san francisco bay area

Summer 2017 SF Real Estate Market Update

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.

Single Family Homes in SF

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.

Condominiums in SF

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.

Marin County

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.

East Bay

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.

Silicon Valley

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.

 

Which Bay Area City Comes In #1 for Having Nations Highest Home Value Appreciation?

Like most investments, purchasing a home is no different, timing can be everything. Zillow analyzed cities with populations over 50,000 and found the luckiest home owners in America – those who bought in the right place at the right time.

These extraordinarily lucky home buyers have now seen the highest appreciation growth on their homes – most with home values that have nearly doubled in as little as four years!

The analysis tracked home purchases beginning in January 2006.

Below you’ll find the list of where the luckiest home buyers in America live, how much their home was purchased for and how much their home is worth today. You will see that this is a big win for Bay Area home buyers as they post some astounding numbers.

10. HAYWARD, CALIFORNIA

Month purchased: October 2011
Purchase value: $262,300
Current value: $466,900
Value growth: 78.0 percent

9. MOUNTAIN VIEW, CALIFORNIA

Month purchased: June 2009
Purchase value: $719,300
Current value: $1,289,600
Value growth: 79.3 percent

8. NORTH LAS VEGAS, NEVADA

Month purchased: January 2012
Purchase value: $92,900
Current value: $169,300
Value growth: 82.2 percent

7. ANTIOCH, CALIFORNIA

Month purchased: November 2011
Purchase value: $179,600
Current value: $328,100
Value growth: 82.7 percent

6. VALLEJO, CALIFORNIA

Month purchased: February 2012
Purchase value: $149,100
Current value: $276,900
Value growth: 85.7 percent

5. SAN PABLO, CALIFORNIA

Month purchased: December 2011
Purchase value: $170,400
Current value: $317,400
Value growth: 86.3 percent

4. LEHIGH ACRES, FLORIDA

Month purchased: January 2011
Purchase value: $58,600
Current value: $110,200
Value growth: 88.1 percent

3. PITTSBURG, CALIFORNIA

Month purchased: October 2011
Purchase value: $160,400
Current value: $315,200
Value growth: 96.5 percent

2. RICHMOND, CALIFORNIA

Month purchased: October 2011
Purchase value: $159,300
Current value: $324,500
Value growth: 103.7 percent

1. PALO ALTO, CALIFORNIA

Month purchased: September 2006
Purchase value: $1,170,300
Current value: $2,407,100
Value growth: 105.7 percent

It’s no surprise that with a thriving hi-tech economy, the Bay Area leads the nation representing 8 out of the 10 cities listed as having the healthiest real estate markets in America with Palo Alto bringing home the #1 spot. If you have been fortunate enough to have purchased at the right time in any of these Bay Area cities, congratulations on being one of the luckiest home owners in the nation!

If you are living in the San Francisco/Bay Area and would like to know how much your home is worth, the Red Bridge Group at Pacific Union in Noe Valley can you provide you with an in-depth home value analysis at no cost or obligation to you. Click here to contact us today.