Quarterly Real Estate Report Q2 2016
Table of Contents
Contra Costa County/Tri-Valley 4 East Bay 8 Marin County 12 Napa County 16 San Francisco 20 Silicon Valley 28 Sonoma County 34 Sonoma Valley 38 Lake Tahoe/Truckee 42
Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the second quarter of 2016, with a glance back at the 10 preceding second quarters.
Bay Area: 10-Year Overview of Q2 Homes Sold Q2 '06
Q2 '07
Q2 '08
Q2 '09
Q2 '10
Q2 '11
Q2 '12
Q2 '13
Q2 '14
Q2 '15
Q2 '16
2,754
1,907
2,542
3,518
3,273
3,142
3,403
2,977
2,939
3,317
3,047
EAST BAY
814
749
613
556
681
676
810
823
798
821
777
MARIN COUNTY
665
684
494
440
574
555
680
786
773
715
704
NAPA COUNTY
317
279
247
307
336
356
419
374
357
363
354
SAN FRANCISCO (SFH)
781
637
655
557
675
685
726
747
629
643
634
SAN FRANCISCO (CONDOS)
589
645
533
370
565
578
740
760
759
695
610
SILICON VALLEY
818
808
632
538
629
752
798
785
755
671
649
1,245
1,001
1,143
1,282
1,249
1,175
1,484
1,458
1,286
1,403
1,273
SONOMA VALLEY
125
113
97
123
136
121
176
174
164
174
130
LAKE TAHOE/TRUCKEE (SFH)
215
183
160
151
200
210
268
291
272
259
297
73
82
35
28
62
82
88
71
77
60
73
REGION CONTRA COSTA COUNTY
SONOMA COUNTY
LAKE TAHOE/TRUCKEE (CONDOS)
Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, July 7, 2016.
Click here to see specific 10-year data on key cities in the Bay Area.
Contra Costa County/Tri-Valley Quarterly Real Estate Report Q2 2016
Ellen Anderson Senior Vice President, Contra Costa County 925.743.9330 ellen.anderson@pacunion.com 101 Sycamore Valley Road West | Danville, CA 94526
Contra Costa County/Tri-Valley pacificunion.com
Contra Costa County/Tri-Valley: Q2 Results Home shoppers in our Contra Costa County region had more properties to choose from in the second quarter of 2016, with healthy inventory increases from one year earlier. Buyers were less frenzied than in quarters past, perhaps weary of constant bidding wars or in response to the improved supply conditions. Normalizing market conditions were also evident in the pace of sales; by the beginning of June, homes were taking much longer to sell than earlier in the quarter. At the high end of the market, we saw a surplus of $2 million-plus properties for sale – unusual for Contra Costa County. As of mid-June, only about one-fifth of those homes were under contract, and sellers who priced too aggressively often found themselves reducing prices in order to attract buyers in a timely manner. Looking Forward: We expect typical seasonal patterns to follow suit in the third quarter – a relatively quiet July and August, followed by a jump in activity once school begins in September. As buyers are likely to have more homes to choose from, sellers will need to exercise particular caution about their pricing strategy in order to ensure a speedy transaction. Defining Contra Costa County/Tri-Valley: 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 charts below includes single-family homes in these communities.
