San Francisco, CA, Aug. 06, 2011 --(PR.com)-- Luxury home sales in San Francisco reached their highest level since 2008 during the second quarter of this year as the high-end market continued to bounce back from the recessionary downturn, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.A total of 86 homes sold for more than $2 million in San Francisco during the April-June quarter, up from just 50 sales in the first quarter of the year and 76 during the second quarter of 2010. The 86 transactions marked the highest level of multi-million-dollar sales in the city since just before the Lehman Brothers collapse and the subsequent crash of the financial markets.
The figures were derived from Multiple Listing Service data of all homes sold in San Francisco for more than $2 million during the second quarter of 2011.
“After a fairly quiet spring, the housing market is heating up this summer, particularly the luxury market here in San Francisco,” said Rick Turley (top right photo), president of Coldwell Banker Residential Brokerage. “The high-end segment normally leads the way for the rest of the market in a housing recovery, so this is encouraging news for the entire market.”
Turley said Coldwell Banker is seeing similar improvement in other luxury markets around the Bay Area, including Silicon Valley, the Peninsula and Marin County. All of those markets have bounced back from their recessionary lows and in some cases are nearing their pre-recession levels in sales.
Although the high-end markets have done best, Turley noted that many entry-level and mid-level markets around the Bay also showed solid gains last month. Bay Area home sales overall in June rose to their highest level for any month since June 2010, when expiring tax credits gave housing a final boost, according to DataQuick, the La Jolla research firm.
Coldwell Banker Residential Brokerage serves San Francisco with five offices.
For more information, please call 925-275-3085.
Contact:
Coldwell Banker Residential Brokerage, Stephen Maita, 510.739.0620 samaita@yahoo.com
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