Monthly Report on Bay Area RE sales

Monthly Report on Bay Area RE sales - April 2016

San Francisco Bay Area’s Median Home Sale Price Climbs to All-Time Peak in April; Sales Rise from March but Fall Year Over Year

New data released today by CoreLogic® shows the median price paid for all homes sold in Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties in April 2016 hit a new high for the region at $686,000. The prior peak of $665,000 was reached in June and July of 2007. The median price was up 5.5 percent month over month from $650,000 in March 2016* and up 4.1 percent year over year from $659,000 in April 2015. An increase in the median sale price between March and April in the San Francisco Bay Area is normal, and the average change between those two months since 1988 is a gain of 2.5 percent. The median sale price has risen year over year for 49 consecutive months.
“Three of the San Francisco Bay Area’s nine counties – Alameda, San Francisco and Santa Clara – posted record median sale prices in April,” said Andrew LePage, research analyst with CoreLogic. “However, each of these counties, unlike the overall region, had previously surpassed its 2007 peak median. The medians in Marin and San Mateo counties hovered just below record levels last month, while medians in the remaining four counties were about 13 to 27 percent below their peaks. Also, when adjusted for inflation, the San Francisco Bay Area’s April 2016 median sale price was still about 14 percent below its peak.

SF is head and shoulders ahead of the other counties… 1.3M median price? Holy smoke!

I hope the market takes a breather now. All this news about ever higher prices is fanning the rent control fire. Solano county at 350K is just the small change to SF’s 1.3M. Anyone buying in Fairfield or Vallejo?

Me like that 1.3M number A LOT!!!

My neighbors have committed on occasion that my home would be 2M but I pooh poohed them. That is crazy, until you posted that recent Sunset home sale. I guess I better keep the landscape up…:wink:

SF is tricky for landlords. I like to stay on the right side of the rent control laws by a wide margin. That means I will only consider SFH built after 1980 or so. That shrinks the candidate pool quite a bit. And out of that I need to find something with workable numbers. That often means small condos in the SE corner of the city…

Also, when adjusted for inflation, the San Francisco Bay Area’s April 2016 median sale price was still about 14 percent below its peak.”

If mortgage rates stay @4%(below or a little above) & no major recession, getting up another 14% in the next 4 years is IMO a reasonable expectation.(Of course 4 years is a long time :slight_smile: to make a prediction in this circumstance)