According to First Republic Bank’s Prestige Home Index the average luxury home in the San Francisco Bay Area is now $3.3 million – an all-time record.
Luxury home values in the Bay Area rose 4.6 percent from this year’s first quarter and 12.2 percent from 2013’s second quarter. This was the fifth consecutive quarter of double-digit increases on a year-over-year basis.
According to industry experts, nearly 75 percent of homes sold for over the asking price with a significant percentage of those properties selling for 10 percent over the asking price. As is the case in New York City, Miami, and Los Angeles, there was also a significant rise in foreign buyers.