The San Francisco real estate market is almost one unto itself. But that is another article for another day. What we are reporting on is First Republic Banks
Prestige Index, which covers the huge California real estate market. And this final article in the series focuses on the results for upscale home in the San Francisco metropolitan real estate market.
The perpetually hot (huh?)San Franciso Bay area rose a slight 1.6 percent from the fourth quarter of 2005 to the first quarter of 2006 and gained 6.6 percent from a year earlier. The average San Francisco luxury home is now a record $2.92 million, up over $230,000 from a year earlier. Unlike other metropolitan areas in California, it is the lower end of the luxury scale that seems to be attracting demand. According to the report, there seems to be an inventory shortage at the lower end of the luxury scale in the $1.5 to 2.5 million range. Inventory appears to be moving more slowly in the $5+ million range.
FRBs study included the communities of Alamo, Atherton, Belvedere, Danville, Healdsburg, Hillsborough, Lafayette, Los Altos, Los Gatos, Mill Valley, Moraga, Orinda, Palo Alto, Piedmont, Portola Valley, Ross, St. Helena, San Francisco, Saratoga, Sonoma, Tiburon, and Woodside.
(And I cant help but wonder why my favorite outlying communities of Carmel and Monterrey managed to be excluded from the survey???)
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