Median Sales Price $1,300,000
$1,185,000 $1,100,000
$1,100,000
$1,069,000 $1,110,500 $1,099,000 $1,056,000 $1,049,000 $1,051,000 $1,010,000 $1,020,000
$1,182,500
$1,195,000
$1,179,000
$900,000 $700,000 $500,000 $300,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Months’ Supply of Inventory 2.6 2.1
2.1 1.6 1.6
1.3
1.3
1.7
1.6
1.4
1.5
1.4
1.3
1.5 1.3
1.1 0.7 0.6
0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Contra Costa County/Tri-Valley pacificunion.com
Average Days on the Market 50 43
45
38
40
34
35 28
30 23
25 20
28
31
24
22
21
18
17
17
Apr-16
May-16
15 10 5 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Percentage of Properties Under Contract 50% 45% 40%
37.8%
36.7%
35.5%
Jun-15
Jul-15
Aug-15
35%
32.9%
36.0%
36.6%
41.0% 35.8%
43.3%
40.1%
41.1% 36.6%
33.1%
30% 25% 20% 15% 10% 5% 0%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Sales Price as a Percentage of Original Price 104% 102%
101.7%
101.3% 99.8%
100%
99.3%
99.0%
99.5%
101.3%
101.5% 99.7%
99.1%
98.9%
98% 96.0%
96%
94.2% 94% 92% 90%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Contra Costa County/Tri-Valley pacificunion.com
A Closer Look at Contra Costa County/Tri-Valley
Contra Costa County Snapshot: Q2 2016 vs. Q2 2015 Sales Volume
Homes Sold
Avg. Days on Market
Median Price
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Alamo
$ 128,768,940
$ 127,506,025
-1%
74
67
-9%
27
35
30%
$ 1,562,720
$ 1,675,000
7%
Blackhawk
$
$
46,946,018
4%
26
26
0%
37
43
16%
$ 1,620,000
$ 1,617,500
0%
Danville
$ 262,462,918
$ 263,947,971
1%
209
198
-5%
18
16
-11%
$ 1,200,000
$ 1,240,000
3%
Diablo
$
$
7,075,000
-20%
4
4
0%
31
43
39%
$ 2,295,000
$ 1,750,000
-24%
Lafayette
$ 215,276,825
$ 137,795,299
-36%
129
89
-31%
20
20
0%
$ 1,439,000
$ 1,355,000
-6%
Moraga
$
54,737,012
$
54,555,500
0%
40
41
2%
14
32
129%
$ 1,255,000
$ 1,315,000
5%
Orinda
$ 131,817,525
$
117,228,906
-11%
86
74
-14%
19
16
-16%
$ 1,390,000
$ 1,412,500
2%
Pleasant Hill
$
$
59,686,025
-17%
108
81
-25%
19
15
-21%
$
$
730,000
12%
San Ramon
$ 243,728,808
$ 252,187,354
3%
229
226
-1%
14
16
14%
$ 1,022,000
$ 1,054,950
3%
Walnut Creek
$ 175,240,604
$ 200,213,283
14%
172
178
3%
19
15
-21%
$
$ 1,040,000
10%
45,016,500
8,808,000
72,286,623
650,500
947,000
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected Contra Costa County cities.
East Bay Quarterly Real Estate Report Q2 2016
Pam Hoffman Senior Vice President, Managing Broker, East Bay Region 510.339.6460 phoffman@pacunion.com 1900 Mountain Boulevard | Oakland, CA 94611
East Bay pacificunion.com
East Bay: Q2 Results Second-quarter sales activity in the East Bay was similar to what we observed last year – quite busy. In fact, the second quarter will likely go down as the most active quarter of 2016. In June, we began to notice a very slight shift in the market toward buyers, with fewer multiple offers and more price adjustments. Still, the East Bay remains very much a seller’s market, with roughly 80 percent of home sales involving multiple offers and about the same amount selling for more than original price. Desirable homes in the region’s most popular neighborhoods continue to sell for record prices. As in quarters past, walkable neighborhoods near BART stations appealed most to buyers, with homes in the $800,000-to-$1 million price range seeing healthy sales. Unlike in some other Pacific Union regions, very few East Bay sellers keep their homes off the MLS, helping to ensure they receive the optimum price from the crowd of eager buyers. Looking Forward: A lack of inventory still plagues the East Bay, and we expect that trend to persist for the foreseeable future, giving sellers a continued advantage. Activity may taper off some in the late summer, but we foresee no shortage of buyers once the traditionally brisk fall season gets underway. 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 charts below includes single-family homes in these communities.
