After a lull in the San Francisco luxury property market during the summer months, September is set to stir up a wave of new listings of high-end homes in the technology capital of the world, according to a report Wednesday.
Since the real estate market began to recover in 2012, each September has seen a record number of luxury homes coming onto the market. This September is likely to continue the trend, according to Patrick Carlisle, vice president of business development at San Francisco-based Paragon Real Estate.
“The next couple of months will be the peak selling period for high-end homes until spring 2018 rolls around,” he said. “We will definitely see more luxury listings, the question is how big the surge will be.”
More: Click to Real More About San Francisco Luxury Real Estate
September marks the single month with greatest number of new listings each year. The number of luxury homes, which Paragon defines as those priced at $2.5 million and above, listed in September rose from 65 in 2014 to 75 in 2015, and then to 125 in 2016.
The data is generated from Multiple Listing Service and excludes off-market sales and most new developments, Mr. Carlisle pointed out.
Summer months are slow for the San Francisco real estate market, especially the luxury segment. In July, the number of new listings with a price tag of $2.5 million and above fell in the range of mid-30s. Paragon has yet to release the data for August, but it is likely slower than July.
As of Sept. 1, the median sales price for single-family houses in San Francisco was $1.418 million; it was $1.16 million for condos, according to the report.
Most luxury houses are located in the traditionally affluent neighborhood of Pacific Heights, while new condo and co-ops tend to be concentrated in Russian Hill and South Beach areas.
For ultra-luxury $5 million-plus homes, the district comprised of Pacific & Presidio Heights, Cow Hollow and Marina dominates with 75% of sales over the last 12 months.