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Monthly Real Estate Market Report- September 2016

November 3, 2016

11-3-16_image1The North Bay region saw a rise in median home prices, but another drop in the number of sales when comparing month to month data. The median price for single family homes was $509,000, up 0.08% from August 2016. Looking at year over year data, there was a greater increase in median sale prices, up by 7.3% compared to September 2015. For condos however, median sale prices went down, to $382,615, 0.6% less than the month before.

The region saw a decrease in the number of sales for single family homes and condos in September compared to August. Specifically, 1,229 existing single family homes were sold around the North Bay, down by 10.5% from August. Existing condo sales saw a decrease as well, with 161 units sold, down by 25.8%. Comparing the data to a year ago, the market has held much the same, with a 2.8% drop in single family homes, and 3.0% fewer condos sold. These parameters speak to a seasonal market change.

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

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1Clarus MarketMetrics® Trendgraphics

Looking at county residential market reports, the North Bay region is reflecting a solid market. In Alameda County, the average sold price of all types of residential properties did go down a small amount, to $764,000, 3.2% lower than in August 2016. Comparing year over year data however, average sold prices increased by 5.8%. Both San Mateo and Santa Clara Counties saw increases in average sold prices compared to the month prior and the year before. San Mateo County saw an increase of 1.7% from August, and 4.4% compared to September 2015. Santa Clara County went up by 4.5% from the month prior and by 6.7% year over year.

The number of units sold in these counties did drop a small amount overall for the month, however, there are signs of continued growth as more pending sales were also reported in certain counties. In San Mateo County, the number of sold homes went down by 12% compared to August, and 10% compared to September 2015. Pending sales went up however, by 3.4% in August, and 2.3% the year before.

In Santa Clara County the results were a bit mixed. The number of properties sold decreased by 5.3% for the month, and 2% year over year. September 2016 saw slightly fewer pending sales compared to August, 1.7% less, but a significant jump compared to the year prior, pending sales are up 12.1%.

Alameda County saw a decrease in both the number of homes sold and pending sales. Month to Month there was a decrease of 8.3% in the number sold and 5.6% fewer pending sales. Year over year data shows 2.1% less homes sold, and 0.8% fewer pending sales.

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

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2 Clarus MarketMetrics® Trendgraphics

September’s residential real estate sales shows the seasonal fluctuations which typically occur as school is in session, and many begin to prepare for the holidays. Overall the market it stable and growth is expected to continue in the long term. 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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