July 21, 2015 by Pacific Union • Posted in Pacific Union Quarterly Reports
Inventory remained slim across the Bay Area in the second quarter, particularly in the East Bay and the Mid-Peninsula, where the months’ supply of inventory (MSI) was less than 1.0 in June. And in the final month of the second quarter, the median sales price reached a one-year high in our Contra Costa County/Tri-Valley and Sonoma County regions.
Pacific Union’s second-quarter 2015 report is packed with data and regional summaries that offer a complete look at real estate activity in the Bay Area and the Lake Tahoe/Truckee region.
Our Q2 Report also includes a comprehensive chart tracking 10 years of home sales throughout the Bay Area and Lake Tahoe/Truckee — 76 cities, towns, and neighborhoods in nine regions. A smaller version of that chart, showing regional totals, appears below. Click anywhere on the chart to see the full data set.
SAN FRANCISCO
San Francisco’s red-hot real estate market continued to sizzle during the second quarter of 2015. It was a fantastic market for sellers: Available single-family homes and condominiums were in short supply at all prices ranges, and a substantial majority of properties for sale received multiple offers. The result? Most sales prices topped asking prices, in some cases by wide margins. Typical of this was a San Francisco home offered at $850,000 that sold for $1.15 million.
Although San Francisco remains a challenging market for buyers, there still were deals to be found – particularly with the help of a savvy real estate professional. But buyers had to move fast, as it wasn’t uncommon to see attractive, fairly priced properties go under contract just days after appearing on the market. Sellers, meanwhile, faced a dilemma: Putting their homes on the market instantly placed them in the same position as buyers – scrambling to find their next home. The solution for many sellers was to negotiate a rent-back agreement with the buyer, giving them extra time to search for a new home.Looking Forward: Sales typically ease up during the summer, but don’t mistake a less-frenetic pace for a sea change in the market. With a booming local economy and interest rates still near record lows, there will be no shortage of San Francisco buyers for the foreseeable future.
Articles and photos are sourced from www.socketsite.com
