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Monthly Real Estate Market Report- June 2016

July 27, 2016

The North Bay region continued its month-to-month growth in the residential real estate market for June, 2016. Low inventories, along with higher prices, are among the main reasons for the drop in the year-to-date sales state wide. For the North Bay region, however, our sales grew for the month, reflecting the continued demand for properties here. 1,441 existing homes were sold around the North Bay, up an incredible 10.8% from the month prior. Existing condo sales also saw an increase in the number sales, compared to May, with 204 units sold up 7.4%.

Month-to-month sales also increased statewide. Reported data showed 41,291 properties (residential single-family homes and condominiums) sold in June, compared to the final count of 38,198 homes sold in May. State median prices compared to a year ago increased by 6.3%, a record increase since 2009. Month-to-month state median prices reached a 9-year high of $441,250, a 1.4% increase compared to May 2016. In the North Bay Region, median sale prices saw a small decrease of 1.3%, compared to last month, coming in at $522,000. Median prices also went up for 18 of the largest 26 counties across the state. San Mateo County saw the biggest increase for the month of June, reporting a median of $1,267,000, the highest since 2001.

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

072216_11Clarus MarketMetrics® Trendgraphics

Cash sales across the state have continued to be a popular trend in residential real estate throughout the state. Reported figures show an increase of 1.6% from May to June, with 19.7% of sales across the state being done with cash. As more investors are less willing to risk their funds in alternative investments, residential property is being used more and more as a safer place to house cash. The county that saw the most cash sales was Sonoma County, with 27.2% of sales being paid in cash. This was followed by Monterey County, with 24.9% in cash sales, San Francisco County, with 24.3% cash sales, and San Luis Obispo County, having 23.3% in cash sales for the month.

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

072216_22 Clarus MarketMetrics® Trendgraphics

Other types of real estate purchases saw small changes overall for the month of June. Flip Sales were up 1.9% for month, but remain down by 8.0% compared to a year ago. Trustee and Investor sales decreased for the month. Over the last few years, these types of sales have held a steady percentage of overall sales, trending sideways more than experiencing growth or declines. June Trustee sales did see an increase compared to the prior year, however, up by 11.6%. ,Demand for properties in the North Bay Region however, continues to be strong, reflecting the popularity of the region despite current inventory levels and price increases.

When you are ready to sell or buy a home, my team and I 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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