November Luxury Market Report
I’m back with November’s update on the luxury real estate market across San Francisco and the Bay Area! As always, I’m diving into the latest trends, record-breaking sales, and giving you the insights you need to stay ahead in this dynamic market. Let’s unpack what’s happening right now:
San Francisco Luxury Home Sales: A Resilient Market
Luxury home sales in San Francisco—those priced at $5 million and up—are having a moment. Spring tends to dominate as the peak season for high-end homes, but this year, autumn also brought a major surge in activity following the usual summer slowdown. Year-to-date, 2024 sales are up 40% year-over-year, highlighting a strong recovery and growing demand for luxury properties in the city.
What’s fascinating is how the market has evolved since the pandemic boom. While we saw an extraordinary peak in June 2021, the current trends reflect a more stable yet robust luxury market.
Spotlight on the Bay Area’s Highest-Priced Listings
Let’s talk about the most jaw-dropping listings across the Bay Area as of mid-July:
San Mateo County stole the spotlight with the highest-priced listing at a staggering $110 million in Woodside.
Monterey and San Francisco both had impressive top listings at $32 million each. Pacific Heights continues to solidify its reputation as one of San Francisco’s most desirable (and expensive) neighborhoods.
Other notable mentions include $32.8 million in Los Gatos (Santa Clara County) and $29.98 million in Napa—showing that buyers are still eager to invest in exclusive, iconic locations.
2024’s Top Luxury Sales So Far
This year has already delivered some incredible sales across the Bay Area, reflecting the continued appeal of the region’s high-end market:
The highest sale YTD was an off-market deal in Pacific Heights for $70 million—a remarkable feat that highlights the strength of San Francisco’s ultra-luxury market.
In San Mateo, Atherton maintained its status as a top-tier destination, with a $29 million sale securing the county’s highest deal.
Monterey made waves with a $28 million sale along the breathtaking Big Sur coastline.
These numbers illustrate just how active and competitive the luxury market remains, even as inventory ebbs and flows.
Luxury Condo & Co-op Market: A Surge in Sales
It’s not just single-family homes seeing growth—San Francisco’s luxury condo and co-op market (units priced $2.5 million and above) had its strongest month in two years this October. Sales were up 48% year-over-year, with the highest number of transactions since March 2022.
Condos remain a fantastic entry point into the luxury space, and we’re seeing renewed interest from buyers who value city living and amenities in prime locations.
What This Means for You
Whether you’re a buyer, seller, or just keeping a pulse on the market, this data tells a clear story: the Bay Area luxury market is thriving. Demand for high-end homes and condos remains strong, and buyers are willing to pay premium prices for the right property. If you’re considering making a move or just curious about how your property might perform in this market, now’s the time to act.
As always, I’m here to provide insights, strategies, and support tailored to your goals. Feel free to reach out if you have questions or want to explore opportunities in this exciting market.
