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Bay Area Homebuyers Are Rarely Denied Mortgages

  • Homebuyers in San Jose had the lowest mortgage-denial rate in the nation in 2016, at 5 percent.
  • Applicants’ excessive debt-to-income ratios is the main reason for mortgage denial in San Jose, San Francisco, and Los Angeles, cited by about one-third of lenders.
  • Other reasons that Bay Area mortgage seekers are likely to be denied are incomplete personal information and credit applications, as well as insufficient cash to cover the down payment.

Happy couple signing paperwork.

Although prospective homebuyers in the Bay Area’s two largest cities are among the least likely in America to face mortgage denials, when they do, it is usually for three specific reasons.

That’s according to a new analysis by LendingTree, which examined more than 10 million mortgage applications across 50 U.S. cities to find out where buyers were most and least likely to be denied home loans and the main reasons for the rejections. Nationwide, nearly one in 10 applicants, or 8 percent, were denied a mortgage in 2016, the most recently available data. For applicants who were denied mortgages, poor credit and high debt-to-income ratios were the top reasons, cited by 26 percent of financial institutions.

San Jose mortgage applicants were the least likely in the country to be denied, tying those in Minneapolis and Salt Lake City at 5 percent. San Francisco applicants fared nearly as well, with a 6 percent mortgage-rejection rate.

Still, when Californians are denied mortgages, too much debt is the most likely reason, which LendingTree notes is a by-product of the region’s high cost of living. About one-third of applicants in Los Angeles, San Jose, and San Francisco were denied mortgages because of excessive debt-to-income ratios, the most in the U.S.

Unverifiable information — such as credit references, employment details, and income — is another reason that lenders are likely to reject Bay Area mortgage applicants, cited as the reason for 7 percent of denials in San Jose and 6 percent in San Francisco. Incomplete credit applications are also an issue in San Jose, resulting in 18 percent of mortgage denials.

While less of an obstacle than debt or spotty information, insufficient cash for a down payment and closing costs can also hinder hopeful Bay Area homebuyers from obtaining a mortgage. A lack of cash caused lenders to turn away 3.8 percent of applicants in San Jose and 3.4 percent in San Francisco.

It’s somewhat surprising that a lack of down-payment funds did not prevent more Bay Area buyers from obtaining a mortgage, given how large of a sum that can be. According to an ATTOM Data Solutions report published last fall, San Jose and San Francisco homebuyers placed the largest down payments in the nation in the second quarter of 2017, a respective $242,000 and $176,000.

LendingTree offers prospective homebuyers a handful of sensible tips for getting approved for a mortgage, including reviewing credit reports, paying off debt before applying, and gathering all personal information in advance of meeting with a loan officer.

Source: pacunion.us/2JtPM6g

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Real Estate Roundup: Bay Area Homeowners Begin 2018 as the Nation’s Most Equity-Rich

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious.

SAN JOSE, SAN FRANCISCO CONTINUE TO HAVE THE NATION’S MOST EQUITY-RICH HOMEOWNERS 
As Pacific Union published in its first-quarter 2018 real estate report, single-family home prices in San Francisco and Silicon Valley posted substantial annual home price gains — 25.5 percent and 19.5 percent, respectively. And that type of appreciation means that the Bay Area’s two largest cities remain those with the most equity-rich homeowners in the country.

That’s according to ATTOM Data Solutions latest Home Equity & Underwater report, which says there were more than 13.8 million U.S. properties classified as equity-rich in the first quarter, representing about 25 percent of homes with a mortgage. The company defines equity-rich properties as those with loans comprising 50 percent or less of the property’s estimated value.

As in past quarters, San Jose has the most equity-rich homeowners in America, with 66.1 percent falling into that category. San Francisco is No.2 for the highest number of equity-rich homeowners at 56.0 percent, followed by Los Angeles at 45.4 percent.

These three cities also have virtually no seriously underwater properties, ranging from .01 percent in San Jose to .03 percent in Los Angeles. Nationwide, 9.5 percent of homes were considered seriously underwater in the first quarter, defined as those where the loan amounts are at least 25 percent higher than the property’s value.

