After another feverish spring market, the Marin County median house price hit a new quarterly peak in Q2 2017, $82,000 above the high hit in Q2 2016. This dynamic was prevalent around the Bay Area.
And as illustrated in the chart below, luxury home sales also hit a new peak, rising 17% above the number of sales in Q2 2016. It is not unusual for luxury home sales to hit their highest numbers of the year in Q2, reflecting the spring sales season, and this is one of the factors behind the increase in median sales price.
A Very Hot Spring
Median Sales Price Appreciation
by Quarter since 2012
Luxury Homes Sales
by Quarter since 2014
Home Price Maps
We have just updated our median home price maps for the Bay Area, San Francisco, Marin County, Diablo Valley & Lamorinda, and the Wine Country. To access them, click on the map image below and then roll your cursor over the maps on the webpage.
Home Prices by City & Bedroom Count
Breaking Down Sales by Price Segment
Median sales prices typically disguise a wide range of prices in the underlying individual home sales, which is what these charts illustrate.
Building Cranes Everywhere in San Francisco
If you have recently been in San Francisco and have wondered at the amount of construction currently underway and planned, here is a brief summary: Approximately 64,000 housing units, 31 million square feet of commercial space and 25 hotels with 4685 rooms are now in the SF new construction pipeline. 5700 housing units, 10 million square feet and 5 hotels are currently under construction. The city is in the midst of one of its biggest building booms in history. Note that if economic conditions change, planned projects can change very quickly as well.
Bay Area Rent Trends
San Francisco still has the highest rents in the nation (the light blue columns in the chart above), exceeding even Manhattan (in second place, delineated by the dark blue line), but they have been dropping since recent peaks in late 2015/early 2016. Generally speaking, rents around the Bay Area have either declined, in what had been the hottest markets, or seen their appreciation rates significantly slow, over the past year or so. The Marin rent-price trend line is very similar to the San Mateo line.
Please let me know if you have questions or I can be of assistance in any other way.
All our Bay Area real estate analyses can be found here: Paragon Market Reports
It is impossible to know how median and average value statistics apply to any particular home without a specific, tailored, comparative market analysis. In real estate, the devil is always in the details.
These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.
© 2017 Paragon Real Estate Group