Luxury home values hit record highs in three California markets - And San Francisco is one of them!
It is truly a time for giving thanks. We are fortunate to live in a beautiful and prosperous area of the country. While economies in many other areas of the United States are being hurt by the housing slowdown, California's markets still seem to be thriving in the metropolitan areas.After all this talk about the housing bubble, it is nice to see some news to the contrary for a change. Although the marketing times continue to be about 40-60 days in many cases, prices seem to be holding relatively well, with a few exceptions. Yesterday, the California Association of Realtors issued this report that luxury home values in three areas continue to rise... and San Francisco is one of them!
The California Association of Realtors report says, "The value of high-end homes in Los Angeles, San Francisco, and San Diego posted record highs in the third quarter of 2006, according to the First Republic Prestige Home Index™, which tracks homes valued at more than $1 million in key California markets. Despite the record highs, rising inventories and longer sales cycles kept luxury home price appreciation to single digits in all three markets. In Los Angeles, which previously experienced 14 consecutive quarters of double-digit, year-over-year price appreciation, luxury home values increased 4.4 percent to $2.37 million."
"The values of luxury homes in San Diego and San Francisco also recorded modest gains last quarter, rising 5.4 percent and 4 percent, respectively. According to the index, the average luxury home in San Francisco is now valued at a record $2.96 million, while the average luxury home value in San Diego is $2.18 million."
Read the First Republic Prestige Home Index™ report here.
- Mick Orton
posted by SFResidence.com @ 9:51 AM
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