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.
FRB’s 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 can’t help but wonder why my favorite outlying communities of Carmel and Monterrey managed to be excluded from the survey???)
For lovely San Diego Real Estate:
http://www.SanDiegoPreviews.com
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