Median Sales Price $1,100,000 $1,000,000 $900,000
$910,000 $918,500
$850,000
$865,000
Aug-15
Sep-15
$913,500
$925,000
Oct-15
Nov-15
$962,500 $877,500
$877,500
Dec-15
Jan-16
$1,007,500
$971,400
$965,000
May-16
Jun-16
$875,000
$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000
Jun-15
Jul-15
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in the East Bay.
Months’ Supply of Inventory 1.9 1.7
1.7
1.5
1.5 1.2
1.3 1.1 0.9
0.8
0.9
1.1
1.0
0.9
1.1
0.8
0.8
0.9
0.7 0.4
0.5 0.3 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in the East Bay.
East Bay pacificunion.com
Average Days on the Market 45
42
40 35 30 25 20
22 17
17
Jun-15
Jul-15
24 20
19
23
20
17
18
17
17
May-16
Jun-16
15 10 5 0
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in the East Bay.
Percentage of Properties Under Contract 60% 50%
50.6%
46.6%
42.6%
51.8%
49.7%
46.5%
45.5%
55.6%
55.2%
51.2% 45.1%
39.6%
37.4%
40% 30% 20% 10% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in the East Bay.
Sales Price as a Percentage of Original Price 120% 115.8% 115%
116.2% 114.9%
112.2%
110.6%
114.9%
114.6%
114.1%
112.7%
117.8%
112.3%
110.8%
110% 104.2%
105%
100%
95%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.
East Bay pacificunion.com
A Closer Look at the East Bay
East Bay Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
Alameda
$ 104,659,500
$
91,430,794
-13%
107
90
-16%
16
15
-6%
$
889,000
$
922,500
4%
Albany
$
$
16,768,888
-46%
33
18
-45%
18
18
0%
$
950,000
$
852,000
-10%
Berkeley
$ 177,524,990
$ 207,664,979
17%
155
164
6%
16
16
0%
$ 1,030,000
$ 1,175,000
14%
El Cerrito
$
48,627,275
$
56,149,950
15%
61
67
10%
17
21
24%
$
775,000
$
800,000
3%
Kensington
$
19,109,168
$
17,735,050
-7%
20
17
-15%
18
16
-11%
$
897,500
$
930,000
4%
Oakland*
$ 393,019,824
$ 399,265,885
2%
399
385
-4%
21
19
-10%
$
858,000
$
925,000
8%
Piedmont
$ 105,532,378
$
46
36
-22%
15
13
-13%
$ 2,192,500
$ 2,151,000
-2%
31,206,950
81,211,060
-23%
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.
East Bay Price Range Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
11,517,369
-24%
38
26
-32%
60
28
-53%
$
400,000
$
453,435
13%
Over $500,000 $ 864,475,082
$ 858,709,237
-1%
783
751
-4%
17
17
0%
$
940,000
$ 1,000,000
6%
$500,000 $1 million
$ 294,327,087
-17%
453
376
-17%
17
18
6%
$
781,000
$
793,000
2%
$ 564,382,150
10%
330
375
14%
16
16
0%
$ 1,350,000
$ 1,352,000
0%
Under $500,000
$
15,205,003
$ 352,995,964
Over $1 million $
511,479,118
Q2 '16 $
Q2 '15
Q2 '16
% change
Source: Terradatum, July 7, 2016. Data is for SFH in the East Bay: Alameda, Albany, Berkeley, El Cerrito, Kensington, Piedmont, and Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.
Oakland Snapshot: Q2 2016 vs. Q2 2015 Neighborhood Montclair / Joaquin Miller
Homes Sold Q2 '15
Q2 '16
Average Price % change
Q2 '15
Q2 '16
% change
102
96
-6%
$1,089,482
$1,145,632
5%
Crocker Highlands / Grand Lake
38
36
-5%
$1,137,920
$1,213,625
7%
Rockridge / Claremont
52
58
12%
$1,560,085
$1,495,481
-4%
Glenview / Oakmore
26
14
-46%
$890,442
$1,080,571
21%
Laurel / Dimond
30
30
0%
$666,116
$710,221
7%
Redwood Heights / Lincoln Heights
29
27
-7%
$806,482
$838,803
4%
Crestmont / Ridgemont / Skyline
12
17
42%
$1,255,166
$1,433,308
14%
Temescal / Piedmont Ave.
