to sell the inventory of active listings at the existing annual rate ofsale. The lower the MSI, the stronger the buyer demand as compared to the supply of listings on market.
▲Softer market▼Stronger market
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40%
50%
60%
Jan-0
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Jul-
05
Jan-0
6
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Jan-0
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8
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Jan-1
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Jan-1
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Jan-1
6
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Jan-1
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Jul-
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Jan-1
8
Jul-
18
Jan-1
9
Jul-
19
% of Luxury House Sales over List Price
% of Luxury Condo-Co-op Sales over LP
Percentage of Luxury Home Sales over Final List Price
12-Month Rolling Data since 2005
Condo-co-op percentage includes sales of TICs. Data from sources deemedreliable, but may contain errors and subject to revision. All numbers approximate.
12-month rolling sales data reported to MLS, per Infosparks through 8/31/19
Each data point reflects 12 months of sales.
Previous market boom
Market crash & recession
2012 – present recovery
Houses selling for $3m+; Condos, co-ops, TICs, $2m+
Percentages have not been adjusted for previous price reductions.Nor does this statistic adjust for those listings that do not sell at all.
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jan-1
0
Ap
r-10
Jul-
10
Oct
-10
Jan-1
1
Ap
r-11
Jul-
11
Oct
-11
Jan-1
2
Ap
r-12
Jul-
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Oct
-12
Jan-1
3
Ap
r-13
Jul-
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Oct
-13
Jan-1
4
Ap
r-14
Jul-
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Oct
-14
Jan-1
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Ap
r-15
Jul-
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Oct
-15
Jan-1
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Ap
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Jul-
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Oct
-16
Jan-1
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Jul-
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Oct
-17
Jan-1
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Jul-
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Oct
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Jan-1
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r-19
Jul-
19
San Francisco Ultra-Luxury House Market since 2010
Average Dollar per Square Foot Values, Sales $5m+
Sales reported to MLS only, with reported home square footage. 12-month rolling average. Data from sources deemed reliable, but may contain errors and subject to revision.
12-month rolling average as reported to MLS per Infosparks through 8/31/19
Houses selling for $5 million+ are clustered in the northern,prestige neighborhoods of Sea Cliff, Pacific & Presidio Heights,Cow Hollow, Marina, Russian Hill, Nob Hill and Telegraph Hill.There are also sales of this magnitude in the Noe, Eureka andCole Valley district.
12-month rolling averages for houses selling for $5 million+
Average Dollar per Square Foot Achieved upon Sale:
Houses Selling for $5 Million+
San Francisco Luxury House SalesSales by Era of Construction, Sales Prices $3 Million+
112 sales = 54% of SF luxury house market
49 sales = 24% of market
11
5
10
19
1919 & earlier
1920 - 1939
1940 - 1959
1960 - 1979
1980 - 1999
2000 - 2017
Built 1920 - 1939
Built 1980 - 1999
Built 1940 - 1959
Built 1960 - 1979
These are estimates based upon data from sources deemed reliable, but may containerrors and is subject to revision. All numbers should be considered approximate.
Sales reported to MLS in 2017
Era of Construction
Built 1919 & earlier
Built 2000 - 2017
Victorian & Edwardian architecture
Of the 239 luxury houses sold in2017, 10 were brand newconstruction - built in 8 different SFneighborhoods.
33 sales did not specify yearof construction.
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$100
$200
$300
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Sotheby'sIntl.
Vanguard ColdwellBanker
McGuire Zephyr KellerWilliams
Sale
s in
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San Francisco Luxury Home Sales*Top 7 Brokerages, Sales Prices of $3 Million+
Seller Representation Buyer Representation
12 months residential sales reported to MLS through 2/28/19*
*12 months dollar volume sales by transaction sides reported to MLS through 2/28/19, combining the merged company totals of Compass, Pacific Union, Paragon, Alain Pinel, Hill & Mark Co., per Broker Metrics.
