The high-end, luxury market in San Francisco (sales of $2M+) hasn’t pulled any fast ones so far in 2013. As is typical for homes in this range, Spring and Fall have seen an increase in volume, with cash buyers unsurprisingly making their rounds.
A total of 269 houses sold citywide for $2M+ in the time period January 1-October 21, 2013. And buyers for 13 of those properties paid cash. Eight of the total homes sold changed hands for $10M+.
On the condo front, 93 units sold for $2M or more, with 24 selling in cash transactions.
Selling patterns also subscribe to the list low, sell higher practice that San Francisco has been seeing for most of 2013. For example, 60% of house and 43% of condo sales in the January-October time period closed for more than their list prices. (But in many instances, the gap between list and sale price was not dramatically different.)
The most popular neighborhoods for luxury house cash sales were Noe and Eureka Valleys, the Marina and Pacific/Presidio Heights. Condo buyers flocked to Russian Hill and South Beach for their cash purchases. Tech money is driving many of the purchases in the south end of the city.
But pricing has been key; 42 houses and 39 condos in this segment of the market were either withdrawn or simply expired. Not every buyer is throwing money at just any property.
You can expect to see volume trail off after Thanksgiving, so it may be a good time to consider one of the 66 single-family homes or 40 condos currently available in the luxury segment. The end of 2013 is fast approaching, and buyers are well advised to look for “bargains”—particularly in mid- to late December. Though most high-end buyers retreat from the market in winter, I think it will be a good time to pick up an awesome trophy property.
And of course, if you’re considering selling or buying, please do contact me. I’d be happy to talk with you about your options!