Pacific Union’s November 2016 Real Estate Update

Bay Area homebuyers expressed slightly less urgency in November than in October, with the pace of sales slowing across most of Pacific Union’s regions as the holiday season approached. The exceptions to that trend were our Silicon Valley, Mid-Peninsula, and Sonoma Valley regions. At the same time, fewer sellers listed their homes, with only Sonoma Valley posting a month-over-month increase in inventory.

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

CONTRA COSTA COUNTY

The median sales price in Contra Costa County closed November at $1.1 million, not much different from the previous few months. Buyers paid 97.2 percent of asking prices, a bit less than in October.

Homes sold in an average of 28 days, and the months’ supply of inventory (MSI) dropped to 1.2, the lowest level this year.

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

With a 0.6-month supply of homes for sale in November, the East Bay remains our most inventory-constrained region. The median sales price increased slightly from the previous month to $982,670.

Homes sold in an average of 20 days, similar to the pace of sales recorded for most of 2016. Homes continued to command substantial premiums, with sellers taking in 111.8 percent of original prices.

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 pace of sales slowed substantially in Marin County compared with the previous eight months, with buyers taking an average of 64 days to close a deal. At 1.4, the MSI was unchanged from October.

The median sales price dropped to $1,071,250, and homes sold for 96.1 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 adjoining chart includes single-family homes in these communities.


NAPA COUNTY

The median sales price in Napa County finished November at $635,000, in the same general range as it has been for most of this year. The MSI dropped to 2.7, down on both a monthly and annual basis.

Homes sold in an average of 75 days, and buyers paid 93.9 percent of original prices, on average.

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

At 1.3, the MSI for single-family homes in San Francisco reached its lowest level of 2016 in November. The median sales price declined a bit from October to finish the month at $1,372,500.

Homes took an average of 38 days to sell, 10 days slower than in October. For the 13th straight month, homes sold for more than original prices — an average of 104 percent.


SAN FRANCISCO – CONDOMINIUMS

The median sales price for a San Francisco condominium closed November at $1,075,000, down about $100,000 from October. Units sold for 103.3 percent of original prices, consistent with what we’ve seen over the past year.

The MSI dropped to 1.7, the lowest level since last December, and homes took an average of 39 days to leave the market.


SILICON VALLEY

The number of homes for sale in Silicon Valley declined on both a monthly and annual basis, with the MSI dropping to 1.2 in November. Homes sold in an average of 34 days, five days faster than in October.

The median sales price ended the month at $2.65 million, with homes selling for 98.2 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

Available homes in our Mid-Peninsula subregion remained exceptionally slim, with the MSI falling to 0.8 in November. At $1,635,500, the median sales price was essentially unchanged from the preceding month.

Homes sold in a brisk 22 days for an average of 101.5 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

After nearly matching a yearly high in October, Sonoma County‘s median sales price relaxed in November to $575,000. At 1.5, the MSI fell to its lowest point thus far in 2016.

The pace of sales slowed slightly, to an average of 68 days, and properties sold for 96.2 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

At an average of 60 days on the market in November, Sonoma Valley properties were selling at the quickest pace since the summer. The MSI was 2.7, up slightly from October and identical to levels recorded one year ago.

The median sales price dropped to $683,250, with buyers paying 97.8 percent of asking prices.

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 our Lake Tahoe/Truckee region ended November at $652,500, up 19 percent from one year earlier. At 4.3, the MSI was unchanged from October.

The pace of sales slowed to 97 days, almost a month longer than in October, and homes sold for 92 percent of original 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

With a 5.5-month supply of inventory, there were about half the number of condominiums for sale in the Lake Tahoe region as in November 2015. Units sold in an average of 139 days, the slowest pace of sales since January.

The median sales price was $357,500, with condominiums selling for an average of 94.7 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 condominiums in these communities.

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