Pacific Union’s Monthly Real Estate Update
February home prices posted exceptionally strong gains across the Bay Area and the Tahoe/Truckee region, led by San Francisco, where the median sales price for a single-family home jumped $166,000 — 26 percent — in a year’s time.
Sales prices topped asking prices in many regions, with sellers in the East Bay receiving a nearly 11 percent price premium.
Local real estate markets remained exceptionally tight in February, with the supply of available homes down from a year ago in every region and homes selling faster in all but one region.
Sellers ruled Contra Costa County’s real estate markets in February, with the median sales price of homes jumping $110,000 in a year’s time and sellers getting 101.2 percent of asking prices. Sales prices topped asking prices in many regions.
Months’ supply of inventory, a standard measure of housing availability, remained above the lows set in November and December, but that was scant good news for buyers. The market remained extremely tight at 1.4 months’ supply, virtually guaranteeing multiple bids for all fairly priced homes.
Homes sold quickly, an average of just 26 days from the time they were listed until they went into contract.
Sellers got more than they were asking for in Pacific Union’s East Bay region in February, and that was a good thing.
The average sales price was nearly 11 percent above the asking price, the highest price premium in the Bay Area. The median sales price jumped higher, too, up $132,500 from a year earlier.
Homes sold almost as fast as they came on the market, closing in just 18 days — another Bay Area record for the month.
One bright spot for buyers: The supply of inventory climbed higher for the second straight month, suggesting sellers have heard the news of rising sales prices and have decided to join the party.
Marin County home sales prices remained strong in February, rising for the third straight month to a median of $830,000, up from $702,500 a year earlier. Average sales prices exceeded asking prices only once in the past year, however, and February sales prices were an average of 5 percent below asking.
The inventory of available homes remained extremely tight at two months’ supply, and the average days on the market fell for the third straight month, to 68 days — significantly higher than Pacific Union’s East Bay and Contra Costa County regions, but still low by historical levels.
Homes in Napa County sold at a median price of $431,500 in February, up $94,500 from a year earlier. It was the first time in more than a year that sales prices topped asking prices.
The supply of available homes was down considerably from a year ago. A balanced market typically has a six-month supply of inventory available, and in February the supply slipped to three months’. A year earlier the supply was measured at more than five months’.
San Francisco’s condominium market remained red-hot in February, with sales closing just 34 days after being listed — down from 62 days in December and 70 days in February 2012.
The median sales price rose to $824,750, the highest in more than a year, and sellers received an average of 3.6 percent above the asking price.
Available homes on the market slipped to an extremely tight 1.7-months’ supply, down from a 3.4 months’ supply one year ago.
The median sales price for single-family homes in San Francisco shot up 26 percent to $801,000 in February, an increase of $166,000 from a year earlier.
And sellers had another reason to be thankful: Final prices were, on average, nearly 6 percent above asking prices.
Homes closed an average of 31 days after being listed, the fewest days on market in more than a year after four straight months of declines. The housing supply was measured at 1.8 months’ supply, the highest level since last September, but still evidence of a tight market.
Sonoma County homes sold at a median price of $380,000 in February — up $65,100 from a year earlier. Almost all sellers received their asking prices, with the average sales price just four-tenths of a percent below the asking price.
Homes closed an average of 62 days after they were listed, down from 92 days in December and 120 days a year ago. The months’ supply of inventory held steady at 2.3, down from 3.7 in February 2012.
Homes in Pacific Union’s Sonoma Valley region sold at a median price of $490,100 in February, up 75,100 from a year earlier and the highest level in more than a year. Sellers received an average of 99.3 percent of their asking prices.
The inventory of available homes fell to 2.8 months’ supply, down from 3.5 months in January and 4.5 months in February 2012.
Average days on the market decreased for the third straight month, to 82 days. A year earlier, sales closed in 132 days.
Median sales prices for condominiums in Pacific Union’s Tahoe/Truckee region ranged from $210,000 to $360,000 over the past year. They trended higher in recent months and ended February at $311,950. Sellers received nearly 95 percent of their asking prices.
The inventory of available homes rose to 11.6 months’ supply, the highest level in seven months but down from 24.4 months’ supply a year ago. Average days on the market declined for the third straight month, to 156 days.
Single-family homes in the Tahoe/Truckee region sold for a median price of $469,250 in February, up more than $85,000 from a year earlier and the third-highest median price in the past 12 months. The average sales price was 4 percent below the asking price.
Home sales closed an average of 124 days after they were listed. The months’ supply of inventory slipped to 6.0, down from 6.4 in January and 9.5 in June.