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September 22, 2017

Pacific Union’s August 2017 Real Estate Update

September 22, 2017

Pacific Union’s August 2017 Real Estate Update

Supply conditions remained tight across the Bay Area in August, with only Marin County seeing a slight inventory improvement from July. The median sales price rose on an annual basis in most of Pacific Union’s regions, with condominium prices in San Francisco reaching a one-year high.

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

CONTRA COSTA COUNTY

The months’ supply of inventory (MSI) in Contra Costa County ended August at 1.1, a one-year low. At $1,225,000, the median sales price was down from July but up from one year earlier.

Homes sold in an average of 25 days, identical to the pace of sales recorded in July, for 99.4 percent of original prices.

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

For the seventh consecutive month, the median sales price in the East Bay was in the seven-digit range, closing out August at $1,060,000. Homes in the region continued to command the highest premiums in the Bay Area, an average of 115.6 percent of asking prices.

The number of homes for sale remained critically low — a 0.8-month supply — with the average property finding a buyer in a brisk 19 days.

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

The median sales price in Marin County was $1,215,000 in August, just a few thousand dollars higher than in July. Inventory was also nearly unchanged from the previous month, with a 1.4-month supply.

Homes sold in an average of 50 days and for 97.9 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.


NAPA COUNTY

Napa County‘s median sales price ended August in the same general range it has been the entire year — $675,000. The months’ supply of inventory was 3.0, down on both a monthly and annual basis.

Buyers paid 91.5 percent of original prices, netting the biggest discounts recorded over the past year. The pace of sales slowed from July, with homes selling in an average of 74 days.

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 number of single-family homes for sale in San Francisco dropped to its lowest level in a year, ending August with a 0.9-month supply. Homes found a buyer in an average of 32 days, similar to the pace of sales recorded at the same time last year.

Both the median sales price and the premium buyers paid were nearly identical to July, a respective  $1,380,000 and 110.2 percent.


SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium climbed to a one-year high in August: $1,227,750. The months’ supply of inventory ended August at 1.8, unchanged from July.

Units sold for an average of 104.8 percent of asking prices and took 38 days to find a buyer, significantly faster than the pace of sales recorded at the same time last year.


SILICON VALLEY

With a median sales price of $2,925,000, Silicon Valley remains the most expensive region in which Pacific Union operates. After netting slight discounts in July, buyers paid an average of 100.2 percent of asking prices.

Homes sold in an average of 29 days, unchanged from July, while the months’ supply of inventory dipped to 1.4.

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

Besides the East Bay, the Mid-Peninsula was our most inventory-constrained region in August, with a 0.8-month supply. It was also the Bay Area’s fastest-paced market, with homes selling in an average of 16 days.

The median sales price was $1,727,000, with sellers receiving 106.2 percent of original prices, identical to July premiums.

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 consistent since the spring and closed out August at $625,000. The months’ supply of inventory was 1.6, down from July and from August 2016.

Properties sold in an average of 55 days, one week faster than they did last August, for 96.1 percent of original prices.

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 was the only one of Pacific Union’s Bay Area regions to see the median home price drop from one year earlier, finishing out August at $727,500. Properties left the market in an average of 60 days, significantly quicker than they did at the same time last year.

The months’ supply of inventory dropped to 2.4, with properties selling for an average of 94.7 percent of original prices.

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 $679,048 in August, nearly identical to July. The months’ supply of inventory was 3.7, the lowest level recorded over the past year.

Homes sold in an average of 63 days and for 95.1 percent of original prices.

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 number of condominiums for sale in the Lake Tahoe/Truckee region also dropped to a yearly low in August, with a 4.5-month supply. The median sales price was $427,500, up on both a monthly and annual basis.

Units sold in an average of 95 days and for 95.2 percent of asking prices.

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: blog.pacificunion.com