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Monthly Real Estate Market Report- August 2016

October 6, 2016

100416_image1The state and North Bay region saw a small decline in sales, typical for August, as summer winds down. State sales data reflects a drop of 3.4% for the year to date, with the San Francisco Bay region seeing a year to date drop of 10.4% in sales. Comparing month to month data however, the region saw an increase in sales of single family homes and condos in August compared to July. Specifically, 1,357 existing single family homes were sold around the North Bay, down by 0.2% from July. Existing condo sales saw a significant increase in the number sales compared to July, with 214 units sold, up by 22.3%. These figures together reflect an increase in existing home sales overall of 4.4% for the North Bay.

State data shows 39,091 properties (residential single-family homes and condominiums) sold in August, up by 4.4% from the month prior, and basically unchanged from a year ago where 39,062 units were sold in August, 2015. State median prices compared to a year ago increased by 4.8%, to $435,000 for single family homes. In the North Bay Region, median sale prices saw a small decrease of 0.5% for single family homes, compared to last month, coming in at $508,000. This is an 8.1% increase over the year prior. Median prices for condos in the North Bay increased compared to the month prior, up by 4.3%, and by 15.1% compared to August 2015. While sale prices dropped by 2.2% in year over year data for the San Francisco Bay area, a 7.7% gain in prices was seen in the Sacramento-Central Valley region, with Sacramento County specifically reporting an 11.9% increase in median prices. These gains in median prices reflect the continued popularity of property in the North Bay and Central Valley regions.

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

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1Clarus MarketMetrics® Trendgraphics

Cash sales are still accounting for a significant amount of sales throughout the state, with 19.8% of properties sold in August being cash sales. This is an increase of 1.2% compared to July, 2016, and almost the same level as a year ago where 19.2% of sales were cash. This stable continuation of cash sales reflects the continued significance of real estate investors in the state, but the areas of focus for these investments is shifting. More cash sales are resulting from retirees moving to suburban areas with lower populations. Also a big factor for cash sales are parents and grandparents purchasing homes for their millennial children. The counties with the greatest amount of cash sales in August were San Luis Obispo with 28.0% cash sales, Monterey with 27.5% Sonoma with 27.3%, and San Francisco County with 24.8% of sales being paid for with cash.

While August saw less sales activities, sellers in the North Bay region are not letting this stop them from joining the market. In fact, there was a consistent rise in listings for the month. Compared to a year ago, August 2016 saw an increase in the number of listings, in Santa Clara County up by 8.8% San Mateo County, up by 19.0% and in Alameda County, up by 0.6% More good news for sellers in these counties are the number of pending sales reported for August, which are also up, reflecting the continued desire of this region. Santa Clara County reported 1,489 pending sales, up by 17.2% compared to the month prior. Alameda County reported 1,043 pending sales, up by 13.1%. San Mateo County pending sales were 536, up by 5.5% compared to July.

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

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2 Clarus MarketMetrics® Trendgraphics

There are other positive indicators that now is a great time to sell your home around the North Bay Region. Looking further into county details, average prices per square foot are increasing while the days on the market are decreasing. For example, in Alameda County, the average price per square foot is up to $481, an 8.3% increase from a year ago, and the days on the market have dropped by 4.5%, down to 21 days. 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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