San Francisco’s median house sales price hit a new high in October, surging to $1.58 million, according to a report Monday by Paragon Real Estate Group.
A major factor in the increase, more than $100,000 above the previous peak in May, was that October was a record-breaking month for luxury house sales, the report said, and naturally, “more sales of expensive homes pull up the median price.”
Last month saw 38 luxury house sales above $3 million, besting the previous high of 36 sales in October 2016.
October has become the busiest month for expensive house sales in San Francisco, according to the report.
The sales were concentrated in the Pacific Heights-Marina district, the Noe, Eureka and Cole Valleys district and the Lake Street-Sea Cliff district. The three areas claimed about 80% of the city’s luxury house transactions, the report said.
The increase in sales bolsters the city’s 2017 luxury home sales comeback, after a period of dramatic growth from 2012 through 2015 was followed up with a significant cooling of the market last year.
Condos, though, are not seeing quite the same buoyancy as houses. The median condo sales price was $1.18 million in October, slightly below the recent peak high of $1.2 million in August, according to the report. Luxury condo sales—which are typically strongest in spring—also saw 38 transactions, but this was well below the peak condo sales volume of 53 reached this past June. The three districts that dominated luxury condo sales were the Russian and Nob Hills district, Pacific Heights-Marina and the South Beach-Mission district.
Though median house and condo sales prices were similar to one another at the beginning of 2012, Paragon’s data shows, house prices have been appreciating more rapidly since 2015.
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