THE AMERICAN DREAM IS ALIVE AND WELL IN SILICON VALLEY
A recent study ranks San Jose among the top 10 places in the country to acheive the American dream, though if that dream includes owning a home it will be an expensive one to realize

An analysis by SmartAsset seeks to determine the 25 best U.S. cities for living the American dream on a 100-point scale based on diversity, economic mobility, unemployment rates, homeownership rates, and median home value. After placing No. 12 in the study last year, San Jose has moved into the top 10 in 2018, ranking No. 8 with an overall score of 83.63. San Jose is one of three California cities to make the cut and the state’s highest-ranking representative.

SmartAsset notes that San Jose’s high score stems from its diversity, low unemployment rate, and income growth. But of course, the city doesn’t fare as well in the housing-related categories; San Jose’s median home value of $802,000 is the highest of any of the 25 included on the list.

SAN JOSE POSTS DOUBLE-DIGIT-PERCENT ANNUAL RENT PRICE GAINS
Buying a home is not the only rising housing cost in Silicon Valley, with the region posting double-digit-percent rent price increases from last spring.

Zumper’s latest monthly rent report puts the average cost for a one-bedroom unit in the San Jose metropolitan area at $2,500 in May, up 10.6 percent year over year, to make it the nation’s third most expensive renal market. Two-bedroom rental costs in San Jose also rose, up 5.3 percent since May 2017 to $3,000.

As has been the case for many consecutive months, San Francisco remains America’s priciest city in which to rent an apartment, with one-bedroom prices rising 2.1 percent year over year to $3,440. Oakland, which ranks as the nation’s seventh most expensive rental market, saw similar modest annual price growth, up 1.9 percent to $2,100.

FEDERAL RESERVE HOLDS OFF ON INTEREST-RATE INCREASE
Although the Federal Reserve declined to raise interest rates at its meeting last week, economists expect it to make more hikes this year than previously believed.

As HousingWire.com reports, the Fed said that it would keep interest rates in the current range of 1.5 percent to 1.75 percent. In a statement, the Fed cited the country’s strong job growth and low unemployment rate as reasons supporting its decision to leave rates unchanged.

In an analysis of April’s U.S. job numbers, in which the unemployment rate fell to a near 18-year low of 3.9 percent, Pacific Union Chief Economist Selma Hepp projects that the Fed will raise interest rates four more times in 2018 rather than the previous forecast of three. That, she says, will cause mortgage rates to accelerate quicker than initially believed.

Source: pacunion.us/2rvV5f1

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Bay Area Cities Rank as Best in the World for Future Momentum

  • Half of the world’s top 30 cities that are best prepared for the future are in North America.
  • San Francisco and Silicon Valley rank a respective No. 1 and No. 2 on the list of “future-proofed” metropolitan areas.
  • Los Angeles and San Diego also rank among the world’s top 10 future-proofed cities.

The Bay Area’s real estate market and high-performance economy are currently running at full steam and appear poised to carry that momentum over the long term.

Jones Lang LaSalle’s fifth annual City Momentum Index ranks 131 global cities based on potential for long-term socio-economic and commercial real estate market success, a term it calls “future-proofing.” Factors used to gauge a metropolitan area’s chance for future momentum include innovation capacity, quality of universities and colleges, number of startups, and public infrastructure and environment quality.

North America accounts for half of the world’s top 30 future-proofed metro areas. Six of the top 10 future-proofed cities are in the U.S., and four of those are in California.

San Francisco takes the top spot on the rankings, followed by Silicon Valley at No. 2, both due largely to the Bay Area’s global position as a technology powerhouse. Those two Bay Area regions have the planet’s largest number of startups and have also created the most tech unicorns — private startups valued at more than $1 billion — over the past 15 years.

In Southern California, Los Angeles and San Diego rank a respective No. 6 and No. 10 on the future-proofed cities list. Jones Lang LaSalle points to Southern California’s excellent higher-education institutions, which produce plenty of highly skilled technology workers. Both cities employ more computer and mathematics workers than any other job market on the West Coast, and both rank in the top five for the most international patent applications.