19
12
-37%
$976,000
$1,087,500
11%
Source: EBRD, July 7, 2016. Data is for single-family homes in selected Oakland neighborhoods.
Marin County Quarterly Real Estate Report Q2 2016
Brent Thomson President, Marin County 415.383.1900 brent.thomson@pacunion.com 575 Redwood Highway, Suite 150 | Mill Valley, CA 94941
Marin County pacificunion.com
Marin County: Q2 Results Marin County home shoppers took a more cautious, measured approach in the second quarter, lacking the sense of urgency that characterized past quarters. Buyers were less likely to engage in bidding wars, and many refused to settle for properties that fell short of their ideal. Some sellers found that their homes were taking too long to sell and were considering renting them and trying for a sale next year. That said, top-notch, well-priced properties continued to generate plenty of interest and multiple offers. Homes priced between $1 million and $3 million saw the highest sales volume. As in other parts of the Bay Area, Marin County’s ongoing inventory constraints are hampering affordability for many potential buyers, who are waiting for prices to settle before they can make a move. Looking Forward: Although we expect the usual fall pickup in activity will occur to some degree, the rest of 2016 may not be as brisk as the past few years. The upcoming uncertainty surrounding the U.S. presidential election may also cause more buyer caution, though Marin County’s savvy real estate investors are unlikely to panic regardless of the outcome of global or domestic political affairs. 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 charts below includes single-family homes in these communities.
Median Sales Price $1,500,000 $1,300,000 $1,100,000
$1,112,000
$1,200,000
$1,201,908 $1,100,000 $1,055,000
$1,056,000
$1,153,500
$1,125,000
$1,222,500 $1,150,000
$1,250,000
$1,250,000
$965,000
$900,000 $700,000 $500,000 $300,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
Months’ Supply of Inventory 2.6
2.3
2.3 2.0
2.1 1.7 1.6
1.5
1.4
1.5
1.9
1.6
1.5
1.6 1.4
1.0
1.1
0.6
0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
Marin County pacificunion.com
Average Days on the Market 90 77
80 70 60
51
50 40
38
38
Jun-15
Jul-15
62
57 48
54
54 45 36
35
Apr-16
May-16
37
30 20 10 0
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
Percentage of Properties Under Contract 50% 45% 40%
43.3% 39.4%
36.7%
35%
31.2%
35.0% 30.8%
31.4%
30%
30.5%
40.6%
38.7% 35.6%
33.2%
26.7%
25% 20% 15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
Sales Price as a Percentage of Original Price 104%
102.5%
101.6%
102% 100.2%
96.1%
96%
99.3%
98.3%
97.8%
98%
99.6%
99.7%
100%
96.5%
95.1%
95.8%
95.9%
Jan-16
Feb-16
94% 92% 90%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
Marin County pacificunion.com
A Closer Look at Marin County
Marin County Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Belvedere
$
45,684,000
$
32,231,500
-29%
6
8
33%
939
55
-94%
$ 7,685,750
$ 3,260,000
-58%
Corte Madera
$
31,277,000
$
50,412,161
61%
22
33
50%
31
21
-32%
$ 1,316,000
$ 1,350,000
3%
Fairfax
$
22,898,875
$
33,288,178
45%
25
32
28%
32
38
19%
$
$
904,000
5%
Greenbrae
$
30,093,500
$
20,584,500
-32%
17
11
-35%
16
20
25%
$ 1,700,000
$ 1,800,000
6%
Kentfield
$
66,410,500
$
47,297,100
-29%
24
18
-25%
21
36
71%
$ 2,275,000
$ 2,185,000
-4%
Larkspur
$
28,386,216
$
37,415,500
32%
19
19
0%
34
18
-47%
$ 1,401,000
$ 1,925,000
37%
Mill Valley
$ 226,437,172
$ 194,047,406
-14%
124
108
-13%
36
34
-6%
$ 1,613,250
$ 1,544,500
-4%
Novato
$ 156,087,164
$ 156,585,796
0%
177
157
-11%
48
36
-25%
$
$
900,000
13%
Ross
$
28,120,000
$
70,476,450
151%
8
16
100%
37
31
-16%
$ 3,450,000
$ 3,037,500
-12%
San Anselmo
$
79,440,965
$
67,418,900
-15%
62
52
-16%
39
38
-3%
$ 1,131,000
$ 1,150,000
2%
San Rafael
$ 179,794,442
$ 183,732,764
2%
147
149
1%
41
35
-15%
$
980,000
$ 1,080,000
10%
Sausalito
$
34,350,250
$
46,506,250
35%
18
23
28%
91
46
-49%
$ 1,830,000
$ 1,915,000
5%
Tiburon
$
94,907,700
$
115,405,750
22%
35
40
14%
77
60
-22%
$ 2,545,000
$ 2,247,500
-12%
865,000
800,000
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected Marin County cities.
