Pacific Union’s October 2016 Real Estate Update

The first month of the fourth quarter was a typically busy time for Bay Area real estate markets, with the months’ supply of inventory (MSI) declining or holding steady from September across the majority of Pacific Union’s regions. The exceptions were the Mid-Peninsula and Napa County, where the number of single-family homes for sale increased slightly, and the Lake Tahoe/Truckee region, where more sellers listed their properties in advance of the upcoming ski season.

Click on the image accompanying each of our regions below for an expanded look at local real estate activity in October.

MARIN COUNTY

The number of homes for sale in Marin County declined on both a monthly and yearly basis, ending October with a 1.4-month supply of inventory. At $1,249,000, the median sales price wasn’t far off from the preceding eight months.
Homes sold in an average of 49 days, one day longer than in August and September, and buyers paid 98.2 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.

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SAN FRANCISCO – SINGLE-FAMILY HOMES

The median sales price for a single-family home in San Francisco hit a yearly high in October, closing out the month at $1,410,000. Sellers took home 103.6 percent of original prices, a bit less than in September.
At an average 28 days on the market, homes sold almost two weeks faster than they did in the preceding month, while the MSI fell to 1.7.

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SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium has stabilized over the past year and finished October at $1,164,000. Properties have been commanding premiums for the past year and that trend continued in September, with condominiums selling for 102.2 percent of asking prices.
Month over month, the MSI inched down to 2.7 but was up from October 2015. The pace of sales quickened for the second month in a row, with units taking 37 days to leave the market.

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SILICON VALLEY

Although Silicon Valley is still the Bay Area’s most expensive real estate market, the median price relaxed on both a monthly and annual basis to $2,610,000. The MSI declined to 1.6, down on a monthly and yearly basis.
Homes sold in an average of 39 days, more than double the amount of time from one year earlier. Buyers paid 96.9 percent of original prices, the seventh consecutive month that homes have sold for less than 100 percent.
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 data in the adjoining chart includes all single-family homes in these communities.
Mid-Peninsula Subregion
With a 1.4-month supply of inventory in October, the number of homes for sale in our Mid-Peninsula subregion was consistent with levels recorded for most of 2016. Although the pace of sales has been slowing somewhat, homes still found a buyer in exactly four weeks.
The median sales price increased modestly from September to $1,662,500. Buyers paid 96.1 percent of asking prices, the first month in at least a year with no average premium.
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-october-2016-real-estate-update/