There were fewer homes for sale in November than in the previous month in most of Pacific Union’s Bay Area regions except for San Francisco and Sonoma Valley, where the months’ supply of inventory (MSI) was unchanged or improved slightly. With an MSI of less than 1.0, supply conditions remained particularly tight in the East Bay and Mid-Peninsula regions.
Click on the image accompanying each of our regions below for an expanded look at local real estate activity in November.
SAN FRANCISCO – SINGLE-FAMILY HOMES
Supply conditions for single-family homes in San Francisco remained unchanged from October, with the MSI pegged at 1.5. The median sales price rose to $1.3 million, returning to levels observed in the summer.
Although the premiums that sellers receive has dropped over the past few months, they still had a sizable advantage, with homes selling for 107.1 percent of original prices. Homes sold in an average of 28 days, nearly identical to the pace of sales over the past five months.
SAN FRANCISCO – CONDOMINIUMS
Condominium prices in San Francisco remained elevated, with the median sales price up to $1.15 million in November. The city’s condo sellers aren’t fetching the large overbids they did earlier in the year, but they still brought home an average of 105.9 percent of list prices.
Contrary to trends in the rest of the Bay Area, supply conditions for San Francisco condominiums improved a bit in November, with the MSI inching up to 1.9. Homes sold in an average of 34 days, a week slower than in October.
Article and images sourced from http://blog.pacificunion.com/pacific-unions-november-2015-real-estate-update/
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