The First Republic Prestige Home Index for “San Francisco” homes valued at more than $1 million and currently averaging $2.96 million ticked up 5.0 percent in the second quarter of 2013 and is up 10.9 percent on a year-over-year basis.
The luxury home index is now within 4 percent of its third quarter of 2007 peak and is up 18.9 percent from the current cycle bottom which occurred in the first quarter of 2011.
Over the past year, roughly 25 percent of all home sales in San Francisco proper have been above the million dollar mark.
As always, keep in mind that First Republic’s “San Francisco” index includes “a cross-section of luxury homes in 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.”
∙ First Republic Prestige Home Index: San Francisco [firstrepublic.com]
∙ San Francisco Prestige Index Closing In On 2008 Levels [SocketSite]