The pace of residential real estate sales picked up throughout most of Pacific Union’s Northern California regions in February, with homes selling in fewer days than in the previous month in every market except for Napa County and Lake Tahoe/Truckee.
Median sales price trends varied by region, but prices for condominiums in San Francisco hit a one-year high. Single-family home prices decreased a hair from January in our Silicon Valley region, but they remained near the $3 million mark.
MARIN COUNTY
The median sales price in
Marin County has relaxed a bit each month since November and closed February at $980,000. The MSI followed suit, dropping to 2.1.
Homes sold in an average of 57 days, five days faster than in the preceding month. Sellers received about 99 percent of original price, the most since May 2014.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales statistics in the adjoining chart include single-family homes in these communities.
SAN FRANCISCO – SINGLE-FAMILY HOMES
As has been the case for most of the past year, single-family homebuyers in San Francisco paid in excess of $1 million in February — $1,133,000 to be exact. Successful buyers forked over an average of about 12 percent more than original price, the highest premiums in any of Pacific Union’s regions.
At 1.9, the MSI was unchanged from January. Single-family homes in the city left the market in 30 days, in line with the general pace throughout most of 2014.
SAN FRANCISCO – CONDOMINIUMS
At $1.1 million, the median sales price for a
San Franciscocondominium climbed to a yearly high. Sellers reeled in an average of 7 percent above original price, the most since last summer.
Properties sold in an average of 28 days, roughly twice as fast as in December and January. The MSI tightened a bit from the previous month to finish February at 1.8.
SILICON VALLEY
With February’s median sales price at $2.8 million, homes in our
Silicon Valley region are selling for about 21 percent more than they were a year ago. And while the region saw a supply spike last February, that didn’t happen this year, and the MSI fell to 1.7.
Buyers took an average of 26 days to close a transaction — two weeks quicker than they did in January — and paid about 6 percent more than original price to make it happen.
Defining Silicon Valley: Our real estate markets in the Silicon Valley region include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales statistics in the adjoining chart include all single-family homes in these communities.
Mid-Peninsula Subregion
At $1.53 million, the median sales price for a home in Pacific Union’s Mid-Peninsula subregion was down from January but up about 18 percent from a year ago. Successful buyers paid nearly 3 percent more than original price, an uptick from the previous month.
Homes left the market in an average of 32 days, identical to numbers recorded in February 2014, while the MSI declined to 1.8
Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales statistics in the adjoining chart include all single-family homes in these communities.
Article and Photos sourced from: http://blog.pacunion.com/pacific-union-february-2015-real-estate-update/
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