Napa County Quarterly Real Estate Report Q2 2016
Linda Carroll Regional Executive, Napa County 707.251.8805 linda.carroll@pacunion.com 944 Main Street | Napa, CA 94559
Napa County pacificunion.com
Napa County: Q2 Results Home sales activity in Napa County was brisk during the second quarter, particularly when compared with the first quarter. This is in part due to a Wine Country seasonal listing trend, in which buyers wait for the region’s enchanting spring blooms to give their home an extra dose of curb appeal – particularly true at the high end of the market. Homes priced less than $2 million usually sold quickly; more expensive properties tended to take longer to find buyers, underscoring the importance of realistic pricing. With Napa County currently enjoying a nice balance between buyers and sellers, multiple offers weren’t particularly common, and sellers typically didn’t receive premiums. More common were contingent sales for homes priced between $500,000 and $650,000, as move-up buyers needed to sell in order to afford their next home. Looking Forward: We expect the market’s current momentum to carry over into the first part of the third quarter before the typical late-summer slowdown. Once summer turns to fall, activity should rebound, as buyers aim to settle into their new homes in time for the holidays. 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 charts below includes all single-family homes in Napa County.
Median Sales Price $800,000 $700,000
$600,000 $630,250
$620,000
$655,000
$685,000
$571,316
$600,000
$650,000 $649,000 $595,500 $579,500
$630,000
$650,826
$624,000
$500,000 $400,000 $300,000 $200,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in Napa County.
Months’ Supply of Inventory 6.1
5.7
5.1 4.3 4.1 3.1
3.6
3.4
3.4
2.9
3.2
3.1
3.5
3.4
2.5
2.4
2.4
2.1 1.1 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in Napa County.
Napa County pacificunion.com
Average Days on the Market 120
112 102
100 80
92 71
72
85
72
94
80
78 68
60
60
51
40 20 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in Napa County.
Percentage of Properties Under Contract 30% 25%
23.5%
26.7%
24.2% 21.7%
20.9%
20%
16.8%
19.0%
24.8%
24.3%
Mar-16
Apr-16
26.7%
27.3%
May-16
Jun-16
19.9%
13.8%
15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in Napa County.
Sales Price as a Percentage of Original Price 100% 96.5%
95.8%
96.4% 94.2%
95%
95.1%
95.0%
94.6%
95.6%
97.4%
96.0%
92.9% 89.4%
90% 84.4%
85%
80%
75%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.
Napa County pacificunion.com
A Closer Look at Napa County
Napa County Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
American Canyon
$
16,528,900
$
18,338,354
11%
37
40
8%
45
68
51%
$
450,000
$
Angwin
$
3,065,000
$
3,914,000
28%
4
2
-50%
130
270
108%
$
747,500
$ 1,957,000
162%
Calistoga
$
17,883,700
$
14,794,000
-17%
18
17
-6%
88
89
1%
$
727,000
$
630,000
-13%
Napa
$ 176,308,705
$ 199,626,912
13%
258
255
-1%
67
57
-15%
$
599,975
$
632,000
5%
St. Helena
$
47,472,312
$
74,623,000
57%
33
32
-3%
180
93
-48%
$
885,000
$ 1,379,500
56%
Yountville
$
18,466,999
$
3,872,950
-79%
9
4
-56%
131
88
-33%
$
960,000
$
-5%
437,500
910,000
-3%
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected Napa County cities.
