PacUnion May Market Analysis 2018: Bay Area

 

The Bay Area’s Median Home Price Climbs to $1 Million in May

Strong year-over-year home price appreciation continued in the Bay Area in May, pushing the median sales price to $1 million. Pacific Union Chief Economist Selma Hepp offers an in-depth analysis of the latest Bay Area real estate market conditions. Read full article #bethanywpatten


 

Executive Summary:

  • The Bay Area’s median home price reached $1 million in May, a 17 percent year-over-year increase, with Silicon Valley continuing to post 30 percent appreciation.
  • Homes sales activity matched last May, with San Francisco showing the strongest gain, up by 7 percent year over year. Napa County sales were slower than last year. Higher-priced sales rose up by about 30 percent.
  • Activity in Napa and Sonoma counties was relatively slower than in the rest of the Bay Area.
  • More new listings helped boost sales, especially for homes priced between $1 million and $2 million, which posted a 26 percent increase from last May. Santa Clara County listings jumped the most, at 14 percent.
  • Other housing-market indicators also suggest strengthening demand:
  • Homes generally sold in 12 days across all price ranges.
  • The share of homes that sold for more than asking price trended higher again, moving up to 75 percent.
  • The average share of sales that had price reductions also trended lower, bottoming out at 7 percent in March and remaining at 9 percent in May

 

#jobs, #realestate, #homebuyers, #homesinsanfrancisco, #PacUnion, #bethanywpatten, #LoveYourHomeSF, #loveyourhome, #loveyourhomesanfrancisco, #sanfranciscohomesforsale

 

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