Buy.Sell.Stay. June 2016 Market Report San Francisco
Š 2016 Intero Real Estate Services, Inc., a Berkshire Hathaway Affiliate and wholly owned subsidiary of HomeServices of America, Inc. All rights reserve. The logo is a registered trademark of Intero Real Estate Services, Inc. Information deemed reliable but not guaranteed. This is not intended as a solicitation if you are listed with another broker. Data Provided by Trendgraphix July 2016
Executive Insights The Summer Heat is Turning Up Summer is full of images of friends, family and fun. In regards to the real estate market, summer is traditionally the time of year that sees a huge level of activity, especially in the Bay Area. In June 2016, this tradition of increased summer housing activity continued and is showing no sign of cooling off any time soon. Picking up where the month of May left off, for-sale listings were up in every part of the Bay Area except San Francisco. In most areas, listings were up double-digit percentages as sellers were putting their houses on the market in droves. These increases are considerably lower than we saw in April when the summer-selling season was ramping up, but they’re significantly more than we saw last month. Even with the increased level of listings, we’re still smack dab in the middle of a seller’s market. June saw the most properties sold in the last three months. In fact there was 24.15% more Bay Area homes sold in June (2760) then there was in April (2223). This is keeping prices high and drying up inventory very quickly. It will be interesting to see if this trend continues into the later summer months of July and August. Even with this seller’s market producing closings at a steady clip, we did see an interesting move last month in relation to the days on market (DOM) for sellers. We saw a neutral trend in the DOM for six of the nine regions of the Bay Area with several area’s DOM up by 2837% month-over-month. Now these numbers may be inflated due to an ultra-competitive market in May, but it’s something we’ll be keeping an eye on as listings continue to increase across the region. So June showed us that sellers are still in control of Bay Area real estate. A strong job market and more buyers than listings is keeping demand high and still getting sellers multiple offers at over asking price. Will this trend continue? More than likely it will, at least through the end of summer. Beyond that will be interesting as interest rates continue to stay low through the end of the year and we get closer to a change in the White House. We’ll keep you informed with our take and hopefully provide you with information that can help in your buying or selling process.
Market Highlights San Francisco
Total Homes for Sale
246
Luxury Homes for Sale*
34
*Homes for sale above $3 million.
Total Homes Sold
Average Days on Market
Average List Price
Average Sold Price
210 $2,283,000
38
$1,735,000
Inventory San Francisco
Total Number Of Homes:
For Sale
Sold
246 210
252 174
193
245 136
148
184
197 157 173
155
150
192
231
212 221 184 186
179 186
184 192
200
188 198
250
270
262
300
98
65
97
100
50
0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
16-Jan
16-Feb
16-Mar
16-Apr
16-May
16-Jun
It is a Seller’s Market Property Sales (Sold) June property sales were 210, up 6.1% from 198 in June of 2015 and 20.7% higher than the 174 sales last month. Current Inventory (For Sale) Versus last year, the total number of homes available this month is higher by 58 units of 30.9%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is down 2.4% compared to the previous month. Property Under Contract (Pended) There was a decrease of 7.1% in the pended properties in June, with 223 properties versus 240 last month. This month’s pended property sales were 11.5% higher than at this time last year.
Inventory By The Numbers Home Price Range
Homes For Sale
Year Over Year % Difference
< $500K
2
0%
$500K $1M
98
19.5%
$1M - $3M
112
45.5%
$3M - $5M
15
15.4%
$5M - $10M
12
50%
$10M +
7
16.7%
Pricing San Francisco
Average Prices in $,000:
For Sale Price
Sold Price
3000 2500
$2,470 $2,177
$2,150
$2,082 $2,036
$1,919
2000 $1,613
1500
$1,726
$1,792
$1,724
$1,630
$2,339
$2,220 $1,902
$2,062
$1,496 $1,466
1000
$1,544
$1,675 $1,470 $1,480
$1,318
$1,597
$1,767
$2,228
$1,668
$2,338 $2,283
$1,557
$1,735
500 0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
The Average For Sale Price is Neutral The Average For Sale Price in June was $2,283,000, up 12.1% from $2,036,000 in June of 2015 and down 2.4% from $2,338,000 last month. The Average Sold Price is Appreciating The Average Sold Price in June was $1,735,000, up 0.6% from $1,724,000 in June of 2015 and up 11.4% from $1,557,000 last month. The Median Sold Price is Neutral The Median Sold Price in June was $1,323,000, up 4.9% from $1,261,000 in June of 2015 and down 0.5% from $1,330,000 last month.
16-Jan
16-Feb
16-Mar
16-Apr
16-May
16-Jun
Pricing By The Numbers
Average Price Per Square Foot.
$883
-0.2% Month over Month
On The Market San Francisco
Average Days On Market
42
45 38
40 35 30
28
33
31
36 31
33
41
36
35
38
36
30
30
25 20 15 10 5 0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
The Days on Market Shows Neutral Trend The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyerâ&#x20AC;&#x2122;s market, a downward trend indicates a move towards more of a Sellerâ&#x20AC;&#x2122;s market. The DOM for June 2016 was 38, up 26.7% from 30 days last month and the same as in June of last year..
16-Jan
16-Feb
16-Mar
16-Apr
16-May
16-Jun
DOM By The Numbers Home Price Range
Days on Market
Year Over Year % Difference
< $500K
0
N/A
$500K $1M
37
-22%
$1M - $3M
34
21%
$3M - $5M
54
-69%
$5M - $10M
72
44%
$10M +
0
N/A