As we close out Summer 2017, here is a quick snapshot of what the Bay Area real estate market is like for buyers and sellers.
The month’s supply of inventory for single-family homes in San Francisco was 1.0 in July, the lowest so far this year. Buyers took an average of 28 days to close sales, five days quicker than one year earlier.
July’s median sales price was $1,425,000, and buyers continued to pay premiums — an average of 109.8 percent of original prices.
The median sales price for a San Francisco condominium was $1,200,000 in July, up about 10 percent on both a monthly and yearly basis. Buyers paid an average of 104.2 percent of asking prices, nearly identical to numbers recorded in June.
The months’ supply of inventory was 1.6, and units left the market in an average of 37 days.
With a July median sales price of $1,210,000, homes in Marin County cost about the same as they did one year earlier. The months’ supply of inventory was 1.3, unchanged from June and down on an annual basis.
Homes sold in an average of 44 days, and sellers received 99.5 percent of asking 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 charts below includes single-family homes in these communities.
For the sixth consecutive month, the median home price in the East Bay was in the seven-digit range in July — $1,100,000. With a 1.1-month supply of homes for sale, inventory was improved from June but remains exceptionally tight.
Homes left the market in a brisk 19 days, making the East Bay one of our fastest-paced regions. East Bay buyers continued to pay substantial premiums, an average of 113.7 percent in July.
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 charts below includes single-family homes in these communities.
The median sales price in our Silicon Valley region dipped from the previous month in July, but at $2,910,000 it remains the most expensive region in which we operate. For the first time in six months, buyers received slight discounts, paying an average of 99.7 percent of original prices.
With a 1.5-month supply of homes for sale, inventory was slightly improved from June but down from July of last year. Homes stayed on the market an average of 29 days, the longest amount of time since February.
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.