Napa County Price Range Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
-26%
115
83
-28%
64
75
17%
$
412,000
$
425,000
3%
655,000
$
646,150
-1%
Under $500,000
$
$500,000 $999,999
$ 132,106,599
$ 134,440,694
2%
194
202
4%
77
52
-32%
$
$1 million - $3 million
$
72,556,062
$
93,285,829
29%
49
59
20%
112
83
-26%
$ 1,350,000
$ 1,350,000
0%
Over $3 million $
30,323,000
$
57,737,000
90%
5
10
100%
131
164
25%
$ 5,650,000
$ 4,825,000
-15%
44,843,955
$
33,128,193
Source: Terradatum, July 7, 2016. Data is for single-family homes in Napa County.
San Francisco Quarterly Real Estate Report Q2 2016
Patrick Barber President 415.929.7100 patrick.barber@pacunion.com 1699 Van Ness Avenue | San Francisco, CA 94109
San Francisco pacificunion.com
San Francisco: Q2 Results After several years of rapid price appreciation and frenetic overbids, we observed further signs of movement toward market normalization in San Francisco during the second quarter. Sales were still strong, but homes sat on the market longer than in past quarters – especially in the city’s northern neighborhoods and popular Noe Valley. One main reason for this is that many sellers entertained unrealistic expectations and, accordingly, overpriced their homes. Consequently, bidding wars occurred less frequently than in the second quarter of last year, and price reductions became more commonplace. The sales pace wasn’t as brisk in the second quarter of 2016 as in the second quarter of 2015, although the drop-off wasn’t significant. At the high end of the market, many move-up buyers stayed put, uncertain if their existing home would command enough to allow them to afford their target home. All in all, while the San Francisco market remains tilted in favor of sellers, it is slowly moving toward a more balanced state. Looking Forward: Though there is still plenty of demand for San Francisco real estate, we expect further trending toward market normalization throughout the rest of the year, even when adjusted for the typical late-summer slowdown. The pace and depth of this calming trend may be amplified by global economic uncertainties, including the fallout from Britain’s vote to withdraw from the European Union and the tightening of China’s financial markets.
Single-Family Homes – Median Sales Price $1,500,000 $1,300,000
$1,300,000 $1,280,000
$1,270,000 $1,225,444 $1,155,000
$1,400,000 $1,352,500 $1,262,500 $1,201,500
$1,380,000 $1,360,000
$1,365,000
$1,175,000
$1,100,000 $900,000 $700,000 $500,000 $300,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in San Francisco.
Condominiums – Median Sales Price $1,300,000 $1,100,000
$1,139,000 $1,102,563
$1,110,500
$1,149,500
$1,050,000 $1,020,000
$1,124,500 $1,100,000 $1,100,000
$1,110,000
$1,158,000
$1,180,000 $1,105,000
$900,000 $700,000 $500,000 $300,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for condominiums in San Francisco.
San Francisco pacificunion.com
Single-Family Homes – Months’ Supply of Inventory 3.6
3.4
3.1
2.6
2.6
2.6 2.1 1.6
1.6
2.4 2.0
1.8
1.6
1.5
2.0
1.6
1.5 1.0
1.1 0.6 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in San Francisco.
Condominiums – Months’ Supply of Inventory
3.6 3.1
3.1
3.0
3.0 2.6
2.6 2.1 1.6
1.9 1.4
1.9
2.3
2.3
May-16
Jun-16
2.0
1.9
1.5 1.1
1.1 0.6 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for condominiums in San Francisco.