So why is future-proofing an important measure of a real estate market’s potential to thrive? Investors use the metric to determine whether technology innovations will result in a market’s ability to hold its value and appreciate over time. For developers, the concept of future-proofing allows for understanding a city’s capacity for economic growth, thereby allowing them to plan and build sustainable communities.

(Photo: iStock/Skyhobo)

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Shared with permission from the Pacific Union Blog

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San Mateo County Overtakes San Francisco for the Highest Bay Area Home Prices in April

Executive Summary:

  • The Bay Area’s median home price increased by 15 percent year over year in April to reach $980,000.
  • San Mateo is now the most expensive Bay Area county, with a median price of $1.47 million.
  • In Silicon Valley, median home prices continue to grow by 20-plus percent from April 2017.
  • Sales activity also picked up, with a 5 percent increase in sales over last April, driven mostly by more activity in Alameda, Santa Clara, and San Francisco counties.
  • While lower-priced inventory continues to decline compared with last year, inventory priced above $1 million finally stopped falling on an annual basis

The Bay Area’s incredibly strong spring homebuying season continued its run in April, with another jump in the median home price to $980,000, up by 15 percent on an annual basis. Prices continued rising at the fastest rate in Santa Clara County, up by 29 percent year over year, followed by San Mateo, Alameda, and San Francisco counties. San Mateo is now the most expensive county in the Bay Area, with the median home price — including single-family residences and condominiums — reaching $1.47 million. Figure 1 ranks Bay Area counties by their April median home prices.

Figure 1: April median sales price by Bay Area county

Source: Terradatum, Inc. from data provided by local MLSes, May 7, 2018

To offer a better picture of which communities have seen the highest increase in median home prices year to date, Table 1 ranks 40 Bay Area cities by rate of appreciation (only cities with at least 20 home sales in 2018 have been included). Table 1 also summarizes the share of homes that have sold for more than asking price this year. San Mateo County communities with some of the highest median home price gains also generally saw nine in 10 homes sell for premiums.

Table 1: Year-to-date median price changes and percent of homes sold over asking price by Bay Area community

Source: Terradatum, Inc. from data provided by local MLSes, May 7, 2018

While rapidly rising home prices have characterized most of 2018 to date, homes sales were sluggish compared with last year. However, when compared with last April, home sales activity accelerated, and overall Bay Area sales rose by 5 percent. The increase was driven by Alameda County’s 10 percent jump. Santa Clara and San Francisco counties followed, each with a 7 percent increase, carrying most of the remaining gain in total sales. Sonoma was the only Bay Area county where sales declined from last April, down by 3 percent.

With April’s pickup in sales activity, overall year-to-date sales are exactly the same as last year. It’s not a surprise that the increase in sales activity was driven by higher-priced homes, particularly those priced between $2 million and $3 million. Sales in that price range increased by 35 percent from last April, and sales are 43 percent higher compared with the first four months of 2017. Figure 2 summarizes year-to-date changes in home sales activity by price range. Sales of higher-priced homes are generally up across the Bay Area, except some slowing of $3 million-plus sales in Napa and Marin counties.

Figure 2: Year-to-date changes in sales activity by Bay Area County and price range

Source: Terradatum, Inc. from data provided by local MLSes, May 7, 2018

Furthermore, other indicators also suggest that housing market activity heated up in April. Homes continued selling in an average of 11 days. Also, the share of homes that sold for more than asking price reached a new high, with 75 percent commanding premiums. San Francisco saw the largest monthly increase, from 67 percent to 73 percent, while Napa and Sonoma counties saw a bit of slowing in price bids. Nevertheless, even with San Francisco’s increase, keep in mind that this could be due to changing pricing strategies by real estate professionals. Still, premiums obtained for homes that sold for more than asking price also inched up from March, averaging 19 percent in San Francisco. Overall, Bay Area premiums averaged 13 percent, up from 12 percent in March and from 9 percent last April.

Lastly, while April generally kicks off the homebuying season and more homes hit the market, supply continued to trend lower than last year. Overall, inventory was 10 percent below last April’s levels, with the drag coming from inventory priced below $1 million. Nevertheless, there was some improvement regionally, with more new listings when compared with the same time last year. New listings jumped in San Mateo and Marin counties, up by a respective 18 percent and 15 percent. San Mateo County’s 18 percent increase was also the largest level gain, with 106 new listings coming to market. The increase was driven by homes priced between $2 million and $3 million, up by 124 percent from last April. Alameda, Contra Costa, and Napa counties also saw new listings priced higher than $3 million double, though such homes represent a very small share of overall sales in those counties.

