Friday, June 08, 2007

San Francisco Sets New Record in Luxury Home Sales

The lack of housing inventory across all price ranges in San Francisco continues to fuel a real estate market that contradicts national and state trends.While condominum and home sales are slightly below last year for the month of May (239 in 2007, 273 in 2006*), San Francisco has set a new record in its luxury home sector.

May 2007 recorded the highest home sales in the $2,000,000 and up range for a one-month period in San Francisco history, remarked
Aldo Congi, Vice President and Manager of McGuire Downtown, this past Wednesday. With an unprecedented 36 single family home sales at a price of $2,000,000 or more, the month of May beat out the previous record of 29 homes set in the same price range in 2000.

The hot market for luxury real estate is expected to continue if inventory levels remain low and the Bay Area economy maintains its current course.

*statistical data provided by McGuire Real Estate via BrokerMetrics®.



Have more questions about San Francisco luxury real estate? Ready to buy or sell your home? Contact me today.

Amy Blakeley
Realtor®
McGuire Real Estate
www.amyblakeley.com
ablakeley at mcguire.com




2 comments:

Dr. Brightside said...

That's great news. It shows that the fundamentals of job growth and scarcity of supply override any ridiculous fears of overdependency on interest rates.

San Francisco Real Estate said...

I hope you are right.