Single-Family Homes – Average Days on the Market 50 43
45 40 35 30
34 30
28
29
29
28
29
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
32
32 26
26
29
25 20 15 10 5 0
Jun-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in San Francisco.
San Francisco pacificunion.com
Condominiums – Average Days on the Market 50
40
36
35 30
45
44
45
28
29
Jun-15
Jul-15
27
42 37
34
33
35
35
May-16
Jun-16
27
25 20 15 10 5 0
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Average days on market for condominiums sold in San Francisco.
Single-Family Homes – Percentage of Properties Under Contract
37.8%
40% 35%
35.0%
35.0%
31.3%
33.0%
37.9% 35.7%
34.5%
32.7%
30.5%
30%
27.7%
27.4% 23.0%
25% 20% 15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in San Francisco.
Condominiums – Percentage of Properties Under Contract 45%
40.8%
40%
38.1% 34.6%
35%
29.6%
30%
34.1%
33.1%
30.1%
29.3% 24.7%
25%
30.9% 26.5%
23.6%
23.7%
20% 15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of condominiums under contract in San Francisco.
San Francisco pacificunion.com
Single-Family Homes – Sales Price as a Percentage of Original Price 118% 116% 114%
116.4% 113.8% 112.2%
112%
111.7%
110.8%
110.3%
109.8%
110% 107.1%
108% 106%
108.4%
108.3%
107.0% 104.7%
103.9%
104% 102% 100% 98% 96%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in San Francisco.
Condominiums – Sales Price as a Percentage of Original Price 110%
108.2%
108.3%
109.1% 108.2%
108% 106.5% 105.6%
106%
105.1%
104.9% 104.0%
104%
102.7% 101.8%
102%
103.4%
102.5%
100% 98%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.
San Francisco pacificunion.com
Delving into San Francisco’s Districts
San Francisco is defined by 10 separate districts, each of which encompasses several neighborhoods. District 1:
Inner Richmond, Central Richmond, Outer Richmond, JordanPark/Laurel Heights, Lake, Lone Mountain, Sea Cliff.
District 2: Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights. District 3: Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights, Oceanview. District 4: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park. District 5: Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks. District 6: Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition. District 7: Cow Hollow, Marina, Pacific Heights, Presidio Heights. District 8: Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill,
Tenderloin, Van Ness/Civic Center.
District 9: Bernal Heights, Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach,
South of Market, Yerba Buena.
District 10: Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood,
Outer Mission, Mission Terrace, Portola, Silver Terrace, Visitacion Valley.
San Francisco pacificunion.com
San Francisco Snapshot: SFH, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
District 1
$
142,822,688
$
112,480,000
-21%
67
57
-15%
19
26
37%
$
District 2
$
150,967,227
$
158,128,889
5%
121
121
0%
27
23
-15%
District 3
$
35,992,888
$
51,934,998
44%
38
51
34%
40
28
District 4
$
157,079,979
$
137,399,115
-13%
94
89
-5%
22
District 5
$
208,428,851
$
208,206,846
0%
86
90
5%
District 6
$
19,176,000
$
19,650,000
2%
8
8
District 7
$
218,309,814
$
185,134,001
-15%
31
District 8
$
18,127,000
$
21,940,000
21%
District 9
$
99,195,560
$
118,117,139
District 10
$
101,805,576
$
91,623,988
Q2 '16
% change
1,822,000
-3%
$ 1,171,200
$ 1,250,500
7%
-30%
$
$
926,000
4%
27
23%
$ 1,442,500
$ 1,500,000
4%
23
29
26%
$
$
1,955,000
-9%
0%
29
60
107%
$ 1,821,500
$ 2,650,000
45%
33
6%
30
52
73%
$
$
4,725,000
-1%
7
6
-14%
17
44
159%
$ 2,222,000
$ 3,185,000
43%
19%
63
76
21%
23
29
26%
$
1,460,000
$
1,385,000
-5%
-10%
128
103
-20%
36
29
-19%
$
773,944
$
850,000
10%
1,885,000
892,500
2,142,500
4,750,000
$
Source: Terradatum, July 7, 2016. Data is for single-family homes in San Francisco districts.
