Pacific Union’s January 2016 Real Estate Update

Bay Area home shoppers who ventured out in the first month of 2016 were in luck, as the months’ supply of inventory (MSI) of homes for sale expanded in every one of our regions. However, all of our markets still favor sellers, with the exception of Lake Tahoe/Truckee, where plenty of properties await buyers who want to take advantage of the copious snowfall the region is enjoying.

SAN FRANCISCO – SINGLE-FAMILY HOMES

The pace of sales for a single-family home in San Francisco slowed as the year began, with properties selling in an average of 43 days. After dipping below 1.0 in the final month of 2015, the MSI expanded to 1.9.

The median sales price eased just a bit from December, falling to $1,167,500, but prices haven’t been under $1 million in a year. The average home fetched 104.4 percent of its asking price, mirroring what we saw last January.

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SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium inched up in January to $1,124,500. As with single-family homes, prices have not dipped below $1 million in a year. Homes sold for 101.8 percent of original prices, the smallest premiums recorded in more than a year.

The pace of sales has been progressively slowing since September, and the average condominium took 47 days to find a buyer. The MSI increased to 2.4, nearly identical to levels recorded in January 2015.

Article and images sourced from http://blog.pacificunion.com/pacific-unions-january-2016-real-estate-update/