Unfortunately, even with some pockets of improved supply, total monthly inventory continued to decline on an annual basis. However, with more new listings in some parts of the Bay Area, the inventory of homes priced above $1 million showed some recovery, with slightly more properties to choose from compared with last April. Figure 3 summarizes year-over-year changes in inventory by price range. The lines stretching above the red line suggest that current inventory levels are higher than during the same period in 2017.

Taken together, the spring real estate season is off to a robust start, with low inventory levels remaining the biggest obstacle for potential homebuyers. Nevertheless, with home prices continuing to reach new highs and fierce competition resuming, buyers may soon again find themselves fatigued and unwilling to move forward.

Figure 3: Year-over-year inventory changes in the Bay Area by price range.

Selma Hepp is Pacific Union’s Chief Economist and Vice President of Business Intelligence. Her previous positions include Chief Economist at Trulia, senior economist for the California Association of Realtors, and economist and manager of public policy and homeownership at the National Association of Realtors. She holds a Master of Arts in Economics from the State University of New York (SUNY), Buffalo, and a Ph.D. in Urban and Regional Planning and Design from the University of Maryland.

Source: pacunion.us/2rEV60f

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California Surpasses the U.K. as the Fifth-Largest Global Economy

  • Robust 2017 economic growth in California helped push the state to the world’s fifth-largest economy, surpassing the United Kingdom. Only the U.S., China, Japan, and Germany now have larger economies than California. The size of California’s economy is a little more than one-tenth of the size of China’s economy.
  • In 2017, California’s gross domestic product (GDP) reached $2.747 trillion, up by $127 billion from 2016. Table 1 ranks the world’s 25 largest economies.
  • While California has the United States’ largest economy, contributing 14.3 percent to the total GDP, California’s GDP grew at a slower rate in 2017 than some other states. With a 3 percent annual growth rate, California ranked sixth in terms of annual percent change in inflation-adjusted GDP, following Washington, Colorado, Nevada, Arizona, and Utah. Washington had America’s fastest-growing economy, with the GDP increasing by 4.4 percent over the last year.
  • Nevertheless, Washington’s GDP is one-fifth of California’s total GDP. Also, the total GDP of the five fastest-growing states is only slightly more than half of California’s GDP. Overall, those five states’ GDPs grew by a combined $80 million in 2017.
  • Durable-goods manufacturing was the leading contributor to growth in California between the third quarter of 2017 and the fourth quarter of 2017, followed by other services (except government and government enterprises); professional, scientific, and technical services; and real estate and rental and leasing.
  • Between 2016 and 2017, the leading contributor to California’s economic growth was the information sector, which accounted for one-quarter of the total gain, followed by durable-goods manufacturing; real estate and rental and leasing; and health care and social assistance. These industries were also the leading contributors to the national economic growth in 2017. Agriculture, forestry, fishing, and hunting and nondurable-goods manufacturing were the sectors which contracted in 2017.
  • Real estate and rental and leasing were the leading contributors to real GDP increases in Colorado and Nevada. Health care and social assistance were the leading contributors to the increase in real GDP in Arizona. In Washington, retail trade and information drove the growth.

Table 1: The world’s 25 largest economies

Sources: International Monetary Fund, World Economic Outlook Database. California gross domestic product: BEA advance estimate as of May 4, 2018.

Selma Hepp is Pacific Union’s Chief Economist and Vice President of Business Intelligence. Her previous positions include Chief Economist at Trulia, senior economist for the California Association of Realtors, and economist and manager of public policy and homeownership at the National Association of Realtors. She holds a Master of Arts in Economics from the State University of New York (SUNY), Buffalo, and a Ph.D. in Urban and Regional Planning and Design from the University of Maryland.

Source: pacunion.us/2rrL0iY

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California Is the Top U.S. State for Having Fun

  • California ranks No. 1 in the nation in a new study of the best places in American to have fun.
  • The Golden State has the most restaurants, movie theaters, and fitness centers per resident in the nation.
  • California has 40 times more performing-arts venues than some other states.

