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Pacific Union’s January 2017 Real Estate Update

Bay Area real estate began 2017 with the continued housing-supply shortages that prospective buyers have become accustomed to, as the months’ supply of inventory (MSI) in the majority of our regions declined from one year ago. The median sales price was up, year over year, in most regions, with the Napa County, Silicon Valley, and Sonoma Valley markets reaching one-year highs.

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

CONTRA COSTA COUNTY

The median sales price in our Contra Costa County region closed out January at $1.08 million, about $20,000 less than in January 2016. The MSI improved to 1.9, up on both a monthly and annual basis.

Homes sold in an average of 33 days — 10 days faster than a year ago — and for 97.2 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

Although the amount of homes for sale in the East Bay rose month over month and year over year in January, the region’s 1.3 MSI is the lowest of any of Pacific Union’s regions. The median sales price ended the month at $950,000, up about 9 percent from one year earlier.

Homes found a buyer in an average of 31 days, the slowest pace of sales since last February. Properties continued to sell for more than asking prices — 107 percent in January.

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 for a Marin County home increased to $1,127,500 in January, a year-over-year gain of 17 percent. Homes sold for 95.7 percent of original prices, similar to numbers recorded in November and December.

Supply conditions remained tight, with the MSI ending the month at 1.7, and homes sold in an average of 62 days.

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 rose to $678,000 in January, a one-year high and up 17 percent on an annual basis. Homes sold in an average of 96 days, about three weeks longer than during the fall.

Sellers received an average of 93.7 percent of asking prices, and the MSI finished the month at 2.9.

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 remains low, but at 1.6, the MSI more than doubled since December. The median sales price has been slowly dropping since October and closed January at $1.25 million.

Homes sold in an average of 48 days, the slowest pace of sales recorded over the past year, and for 104.1 percent of original prices.


SAN FRANCISCO – CONDOMINIUMS

The median sales price for a condominium in San Francisco was $1.09 million in January, in the same general range as it has hovered for the past year. For the second straight month, units sold for less than asking prices — 98.4 percent.

Condominiums took an average of 56 days to find a buyer, the slowest pace of sales recorded in more than a year. The MSI was 2.3, improved from December but down from January 2016.

 


SILICON VALLEY

Silicon Valley‘s median sales price rose to $2.95 million in January, an annual increase of 18 percent and a yearly high. The region’s MSI nearly doubled from December to 2.1 but is down from January of last year.

At 53 days, the pace of sales is the slowest recorded over the last year, and homes sold for 94.6 percent of asking 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 data in the adjoining chart includes all single-family homes in these communities.

Mid-Peninsula Subregion

The median sales price in our Mid-Peninsula subregion was $1.55 million in January, similar to statistics recorded one year ago. Homes left the market in a brisk 20 days, the fastest pace of sales of any of Pacific Union’s region.

The MSI closed out the month at 1.7, nearly tripling from December. Homes sold for an average of 99.2 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 data in the adjoining chart includes all single-family homes in these communities.


SONOMA COUNTY

At $580,000, January’s median sales price in Sonoma County is in the same general range as it has been for the previous 12 months. Sellers took home the highest percentage of asking prices in the past year — 99.6 percent.

Supply conditions were similar to January 2016, with the MSI ending the month at 2.1. Buyers took an average of 73 days to close a deal, the slowest pace of sales since last March.

Defining Sonoma County: Sales data in the adjoining chart includes all single-family homes and farms and ranches in Sonoma County.


SONOMA VALLEY

The median sales price in our Sonoma Valley region rose to $855,000 in January, an annual gain of 27 percent and a yearly high. There were more homes on the market than there were one year ago, with the MSI rising to 3.2.

Properties sold for an average of 92 percent of original prices and took 74 days to leave the market.

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

This winter’s plentiful snowfall in the Lake Tahoe region may be helping single-family homes sell much faster in January than they did a year earlier — an average of 79 days. The median sales price was $710,844, up on both a monthly and annual basis.

The MSI was 5.2, and homes sold for an average of 94.1 percent of asking prices.

Defining Lake 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

At $345,000, January’s median sales price for condominiums in the Lake Tahoe region was only about $20,000 higher than it was one year earlier. Units sold for an average of 93.6 percent of asking prices, also similar to numbers recorded in January 2016.

The MSI for condominiums was 11.7, the highest since last February, with units finding a buyer in an average of 85 days.

Defining Lake 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: Pacific Union Bay Area Real Estate Blog
Pacific Union’s January 2017 Real Estate Update

 

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