Normalizing annual home price growth was evident across parts of the Bay Area in July, with the median single-family home price in Contra Costa County, the East Bay, San Francisco, Silicon Valley, and Sonoma County rising by single-digit percentage points from one year earlier. Only single-family home prices in the Lake Tahoe region and Marin County posted double-digit percent annual appreciation. Price growth was flat in Napa County, while prices fell year over year in our Mid-Peninsula and Sonoma Valley regions.
Click on the chart accompanying each of our regions below for an expanded look at local real estate activity in July.
MARIN COUNTY
The pace of sales in Marin County slowed in July, with homes taking 46 days to sell, more than a week longer than in the previous month. The median sales price softened slightly from June to $1,186,000 but was up by 12 percent from July 2015.
The MSI closed July at 1.6, and buyers paid 98.3 percent of original prices.
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 data in the adjoining chart includes single-family homes in these communities.
SAN FRANCISCO – SINGLE-FAMILY HOMES
The median single-family home price in San Francisco ended July at $1,370,000, in the same general range as it has been since February. Homes continue to fetch premiums, selling for 105.9 percent of original prices, although overbids are substantially smaller than they were last summer.
Homes sold in an average of 32 days, nearly identical to June’s pace of sales. The MSI finished July at 1.8, with a few more homes on the market than in the previous month.
SAN FRANCISCO – CONDOMINIUMS
San Francisco’s median condominium price cooled slightly on both an annual and monthly basis, dropping to $1,080,000 in July. Buyers paid 102.7 percent of original prices, a bit less of a premium than they did last summer.
Both the average days on market and the MSI remained unchanged from June, at 36 and 2.1, respectively.
SILICON VALLEY
The median sales price in our Silicon Valley region has been gradually dropping since April, but at $2.8 million it remains the most expensive region in which Pacific Union operates. Still, buyers netted slight discounts for the fourth consecutive month, with the average home selling for 98.8 percent of original price.
The MSI rose to 2.0, its highest level since March, and homes sold in an average of 26 days.
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 ofU.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the adjoining chart includes all single-family homes in these communities.
Mid-Peninsula Subregion
After dropping significantly in June, the median sales price in our Mid-Peninsula subregion rebounded in July to $1,640,000, although it was down on an annual basis. Sellers received 103.7 percent of asking prices, not dramatically different from the previous three months.
Homes took an average of 19 days to find a buyer — identical to June — while the MSI rose modestly to 1.4.
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 data in the adjoining chart includes all single-family homes in these communities.
Article and images sourced from http://blog.pacificunion.com/pacific-unions-july-2016-real-estate-update/
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