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/

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/

Pacific Union’s July 2016 Real Estate Update

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.

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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.

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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.

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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.

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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/

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/

Pacific Union’s November 2015 Real Estate Update

There were fewer homes for sale in November than in the previous month in most of Pacific Union’s Bay Area regions except for San Francisco and Sonoma Valley, where the months’ supply of inventory (MSI) was unchanged or improved slightly. With an MSI of less than 1.0, supply conditions remained particularly tight in the East Bay and Mid-Peninsula regions.

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

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SAN FRANCISCO – SINGLE-FAMILY HOMES

Supply conditions for single-family homes in San Francisco remained unchanged from October, with the MSI pegged at 1.5. The median sales price rose to $1.3 million, returning to levels observed in the summer.

Although the premiums that sellers receive has dropped over the past few months, they still had a sizable advantage, with homes selling for 107.1 percent of original prices. Homes sold in an average of 28 days, nearly identical to the pace of sales over the past five months.

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SAN FRANCISCO – CONDOMINIUMS

Condominium prices in San Francisco remained elevated, with the median sales price up to $1.15 million in November. The city’s condo sellers aren’t fetching the large overbids they did earlier in the year, but they still brought home an average of 105.9 percent of list prices.

Contrary to trends in the rest of the Bay Area, supply conditions for San Francisco condominiums improved a bit in November, with the MSI inching up to 1.9. Homes sold in an average of 34 days, a week slower than in October.

Article and images sourced from http://blog.pacificunion.com/pacific-unions-november-2015-real-estate-update/

Pacific Union's February 2015 Real Estate Update

The pace of residential real estate sales picked up throughout most of Pacific Union’s Northern California regions in February, with homes selling in fewer days than in the previous month in every market except for Napa County and Lake Tahoe/Truckee.

Median sales price trends varied by region, but prices for condominiums in San Francisco hit a one-year high. Single-family home prices decreased a hair from January in our Silicon Valley region, but they remained near the $3 million mark.

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MARIN COUNTY

The median sales price in Marin County has relaxed a bit each month since November and closed February at $980,000. The MSI followed suit, dropping to 2.1.

Homes sold in an average of 57 days, five days faster than in the preceding month. Sellers received about 99 percent of original price, the most since May 2014.

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 adjoining chart include single-family homes in these communities.

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SAN FRANCISCO – SINGLE-FAMILY HOMES

As has been the case for most of the past year, single-family homebuyers in San Francisco paid in excess of $1 million in February — $1,133,000 to be exact. Successful buyers forked over an average of about 12 percent more than original price, the highest premiums in any of Pacific Union’s regions.

At 1.9, the MSI was unchanged from January. Single-family homes in the city left the market in 30 days, in line with the general pace throughout most of 2014.

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SAN FRANCISCO – CONDOMINIUMS

At $1.1 million, the median sales price for a San Franciscocondominium climbed to a yearly high. Sellers reeled in an average of 7 percent above original price, the most since last summer.

Properties sold in an average of 28 days, roughly twice as fast as in December and January. The MSI tightened a bit from the previous month to finish February at 1.8.

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SILICON VALLEY

With February’s median sales price at $2.8 million, homes in our Silicon Valley region are selling for about 21 percent more than they were a year ago. And while the region saw a supply spike last February, that didn’t happen this year, and the MSI fell to 1.7.

Buyers took an average of 26 days to close a transaction — two weeks quicker than they did in January — and paid about 6 percent more than original price to make it happen.

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 adjoining chart include all single-family homes in these communities.

Mid-Peninsula Subregion

At $1.53 million, the median sales price for a home in Pacific Union’s Mid-Peninsula subregion was down from January but up about 18 percent from a year ago. Successful buyers paid nearly 3 percent more than original price, an uptick from the previous month.

Homes left the market in an average of 32 days, identical to numbers recorded in February 2014, while the MSI declined to 1.8

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 adjoining chart include all single-family homes in these communities.

Article and Photos sourced from:  http://blog.pacunion.com/pacific-union-february-2015-real-estate-update/