While California’s booming job market and temperate year-round climate are definitely big draws, the fact that our state is simply a fun place to live cannot be underestimated.

California is in fact the No. 1 state in the U.S. for having a good time in 2018, according to a new study by WalletHub. The analysis ranks all 50 states on a 100-point scale based on 26 measures in two major categories: entertainment and recreation and nightlife. The former category includes factors such as amount of attractions and number of movie theaters and restaurants per capita, while the latter encompasses access to bars, cost of libations, and number of music festivals per capita.

The Golden State takes the top spot on the fun list with a score of 59.42. California ranks No. 1 in the overall entertainment and recreation category and No. 7 for the nightlife criteria.

California ties three other states for the highest number of restaurants per capita, seven times more than the states with the fewest number of restaurants. As one of the top three states with the most movie theaters per capita, Californians have eight times more places to catch a flick that residents of states such as Alaska and Hawaii.

In terms of access to culture, California’s preeminence is even more pronounced. California ties New York for the most performing-arts theaters per capita in the country, a whopping 40 times more than the states with the fewest number of such venues.

And California shines when it comes to staying in shape, tying New York for the highest number of fitness centers per resident. Thanks in part to the Golden State’s pleasant weather, Californians also have plenty of ways to exercise outdoors; in a separate analysis published earlier this year, WalletHub named San Francisco as America’s healthiest city, with both the nation’s most running and walking trails per capita.

And while the study does not rank California among the best five places to access national parks, it is worth mentioning that the Golden State is home to nine of the 60 protected areas operated by the National Park Service, more than any other U.S. state.

If you’re looking for ideas for getting out and enjoying yourself around the Bay Area this spring, check out Pacific Union’s latest roundup of the best local festivals and events. And if you’re in the mood to hit the road, this list of our favorite Northern California day trips will steer you in the right direction.

Source: pacunion.us/2riS0xX

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San Francisco: America’s Best City to Be a Real Estate Professional

  • San Francisco ranks as the top U.S. market for real estate professionals in 2018.
  • San Jose, Fremont, Oakland, and Santa Rosa all count among the 10 best places to be a real estate professional.
  • Four of the nation’s five fastest-paced real estate markets are located in the Bay Area.

The Bay Area continued to see intense demand for real estate in the first quarter of 2018, with more than 70 percent of homes selling for premiums in March. And that demand is translating into booming business for local real estate professionals, with half of the 10 best cities for the vocation located in the Bay Area.

That’s according to a recent analysis by WalletHub, which ranked nearly 180 American cities on a 100-point scale using 18 criteria to determine where real estate professionals can enjoy optimal careers in 2018. Individual gauges of a market’s friendliness to industry professionals include common real estate metrics — such as median sales price, pace of sales, and average premiums that buyers pay — as well measures of career success, including job opportunities and median annual wages.

San Francisco takes the No. 1 spot on this year’s list of the best markets for real estate professionals, earning a total score of 63.88 and ranking as the second-best U.S. housing market for industry opportunity (and competition). The City by the Bay ties Irvine and Fremont for the highest median sales price in the U.S. and ties San Jose and Seattle for the fewest days on market. Additionally, San Francisco has the third overall highest housing-market-health indicator in the nation behind two Texas cities.

Buoyed by the fastest-growing annual home prices in the first quarter of 2018 — about 33 percent — San Jose counts as America’s No. 3 best place to be a real estate professional in 2018, with a 59.65. Besides the aforementioned rapid pace of sales, San Jose ranks in the top five nationwide for both the highest median sales price and the healthiest overall real estate market.

Three other Bay Area cities landed in the top 10: No. 4 Fremont, No. 5 Oakland, and No. 7 Santa Rosa.  Besides tying for highest median sales price, Fremont ranks in the top five for the fewest days on market and the highest overall housing market health, while Oakland also places in the top five for fastest pace of sales.

WalletHub asked a panel of experts, most of whom are professors, for the top indicators of an ideal market for real estate professionals, and some of their answers underscore why the Bay Area is such a place: It has a thriving, diverse economy; top-rated schools; and an excellent quality of life.

