Pacific Union’s April 2017 Real Estate Update

May 15, 2017

The number of Bay Area homes for sale in April did not improve from last spring, with the months’ supply of inventory (MSI) down or unchanged from one year ago in all regions. For the most part, prices continued to increase on an annual basis, with the median sales price for single-family homes setting or tying a one-year high in Contra Costa County, the East Bay, Marin County, Napa County, San Francisco, and Silicon Valley.

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

CONTRA COSTA COUNTY

April’s median sales price in our Contra Costa County region was unchanged from March, tying its yearly high of $1,250,000. The pace of sales also held steady from the previous month, with homes selling in an average of 21 days.

The MSI remained tight, at 1.5. Homes have been selling for a greater percentage of original prices each month since December and reached 101.4 percent in April

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 third consecutive month, the median sales price in Pacific Union’s East Bay region exceeded seven digits, ending April at $1,125,000, a yearly high. With a 1.1-month supply of inventory, the East Bay remains one of the Bay Area’s most supply-constrained markets.

East Bay sellers are still enjoying the largest premiums in the region, with the average home selling for 117.2 percent of its asking price. The average single-family home in the region found a buyer in a brisk 17 days, similar to the pace of sales recorded over much of the past 12 months.

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

As we noted in Pacific Union’s first-quarter report, open-house traffic in Marin County heated up in March after a rainy winter, and this momentum carried over into April. The median sales price and percentage of original price both reached yearly highs, at a respective $1,137,500 and 101.7 percent.

Marin County homes sold in an average of 36 days — identical to last April — while the MSI dropped to 1.3.

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 home prices have exceeded $600,000 for the past year, and that trend continued in April, with the median sales price ending the month at $689,000. On average, buyers paid 96. 1 percent of asking prices, in the same general range as the previous 12 months.

The region had a 3.2 months’ supply of inventory in April, up from March but down year over year. Homes left the market in an average of 81 days, one day longer than in the previous month.

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 median sales price for a single-family home in San Francisco has been steadily rising since January and climbed to a one-year high of $1,405,000 in April. Premiums continue to be par for the course, with the average home selling for 108.6 percent of original price.

Homes sold in an average of 27 days, the quickest pace of sales recorded in the past year. The MSI dropped to 1.2, about half of what it was in February.

SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium ended April at $1,090,000, down on both a monthly and yearly basis. Sellers received an average of 102.9 percent of asking prices, nearly identical to premiums recorded one year ago.

San Francisco’s 1.7 months’ supply of condominium inventory was down significantly from April 2016, with units finding a buyer in an average of 34 days.

SILICON VALLEY

Homes in Silicon Valley left the market in an average of 15 days in April, making it Pacific Union’s fastest-paced region. Silicon Valley is also the Bay Area’s most expensive real estate market, with a median sales price of $2,995,000.

For the third consecutive month, homes sold for a premium — an average of 103.2 percent of original prices. The MSI dropped to 1.6, down on both a monthly and annual basis.

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

At $1,764,000, April’s median sales price in our Mid-Peninsula subregion reached the second-highest point in the past year. Supply conditions remain very tight, with the 1.1 months’ supply of inventory unchanged from March.

On average, homes sold in 25 days for 106.6 percent of asking 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

Sonoma County properties sold in an average of 52 days in April, quicker than any month in the past year. The median sales price ended April at $615,000, consistent with levels recorded over the preceding 12 months.

The 1.9 months’ supply of inventory was identical on a year-over-year basis, with properties selling for 99.8 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

For the first time in a year, the average Sonoma Valley home seller received full asking price in April — 100 percent on the dot. The median sales price was $643,000, down from March and April 2016.

At 2.3, the MSI was unchanged from March, and properties sold in an average of 67 days.

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 ended April at $620,000, down on both a monthly and annual basis. Inventory conditions remained fairly balanced between buyers and sellers, with 5.6 months’ supply.

Homes sold in an average of 103 days and for 93.3 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 single-family homes in these communities.

LAKE TAHOE/TRUCKEE – CONDOMINIUMS

Condominiums in the Lake Tahoe/Truckee region took an average of 152 days to sell in April, the longest amount of time in the past year. The MSI ended April at 4.8, down substantially from one year earlier.

The median sales price was $442,500, and buyers paid an average of 95 percent of original prices.