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Monthly Real Estate Market Report- March 2016

May 3, 2016

050216_1The North Bay region saw a great month of increases in the residential real estate market for March, 2016. In looking at state sales compared to a year ago, however, there was a decrease in the number of sales for all of California, by 4.7%, the lowest drop since 2008. Lower inventory is being claimed as the main reason for this drop in state figures. For the North Bay Region, our sales went up for the month, by 6.5% compared to February 2016, marking a strong beginning to the spring sale season. 1,084 existing homes were sold in the region, up 35.3% from the month prior. Condo sales saw a great increase in the number of sales compared to February, as well with 171 units sold in The North Bay Region, up 54.1%.

This seasonal shift was seen in the number of month to month sales for the state as well. In March, there was a significant increase in residential homes (single-family homes and condominiums) sold compared to February, with 33,365 homes sold in March, compared to the final count of 24,886 homes sold in February. Month to month median prices were also up for both the state and the region. Comparing March 2016 to February 2016, the median price for all homes across the state was $415,000 compared to $399,000 in March. In the North Bay Region, median sale prices increased 6.5% compared to last month, coming in at $490,000. Northern California regions saw the biggest increase in median prices comparing year over year figures. Santa Cruz County had the biggest increase with a rise of 14.5% in median prices, while Santa Clara County went up by 12.6%, and Contra Costa County by 9.5%

CA- North Bay Region Single Family Median Home Price
Mar 2015 vs Mar 2016

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Cash sales across the state continued to increase in March comparing month to month data. There was 18.9% increase compared to February, but comparing year over year fgures, cash sales went down by 10.6%. All told, cash sales for the state were 22.1% of all sales made in March.  The county that saw the most cash sales was Marin County with 35.9%. This was followed by San Luis Obispo with 27% in cash sales, Santa Cruz County with 26.4% cash sales and Monterey County having 26% in cash sales for the month. With continued investment alternatives being rather volatile, those with cash are making the safer investment with property before the seasonal pricing increase occurs.

CA- North Bay Region Number of Properties Sold by Month
Mar 2015 vs Mar 2016

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Flip sales also saw an increase in activity for March, coming at a significant 26.1% higher than the month prior, and 12.5% from over the last 12 months. Flip sales were 3.7% of all home sales for the month, reflecting more demand for homes. There was also an increase in Institutional Investors purchasing property. Following the lead of cash buyers, LLC and LP business bought 17.2% more properties in March compared to the month before. Flipping sales are expected to continue rise over the next few months.

When you are ready to sell or buy a home, me and my team are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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