Source: pacunion.us/2reDCY6

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Pacific Union’s April 2018 Real Estate Update

All Bay Area regions in which Pacific Union operates posted year-over-year median home price increases in April, except Napa County, which saw slight annual depreciation. Six regions saw double-digit percentage-point annual appreciation, led by Sonoma Valley, where prices grew by 39 percent.

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

CONTRA COSTA COUNTY

The median home sales price in Contra Costa County was $1,337,500 in April, up 7.0 percent on an annual basis and a one-year high. Inventory declined by 8.1 percent from April 2017, with homes selling in an average of 15 days, the fastest rate of sales in the Bay Area.

Click the image to the right to see these and other Contra Costa County market statistics for April.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the adjoining chart includes single-family homes in these communities.

EAST BAY

As in Contra Costa County, home prices in the East Bay reached a yearly high in April, climbing to $1,260,000. Homes in the region continued to command the largest premiums in the Bay Area, an average of 117.5 percent of original price.

Click the image to the right to see these and other East Bay market statistics for April.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the adjoining chart includes single-family homes in these communities.

MARIN COUNTY

Marin County‘s median sales price rose to $1,395,000 last month, up by 2.8 percent from the previous April. There were 518 homes listed for sale during the month, an annual decline of 9.0 percent.

Click the image to the right to see these and other Marin County market statistics for April.

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

Napa County was the only Bay Area region to see the median sales price decline from April 2017, falling by 1.1 percent to $670,000. Buyers continue to receive slight discounts, with the average home selling for 96.1 percent of asking price.

Click the image to the right to see these and other Napa County market statistics for April.

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

While April’s median sales price for a single-family home in San Francisco was down from the previous two months, at $1,650,000, it grew by nearly 20 percent year over year. Homes sold for an average of 110.7 percent of original price, similar to premiums recorded over the previous 12 months.

Click the image to the right to see these and other San Francisco single-family home market statistics for April.

Defining San Francisco: Sales data in the adjoining chart includes single-family homes in San Francisco County.

SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium ended April at $1,250,000, an annual gain of 13.6 percent. The number of units for sale moved in the opposite direction, falling by 12.4 percent from April 2017.

Click the image to the right to see these and other San Francisco condominium market statistics for April.

Defining San Francisco: Sales data in the adjoining chart includes all condominiums in San Francisco County.

SILICON VALLEY

Silicon Valley continues to enjoy robust appreciation, with the median $3,500,000 sales price up by 18.5 percent year over year. Homes sold for an average of $1,475 per square foot, the highest in the Bay Area.

Click the image to the right to see these and other Silicon Valley market statistics for April.

Defining Silicon Valley: Our real estate markets in Silicon Valley 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

The median sales price in the Mid-Peninsula rose by 30.0 percent year over year, ending April at $2,250,000. The Mid-Peninsula was one of two Bay Area regions to post annual supply improvements, with inventory increasing by 3.6 percent.

Click the image to the right to see these and other Mid-Peninsula market statistics for April.

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

Sonoma County‘s median sales price was $685,000 in April, unchanged from March but up 10.8 percent year over year. Homes sold in an average of 47 days, five days quicker than they did at the same time in 2017.

Click the image to the right to see these and other Sonoma County market statistics for April.

Defining Sonoma County: 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 rose by a whopping 39.2 percent on an annual basis to end April at $895,000. There were 148 properties for sale, a year-over-year decline of 14.5 percent.

Click the image to the right to see these and other Sonoma Valley market statistics for April.

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

The median sales price for a single-family home in the Lake Tahoe/Truckee region was $945,000 in April, a one-year high. At the same time, buyers continue to receive discounts, with the average home selling for 91.4 percent of original price.

Click the image to the right to see these and other Lake Tahoe/Truckee single-family home market statistics for April.

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

As with single-family homes, condominium price in Lake Tahoe reached a one-year peak in April, rising to $484,000. Units sold in an average of 82 days, 70 days quicker than they did at the same time last year.

Click the image to the right to see these and other Lake Tahoe/Truckee condominium market statistics for April.

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.

Source: pacunion.us/2KP51bu

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