Pacific Union’s November 2015 Real Estate Update

There were fewer homes for sale in November than in the previous month in most of Pacific Union’s Bay Area regions except for San Francisco and Sonoma Valley, where the months’ supply of inventory (MSI) was unchanged or improved slightly. With an MSI of less than 1.0, supply conditions remained particularly tight in the East Bay and Mid-Peninsula regions.

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

CONTRA COSTA COUNTY

At $1.05 million, November marked the 10th consecutive month that the median sales price in Contra Costa County was in the seven-digit range. The MSI fell to 1.3, tying its 2015 low.PowerPoint Presentation

The pace of home sales has been gradually slowing since June, with homes taking 33 days to sell in November. Buyers paid 96.1 percent of original prices, on average, netting themselves the biggest discounts in a 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 an MSI of 0.7, the East Bay is the most supply-constrained of any region in which Pacific Union operates. Such market conditions pushed the median sales price up to $925,000, tying the yearly high reached in April.PowerPoint Presentation

Similar to the previous two months, homes sold in a brisk 20 days. On average, sellers were paid 112.2 percent of list prices, the largest premium recorded in any of our regions.

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 in Marin County relaxed by a few thousand dollars from the previous month to end November at $1.2 million. The MSI also decreased, falling to 1.4.PowerPoint Presentation

Homes sold in an average of 53 days, five days longer than in October, and buyers paid 96.1 percent of original 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 has been steadily rising since August and reached a one-year high of $689,400 in November. Even so, the average buyer was getting a bigger price break than in previous months, with homes selling for 92.8 percent of original prices.PowerPoint Presentation

After a sizable supply spike in October, the MSI constricted again, dropping to 3.1. Homes took an average of 86 days to leave the market, five days fewer than in the preceding 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 HOMESPowerPoint Presentation

Supply conditions for single-family homes in San Francisco remained unchanged from October, with the MSI pegged at 1.5. The median sales price rose to $1.3 million, returning to levels observed in the summer.

Although the premiums that sellers receive has dropped over the past few months, they still had a sizable advantage, with homes selling for 107.1 percent of original prices. Homes sold in an average of 28 days, nearly identical to the pace of sales over the past five months.


SAN FRANCISCO – CONDOMINIUMSPowerPoint Presentation

Condominium prices in San Francisco remained elevated, with the median sales price up to $1.15 million in November. The city’s condo sellers aren’t fetching the large overbids they did earlier in the year, but they still brought home an average of 105.9 percent of list prices.

Contrary to trends in the rest of the Bay Area, supply conditions for San Francisco condominiums improved a bit in November, with the MSI inching up to 1.9. Homes sold in an average of 34 days, a week slower than in October.


SILICON VALLEY

Since climbing above $3 million in September, the median sales price in Silicon Valley has been cooling. But at $2,625,000 in November, it remained the most expensive region in which Pacific Union operates. Buyers appeared to have a bit more breathing room than they did earlier in the year, with the average home selling for 99.4 percent of original price.PowerPoint Presentation

Homes sold in an average of 24 days, and the MSI contracted to 1.7.

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

As in the East Bay, the supply of single-family homes in our Mid-Peninsula subregion remained exceptionally slim, with the MSI dropping to 0.8. The median sales price has been stabilizing over the past few months and ended November at $1,560,000.PowerPoint Presentation

Sellers received 101.1 percent of original prices and sold their homes in an average of 25 days, nine days faster than in October.

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

The median sales price in Sonoma County has been in the same general range since the spring, and it mostly stayed put in November, ending the month at $528,400. The average buyer paid 96.5 percent of original price, nearly identical to October’s number.PowerPoint Presentation

The pace of home sales remained consistent with the past few months, with the average property taking 63 days to change hands. Inventory has been thinning this fall, with the MSI dropping to 1.8 in November.

Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the adjoining chart includes all single-family homes and farms and ranches in Sonoma County.


SONOMA VALLEY

At $645,075, the median sales price in Sonoma Valley was down on both a monthly and annual basis, with buyers paying 96.7 percent of original prices.PowerPoint Presentation

Supply conditions were unchanged from October, with the MSI holding at 2.5. Homes sold in an average of 68 days, also identical to the previous month’s pace of sales.

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 HOMESPowerPoint Presentation

Even with El Niño and the chance of an excellent ski season on the way, there are plenty of single-family homes to choose from in the Lake Tahoe/Truckee region, with the MSI expanding slightly in November to 5.7. The median sales price relaxed slightly to $550,000 and was in the same general range as it has been since the summer.

Single-family homes sold in an average of 97 days, and buyers paid 93.5 percent of list 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

More condominiums in the Lake Tahoe/Truckee region hit the market with the coming of the ski season, as the MSI expanded to 10.8. After peaking in August, the median sales price has been gradually cooling and ended November at $332,500.PowerPoint Presentation

Buyers took an average of 103 days to close a deal and paid 91.9 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 condominiums in these communities.

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