Luxury home values increased in San Francisco, Los Angeles and San Diego in the first quarter of 2014 compared to a year ago, according to the First Republic Prestige Home Index™ by First Republic Bank, a leading private bank and wealth management company.
In the first quarter of 2014, the Index indicated the following:
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San Francisco Bay Area values climbed 12.5% from the first quarter of 2013 and 3.4% from the fourth quarter of 2013. The average luxury home in San Francisco is $3.17 million.
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Los Angeles area values rose 17.8% from the first quarter a year ago and 5.6% from the fourth quarter of 2013. The average luxury home in Los Angeles is $2.47 million.
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San Diego area values gained 13.5% year-over-year and 0.8% from the fourth quarter of 2013. The average luxury home in San Diego is almost $1.93 million.
San Francisco Bay Area Values
San Francisco values reached an all-time high of $3.17 million in the first quarter, exceeding the previous record set in the third quarter of 2007. The region experienced its fourth straight quarter of year-over-year, double-digit gains.
“It’s an incredible sales market in San Francisco, Marin, San Mateo and Santa Clara counties,” said Mark McLaughlin, President of Pacific Union Real Estate.
In San Francisco, demand for luxury homes has outstripped supply. “In the San Francisco, it’s like deja vu all over again,” said Malcolm Kaufman of Alain Pinel in San Francisco. “It is not unusual for prices to go 15% to 20% over list. There is very strong demand for homes.”`
The luxury home market in the heart of Silicon Valley was also very active. “In Atherton, Menlo Park, Woodside and Portola Valley, demand is very strong for first-class properties that are well-priced,” said Wendy McPherson of Coldwell Banker in Menlo Park. “Since the beginning of the year, we’ve seen inventory selling at a good pace. Overall, the number of sales is down, but it’s still a sellers’ market.”
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Below is the newest listed single family houses in Atherton – the city has the most luxury homes in Silicon Valley
[idx-listings city=”Atherton” statuses=”1″ propertytypes=”275″ orderby=”DateAdded” orderdir=”DESC” count=”10″ showlargerphotos=”true”]