Luxury Home Sales in Millions of DollarsHomes Selling for $3,000,000+
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$50
$100
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Sotheby's Coldwell Banker Vanguard McGuire Zephyr
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San Francisco Ultra-Luxury Home Sales*Top 7 Brokerages, Sales Prices of $5 Million+
Seller Representation Buyer Representation
12 months residential sales reported to MLS through 2/28/19*
*12 months dollar volume sales by transaction sides reported to MLS through 2/28/19, combining the merged company totals of Compass, Pacific Union, Paragon, Alain Pinel, Hill & Mark Co., per Broker Metrics.
Ultra-Luxury Home Sales in Millions of DollarsHomes Selling for $5,000,000+
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$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Coldwell Banker Intero GG Sotheby's Sotheby's Intl. KellerWilliams
SerenoGroup
Sale
s in
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Bay Area Luxury Home Sales – Prices $3 Million+Top 7 Brokerages by Dollar Volume Sales
San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Marin, Napa & Sonoma Counties
Homes Selling for $3,000,000 & AboveTotal Sales in Millions of Dollars*
*12 months dollar volume sales by transaction sides reported to MLS by 2/28/19, combining the merged company totals of Compass, Alain Pinel, Hill, Pacific Union and Paragon, per Broker Metrics.
Residential sales reported to MLS, per Broker Metrics*
$3 Billion in Sales
$5 Billion in Sales
$1 Billion in Sales
$0
$500
$1,000
$1,500
$2,000
$2,500
Coldwell Banker GG Sotheby's Sotheby's Intl. Deleon Keller Williams Intero
Sale
s in
Mill
ion
s o
f D
olla
rs
Bay Area Luxury Home Sales - Prices $5 Million+Top 7 Brokerages by Dollar Volume Sales
San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Marin, Napa & Sonoma Counties
Homes Selling for $5,000,000 & AboveTotal Sales in Millions of Dollars*
*12 months dollar volume sales by transaction sides reported to MLS by 2/28/19, combining the merged company totals of Compass, Alain Pinel, Hill, Pacific Union and Paragon, per Broker Metrics.
Residential sales reported to MLS, per Broker Metrics*
$1 Billion in Sales
$2 Billion in Sales
$500 Million in Sales
$1.5 Billion in Sales
$0
$100
$200
$300
$400
$500
$600
$700
Coldwell Banker GG Sotheby's Sotheby's Intl. Deleon GreenBanker
KellerWilliams
Sale
s in
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ion
s o
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olla
rs
Bay Area Luxury Home Sales - Prices $10 Million+Top 7 Brokerages by Dollar Volume Sales
San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Marin, Napa & Sonoma Counties
Homes Selling for $10,000,000 & AboveTotal Sales in Millions of Dollars*
*12 months dollar volume sales by transaction sides reported to MLS by 2/28/19, combining the merged company totals of Compass, Alain Pinel, Hill, Pacific Union and Paragon, per Broker Metrics.
Residential sales reported to MLS, per Broker Metrics*
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by economic events, bychanges in inventory and buying trends – especially in the new construction and luxury home segments – as well as by changes in fairmarket value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements,rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived fromappraisals or tax records, but can be measured in different ways, are sometimes unreliable (especially for older homes) or unreportedaltogether. The calculation can only be made on those home sales that reported square footage. Generally speaking, all things beingequal, a larger home will sell at a lower dollar per square foot value.
Typically, the fewer the sales, the less reliable the statistic. This is especially true of areas with sales across a very wide range of individualsales prices, such as is often the case in the most expensive market segments. Statistics in these areas can sometimes fluctuatedramatically without great significance. Longer term trends are more meaningful than short term fluctuations.
How these statistics apply to the fair market value of any particular home is impossible to know without a specific comparativemarket analysis.
Data from MLS sales. It may contain errors and is subject to revision. All numbers in this analysis should be considered approximate.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has beenprepared solely for information purposes. The information herein is based on or derived from information generally available to the publicand/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness ofthe information. Compass disclaims any and all liability relating to this report, including without limitation any express or impliedrepresentations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be orshould be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions aresubject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any referencesto the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.