Available homes across the Bay Area were even harder to come by this
May than they were last spring, with the months’ supply of inventory
(MSI) dropping from one year ago in all of Pacific Union’s regions
except Lake Tahoe/Truckee. Consequently, prices reached yearly peaks in
San Francisco and Sonoma counties, and they matched
one-year highs in Marin County.
Click on the image accompanying each of our regions below for an expanded look at local real estate activity in May.
MARIN COUNTY
At $1,175,000, the median home sales price in
Marin County
was unchanged from April, matching its yearly high. Supply increased a
hair from the previous month, but with an MSI of 1.3, the market still
strongly favors sellers.
Homes sold in an average of 55 days, about the same sales pace
observed last May. Buyers got a bit of a break, paying 94.7 percent of
original price, the least since December.
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.
NAPA COUNTY
May 2015 looked almost exactly like May 2014 in
Napa County if judged on the numbers alone.
The median sales price in Napa County dipped to $575,000 in May,
landing exactly where it was one year ago. The sales-to-list-price ratio
was also identical to last May, with buyers paying 95.4 percent of
original price. And homes sold in an average of 71 days, the precise
amount of time as last May.
The only statistic that differed on an annual basis was the MSI, which at 2.8 is substantially lower than it was in May 2014.
Defining Napa County: Our real estate markets in
Napa County include the cities of American Canyon, Angwin, Calistoga,
Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in
the adjoining chart includes all single-family homes in Napa County.
SAN FRANCISCO – SINGLE-FAMILY HOMES
The median sales price for a single-family home in
San Francisco
has been steadily climbing since January and reached another peak in
May at $1,400,000. Homes in the city have also been selling at an
ever-quickening pace since the beginning of the year and left the market
in an average of 24 days.
San Francisco sellers continue to pull in premiums and got 110
percent of original price. At 1.4, the MSI was in the same general range
as the previous month and one year ago.
SAN FRANCISCO – CONDOMINIUMS
As with single-family homes, the median sales price for a San
Francisco condominium climbed to a one-year high, reaching $1,167,500.
Sellers of condos also took in almost identical premiums as their
single-family-home counterparts, with the average property selling for
110.4 percent of asking price.
Just as in the previous two months, the MSI remained constricted at
1.2. Condos sold in an average of 31 days, consistent with the market’s
pace this spring.
SILICON VALLEY
The median sales price in
Silicon Valley
has been inching down each month since February, but at $2,625,000 it
remains Pacific Union’s most expensive region. Houses have been selling
for more than original price for most of the year, and in May sellers
received an average of 104 percent of original price
.
Inventory has been declining since January and hit a one-year low in
May, with the MSI falling to 1.1. Homes sold in 21 days, similar to the
pace recorded last month and one year ago.
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
Along with the East Bay, the Mid-Penisula had the lowest inventory of
any of our markets in May, as the MSI crept down to 0.9. This was also
Pacific Union’s fastest-moving market, with buyers taking just 14 days
to purchase the average property.
Although the median sales price dropped on both a monthly and annual
basis to $1,400,000, homes were still in high demand, with sellers
taking home almost 111 percent of asking price.
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.
SONOMA COUNTY
The median sales price in
Sonoma County
has been gradually rising since January and reached a one-year peak in
May: $546,000. At 1.7, the MSI was unchanged from the previous month.
Properties sold in an average of 64 days and for 97 percent of
original price – generally consistent with levels recorded over the
previous two months.
Defining Sonoma County: Our real estate markets in
Sonoma County include the cities of Cotati, Healdsburg, Penngrove,
Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data
in the adjoining chart includes all single-family homes and farms and
ranches in Sonoma County.
SONOMA VALLEY
Sonoma Valley’s median sales price took a sizable dip from April to
finish May at $650,000, but it is still up about 20 percent on a
year-over-year basis. The supply of homes has been shrinking every month
thus far in 2015 and finished May at 1.8.
Properties sold in 51 days, the fastest clip since May 2014. Buyers
paid 95.5 percent of original price, less than they did last month or
one year ago.
Defining Sonoma Valley: Our real estate markets in
Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma.
Sales data in the adjoining chart refers to all residential properties –
including single-family homes, condominiums, and farms and ranches – in
these communities.
LAKE TAHOE/TRUCKEE – SINGLE-FAMILY HOMES
At $536,000, the median sales price for a single-family home in our
Lake Tahoe/Truckee
region was almost identical to April’s number. Buyers had a bit more
room to negotiate than in the past two months, paying an average of 91.5
percent of asking price.
Homes took an average of 82 days to leave the market – the quickest pace since last fall – while the MSI expanded to 7.6.
Defining Tahoe/Truckee: Our real estate markets in
the Lake Tahoe/Truckee region include the communities of Alpine Meadows,
Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake
Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and
the West Shore of Lake Tahoe. Sales data in the adjoining chart includes
single-family homes in these communities.
LAKE TAHOE/TRUCKEE – CONDOMINIUMS
The median condominium sales price in Lake Tahoe/Truckee rebounded in
May, rising to $339,000. While supply remains plentiful in the region,
the MSI of 8.9 is significantly smaller than it was in April
Condos in the area have been selling quicker than in the previous
month since March and took an average of 73 days to sell in May. Buyers
paid 94.1 percent of original price, nearly identical to statistics from
the preceding two months.
Defining Tahoe/Truckee: Our real estate markets in
the Lake Tahoe/Truckee region include the communities of Alpine Meadows,
Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake
Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and
the West Shore of Lake Tahoe. Sales data in the adjoining chart includes
condominiums in these communities.
