Home prices remained solid across of all Pacific Union’s regions in the third quarter, while inventory slightly expanded in many, offering relief for buyers. Get an in-depth look into market conditions in the Bay Area and Tahoe/Truckee in our comprehensive Q3 quarterly report.
Buyers today typically mull over thoughts of homeownership for nearly six months before reaching out to a real estate professional for advice. That’s nearly twice as long as one year ago, as buyers react cautiously to today’s real estate environment.
An April housing survey by Fannie Mae found that 51 percent of Americans expect home prices to climb at least 3 percent over the next year, a big jump in confidence from a year ago, when only 32 percent were optimistic prices would rise.
April home prices continued to post solid gains across the Bay Area and the Tahoe/Truckee region in April, with the median price for single-family homes reaching $1 million in San Francisco for the first time in more than five years and the median price in our Sonoma Valley region jumping 65 percent over the past year.
Both The Wall Street Journal and USA Today have noted recently that rising home prices in the San Francisco metropolitan area are sustainable because of its strong economic base.
After record-breaking results in 2012, real estate activity in the first quarter suggests 2013 will once again reach new highs. Pacific Union’s Quarterly Real Estate Report has the facts and numbers behind the good news.
It has been a bitterly cold few years for would-be sellers in the Bay Area, but spring is bringing welcome warmth for both home values and buyer activity. Many homeowners who believe they are “underwater” may be surprised to learn that they’ve regained equity based on recent sale prices for comparable homes in their neighborhood.
RISMedia’s Real Estate Magazine has again named Pacific Union one of the nation’s top “Power Brokers.” The company ranked 18th in the nation in sales, up from 23rd last year. In number of transactions we rank 125th, up from 170th in 2012.
Pacific Union held onto its spot as the third-largest real estate firm in the Bay Area, according to an annual ranking by San Francisco Business Times. But we’re especially proud of our sales growth over the past year — up 45 percent from 2011 to 2012, far ahead of any other brokerage.
Strong demand from international buyers is fueling much of the growth in many of the world’s top destinations, according to a luxury home sales report from Christie’s International Real Estate.