San Francisco’s Luxury-Home Market Shows Signs of a Rebound
Sales rose in February for home at or above $5 million, recovering from a depressing end to 2022
The luxury real estate market in the San Francisco Bay Area showed signs of a rebound in February after a dismal end to last year, according to reports from Compass released on Tuesday.
Across the Bay Area, there were 39 sales priced at or above $5 million in February, compared to 28 in the prior month and 30 in December.
“The Bay Area luxury home market just started to recover from the deep decline in sales that occurred in the second half of 2022 as it heads into spring, typically its biggest selling season of the year,” said Patrick Carlisle, chief market analyst at Compass San Francisco Bay Area.
However, the scale of its recovery will probably depend on “what occurs in the financial markets over the coming months, as historically that has been what affluent buyers are most sensitive to,” he added.
In San Francisco, the traditional upscale neighborhoods are seeing more sales. In Pacific Heights and Presidio Heights, there were eight single-family home sales in the last four months, with a median sales price of $4.5 million. Sea Cliff, Lake Street and Jordan Park had 16 house sales, with a median price close to $4 million. Read More…
