The First Republic Prestige Home Index for “San Francisco” homes valued at more than $1 million and currently averaging $2.82 million ticked up 3.2 percent in the first quarter of 2013 and is up 8.7 percent on a year-over-year basis versus 8.4 percent at the end of 2012.
The index remains down 8.5 percent from a third quarter 2007 peak but is back to second quarter 2005 levels and its highest point since 2008, up 13.3 percent from the current cycle bottom which occurred in the first quarter of 2011, at which point the index was down 19.2 percent from its peak.
Over the past year, roughly 25 percent of all home sales in San Francisco proper have been above the million dollar mark.
And 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 Stalled In Q4 But Ends 2012 Up 8.4% [SocketSite]