May Real Estate Market Update
May 7, 2012 • Posted in Alameda, Bay Area neighborhoods, Bay Area Real Estate Market Reports, Contra Costa County, East Bay, Marin County, Napa/Sonoma, Pacific Union Monthly Real Estate Updates, San Francisco
It’s a sellers’ market across the Bay Area, with buyers in April snapping up properties in all six counties served by Pacific Union International’s real estate professionals.
In both Contra Costa and Marin counties, 48 percent of homes on the market had sales contracts in place at the end of April. In Contra Costa, 67 percent of the homes in Pleasant Hill were in contract, followed by Concord (60 percent), Martinez (58 percent), and San Ramon (55 percent).
In Marin County, fully 77 percent of the homes priced between $100,000 and $500,000 were in contract, with 58 percent in contract for homes priced $500,001 to $750,000, and 49 percent in contract for homes priced $750,001 to $1 million.
San Francisco had 40 percent of its homes in contract, with 1,029 homes priced between $100,000 and $1 million, and 236 priced between $1 million and $2 million. There were 97 priced between $2 million and $4 million, and 36 priced above $4 million.
In the East Bay (Alameda County), the percentage of homes in contract has been rising steadily since September, and 41 percent were in contract by the end of April. Piedmont topped the list, at 52 percent, followed by El Cerrito (51 percent), Berkeley and Albany (44 percent each), and Kensington (36 percent). In Oakland, the percentage of homes in contract ranged from 18 percent, in the 94705 ZIP code area, to 48 percent, in the 94609 ZIP code area.
Sonoma County had 46 percent of its homes in contract. Rohnert Park led the way, with 85 percent, followed by Santa Rosa (66 percent), Petaluma (62 percent), Sonoma (51 percent), Sebastopol (45 percent), Healdsburg (35 percent), Glen Ellen (28 percent), and Kenwood (19 percent).
In the Napa Valley, an average 55 percent of the homes were in contract across seven select cities – Napa, Yountville, Oakville, Rutherford, St. Helena, Calistoga, and Angwin. Of those, 76 percent of the homes priced under $1 million were in contract, while only 15 percent of the homes priced over $1 million were in contract.
Generally, a housing market favors sellers when more than 35 percent of homes are in contract, and a buyers’ market is indicated when less than 25 percent are in contract. A market is considered balanced when 25 to 35 percent of the homes are in contract.
For more details, view the complete April 2012 reports from each region, below.