Bay Area Luxury Sales Spiked in Q2
San Mateo County’s median home price exceeded $2 million in the second quarter, the first county in the Bay Area to pass that milestone, as luxury home sales across the region gained, according to Compass reports.
Sales of homes for $3 million and up in the Bay Area more than doubled from a year earlier, the report said. There were 1,785 sales above $3 million, a jump of 137 percent from the previous pre-pandemic high in the Spring of 2019.
“The wealthiest demographic was least negatively affected by the pandemic,” said Compass chief market analyst Patrick Carlisle. “In fact, their wealth has increased dramatically since the pandemic struck as they are most likely to be invested in financial markets. They have the money and they want bigger homes in more rural or suburban counties, with bigger yards. The pandemic motivated them to spend their money on a higher…