Pacific Union's February 2017 Real Estate Update

Annual home price movement was a mixed bag across the Bay Area in February. Pacific Union’s Contra Costa County, East Bay, Mid-Peninsula, Sonoma County, and Sonoma Valley regions saw double-digit-percent price increases from February 2016. Year-over-year appreciation was flat in Napa County, rose by 2 percent in Marin County, and declined by 2 percent in Silicon Valley. San Francisco condominium and single-family-home prices moved in opposite directions, with the former rising by 10 percent year over year and the latter dipping by 8 percent.

The median sales price for a single-family home in San Francisco was $1,276,000 in February, up slightly from January but down 8 percent year over year. There were significantly fewer properties on the market than in February 2016, with a 1.9 months’ supply.

Premiums remained a fact of life in San Francisco, and sellers took in 110.6 percent of original prices in February. Homes sold in an average of 40 days, about a week slower than they did one year ago.

The median sales price for a San Francisco condominium rose to $1,210,000 in February, a one-year high. After two months of getting slight discounts, buyers returned to paying premiums — an average of 101.3 percent of original prices.

The pace of sales picked up from January, with units selling in an average of 39 days. The months’ supply of inventory was 2.4, down on both a monthly and yearly basis.