Pacific Union August 2016 Real Estate Update

Although annual home price appreciation continued to moderate throughout much of the Bay Area as summer drew to a close, two of our second-home markets - Sonoma Valley and Lake Tahoe/Truckee - enjoyed gains of more than 20 percent. Our two most expensive markets, Silicon Valley and the Mid-Peninsula, saw prices move in the opposite direction, with the median sales price down from August 2015. Click on the image accompanying each of our regions below for an expanded look at local real estate activity in August.

SAN FRANCISCO - SINGLE-FAMILY HOMES   The median sales price for a single-family home in San Francisco dropped to $1,281,500 in August, the lowest since January. Homes took an average of 34 days to find a buyer, a slight increase from the two preceding months. The MSI ended August at 1.6, with sellers netting 107.6 percent of asking prices.     SAN FRANCISCO - CONDOMINIUMS   Condominium sales in San Francisco slowed as summer wound down, with homes selling in an average of 50 days, the longest time on the market in the past year. The median sales price was $1,099,118, virtually unchanged from July. Even as the pace of sales slowed, supply conditions tightened, with the MSI dropping to 1.8. Sellers took home an average of 100.7 percent of original prices, the smallest premiums recorded over the past 12 months.     MARIN COUNTY   August's median sales price in Marin County was nearly unchanged from July at $1,187,500. The MSI ended the month at 1.8, also almost identical to July. Homes sold in an average of 47 days, and buyers paid 96.4 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 statistics in the chart above include single-family homes in these communities.     SILICON VALLEY

 

Summer's end also found the pace of sales slowing in our Silicon Valley region, with homes taking an average of 44 days to leave the market. The MSI stood at 1.9, down slightly from July. At $2,500,000, the median sales price declined 9 percent from August 2015, tying its one-year low. Buyers also enjoyed the biggest discounts of 2016, with homes selling for an average of 96.6 percent of original prices.     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 chart above include all single-family homes in these communities.   MID-PENINSULA SUBREGION   The median sales price in our Mid-Peninsula subregion was down on both a monthly and yearly basis, closing out August at $1,475,000. The pace of sales remained brisk, with homes finding a buyer in an average of 22 days. The MSI dipped slightly from July to 1.3, and sellers received 101.1 percent of original prices.     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 chart above include all single-family homes in these communities. Article and images sourced from http://blog.pacificunion.com/pacific-unions-august-2016-real-estate-update/