Pacific Union's October 2017 Real Estate Update
The median sales price rose year over year in October in all Bay Area regions in which Pacific Union operates, the result of continued buyer demand amid tight supply conditions. Prices reached one-year highs for single-family homes and condominiums in San Francisco, as well as for properties in Sonoma County.
Click on the image accompanying each of our regions below for an expanded look at local real estate activity in October.
CONTRA COSTA COUNTY
Contra Costa County‘s median sales price ended October at $1.2 million, in the same general range as it has been since the spring. Homes sold for an average of 99.1 percent of original price, also consistent with numbers recorded over the preceding four months.
The months’ supply of inventory was 1.4, down on both a monthly and yearly basis, with homes finding a buyer in an average of 29 days.
Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the adjoining chart includes single-family homes in these communities.
EAST BAY
For the ninth consecutive month, the median sales price in our East Bay region was in the seven-digit range in October, finishing at $1,152,000. Homes continue to command the largest premiums in the Bay Area, an average of 115.5 percent of original price.
Homes left the market in a brisk 18 days, one day faster than in the previous two months. With a 1.1-month supply of homes for sale, inventory was down from September and October of last year.
Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the adjoining chart includes single-family homes in these communities.
MARIN COUNTY
The median sales price in Marin County was $1,255,000 in October, just a few thousand dollars higher than in September. Homes sold in an average of 39 days, as the market returned to the pace of sales observed in the late spring and early summer.
The months’ supply of inventory was 1.6, with homes selling for an average of 98.9 percent of asking price.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the adjoining chart includes single-family homes in these communities.
NAPA COUNTY
The number of homes for sale improved in Napa County on both a monthly and annual basis in October, with the months’ supply of inventory rising to 3.6. Buyers took an average of 79 days to close a deal, 11 days longer than they did in September.
The median sales price ended the month at $653,500, with homes selling for an average of 92.9 percent of original price.
Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the adjoining chart includes all single-family homes in Napa County.
SAN FRANCISCO – SINGLE-FAMILY HOMES
The median sales price for a single-family home in San Francisco climbed to $1,588,000 in October, a one-year high and up 20 percent from September. The months’ supply of inventory fell to 1.1, the lowest level since last December.
Sellers received an average of 110 percent of original price, consistent with premiums recorded for most of this year. Single-family homes sold in an average of 24 days, almost a week faster than in the preceding month.
SAN FRANCISCO – CONDOMINIUMS
San Francisco condominium prices also reached a yearly high in October, ending the month at $1.23 million. The months’ supply of inventory was 1.5, less than half of what it was in September.
Units sold in an average of 30 days, the quickest pace of sales recorded over the past year. For the ninth consecutive month, San Francisco condominium buyers paid premiums — an average of 104.9 percent of original price.
SILICON VALLEY
The median sales price for a home in our Silicon Valley region was above $3 million for the second consecutive month in October: $3,056,000. Sellers received an average of 106.1 percent of original price, the largest premiums seen over the past year.
The months’ supply of inventory was 1.4, down on both a monthly and yearly basis, with homes selling in an average of 21 days.
Defining Silicon Valley: Our real estate markets in Silicon Valley include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the adjoining chart includes all single-family homes in these communities.
Mid-Peninsula Subregion
With a 0.9-month supply of homes for sale in October, the Mid-Peninsula was the Bay Area’s most inventory-constrained region. It was also the fastest paced, with homes finding a buyer in an average of 16 days.
The median sales price was $1.65 million, down from September but nearly identical to last October. Homes sold for an average of 107.4 percent of original price, 10 percent more than they did the previous month.
Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales data in the adjoining chart includes all single-family homes in these communities.
SONOMA COUNTY
Sonoma County‘s median sales price ended October at $650,000, reaching a one-year high. Buyers paid 97.6 percent of asking prices, nearly identical to September’s number.
The months’ supply of inventory was 1.7, and properties sold in an average of 57 days.
Defining Sonoma County: Sales data in the adjoining chart includes all single-family homes and farms and ranches in Sonoma County.
SONOMA VALLEY
With a 4.1-month supply of properties for sale in October, Sonoma Valley had the Bay Area’s best balance between buyers and sellers. The median sales price was $775,000, up month over month and year over year.
Properties left the market in an average of 49 days, more than three weeks faster than they did in September, selling for an average of 97.5 percent of original price.
Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the adjoining chart refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.
LAKE TAHOE/TRUCKEE – SINGLE-FAMILY HOMES
With a 2.3-month supply of single-family homes in October, the Lake Tahoe/Truckee region had the fewest number of homes for sale all year. The median sales price was $710,000, down $20,000 from September but up 11 percent from last October.
Single-family homes sold in an average of 72 days, identical to the pace of sales one year earlier, and for 92.2 percent of original prices.
Defining Tahoe/Truckee: Our real estate markets in the Lake Tahoe/Truckee region include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the adjoining chart includes single-family homes in these communities.
LAKE TAHOE/TRUCKEE – CONDOMINIUMS 
The median sales price for a condominium in the Lake Tahoe/Truckee region was $390,000 in October, down slightly on both a monthly and annual basis. As with single-family homes in the region, condominium inventory fell to a one-year low, with a 3.3-month supply.
Units sold in an average of 122 days, marking the slowest pace of sales since the spring. Buyers paid 93.8 percent of asking prices, nearly identical to what they did last October.
Defining Tahoe/Truckee: Our real estate markets in the Lake Tahoe/Truckee region include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the adjoining chart includes condominiums in these communities.