The July Luxury San Francisco Market Report
I'm thrilled to bring you the latest insights into the Bay Area luxury real estate market. As always, my goal is to provide you with a comprehensive understanding of the market trends, keeping your finger on the pulse of the luxury real estate market here in San Francisco. Let's dive into the numbers and trends shaping the luxury market this month.
Market Dynamics and Seasonal Trends
Luxury home sales activity typically peaks in the spring, slows during the summer, spikes again in the fall, and dips during the mid-winter holidays. However, counties with large second-home markets, such as Napa and Sonoma, often see summer peaks.
So far in 2024, the Bay Area has seen its strongest luxury home market since the post-pandemic boom. Year-over-year comparisons for Q2 2024 and Q2 2023 show some counties with sales increases of 50% or more, a clear indication of robust market performance.
Notable Sales and Statistics
The highest luxury home sales this year showcase the diverse and dynamic nature of the Bay Area's real estate market. Here are some highlights:
San Francisco: The highest sale was an off-MLS transaction at $70 million in Pacific Heights.
San Mateo: Atherton saw a $29 million sale, with significant sales activity in this exclusive area.
Marin: The highest sale reached $13.95 million in Ross.
Monterey: Carmel had a standout sale at $28 million.
These figures underscore the substantial investments being made in Bay Area luxury real estate, reflecting both the desirability and exclusivity of these properties.
Price Segments Breakdown
The distribution of sales by price segment for 2024 YTD highlights that: Interestingly, 2/10 of 1% of Bay Area home sales were for $10 million and above, highlighting the niche yet significant ultra-luxury market.
Trends in $5 Million+ and $10 Million+ Markets
Luxury home sales ($5 million+) typically follow seasonal trends, with peaks in spring and lows in mid-winter. Notably, in Q2 2024, sales in this segment rose 36.5% year-over-year, marking a significant uptick. June 2024 recorded the highest monthly sales total since May 2022.
The ultra-luxury market ($10 million+) also saw remarkable growth, with Q2 2024 sales rising 31% year-over-year. This segment reached its highest quarterly count since the peak of the pandemic boom, driven by increased stock market performance and economic optimism.
Final Thoughts
The Bay Area's luxury real estate market remains vibrant and dynamic, with strong performance indicators and notable sales across various price segments. As always, I am here to help you navigate this exciting market, whether you're looking to buy, sell, or simply stay informed.
Stay tuned for more updates, and feel free to reach out if you have any questions or need personalized insights.
Warm regards,
Marina Shiferman
Luxury Real Estate Agent, San Francisco