San Francisco Snapshot: Condos, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
District 1
$
35,122,300
$
36,430,934
4%
30
34
13%
24
36
50%
$
District 2
$
14,823,000
$
10,373,000
-30%
12
10
-17%
28
33
18%
District 3
$
6,136,000
$
4,531,000
-26%
10
7
-30%
21
62
District 4
$
10,217,000
$
6,065,000
-41%
12
8
-33%
32
District 5
$
178,412,887
$
119,885,998
-33%
134
89
-34%
District 6
$
68,490,500
$
70,912,566
4%
59
60
District 7
$
89,262,201
$
123,320,170
38%
51
District 8
$
148,129,714
$
116,482,660
-21%
District 9
$
331,654,543
$
264,842,478
District 10
$
13,040,500
$
18,631,989
Q2 '16
% change
1,045,000
-13%
$ 1,375,000
$ 1,097,500
-20%
195%
$
607,500
$
620,000
2%
37
16%
$
840,000
$
662,500
-21%
20
27
35%
$
1,275,500
$
1,350,000
6%
2%
23
35
52%
$ 1,140,000
$ 1,220,000
7%
73
43%
23
28
22%
$
$
1,600,000
4%
108
104
-4%
36
35
-3%
$ 1,075,000
$ 1,038,000
-3%
-20%
260
199
-23%
39
45
15%
$
1,055,000
$
1,190,000
13%
43%
19
26
37%
52
50
-4%
$
715,000
$
686,944
-4%
1,206,500
1,540,000
$
Source: Terradatum, July 7, 2016. Data is for condominiums in San Francisco districts.
San Francisco pacificunion.com
San Francisco Price Range Snapshot: SFH, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Under $1 million
$
144,869,401
$
120,348,725
-17%
186
148
-20%
38
29
-24%
$
$1 million - $3 million
$
646,168,368
$
684,587,974
6%
394
425
8%
22
27
23%
Over $3 million $
360,867,814
$
299,678,277
-17%
63
61
-3%
28
42
50%
Q2 '16
% change
846,250
6%
$ 1,500,000
$ 1,475,000
-2%
$
$
3%
800,000
4,175,000
$
4,300,000
Source: Terradatum, July 7, 2016. Data is for single-family homes in San Francisco County.
San Francisco Price Range Snapshot: Condos, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Under $1 million
$
220,393,757
$
182,886,371
-17%
286
246
-14%
34
43
26%
$
$1 million - $2 million
$
468,449,811
$
433,283,527
-8%
338
310
-8%
27
32
19%
Over $2 million $
206,445,077
$
155,305,897
-25%
71
54
-24%
43
39
-9%
Q2 '16
% change
765,000
-6%
$ 1,350,000
$ 1,360,593
1%
$
$
-5%
810,000
2,630,000
$
2,492,500
Source: Terradatum, July 7, 2016. Data is for condominiums in San Francisco County.
Silicon Valley Quarterly Real Estate Report Q2 2016
David Barca Vice President, Silicon Valley 650.314.7200 dbarca@pacunion.com 1706 El Camino Real, Suite 220 | Menlo Park CA 94025
Silicon Valley pacificunion.com
Silicon Valley: Q2 Results Although home prices were up year over year in our Silicon Valley region in the second quarter, the market showed increasing signs of normalization. While bidding wars were still very much a fact of life in Silicon Valley, attractive, well-priced properties typically garnered two to four offers rather than the six-plus they attracted last spring. Buyers were more conservative with their offers than in quarters past and less likely to jump on properties the moment they listed. Sellers, for their part – particularly those with unrealistic price expectations – were less willing to fix problems with the home. Although homes priced less than $3 million sold quickly, the pace of sales slowed somewhat at the higher end of the market. Properties at the highest end – above $20 million – often needed price cuts in order to attract buyers. Sales volume declined in all Silicon Valley communities on an annual basis, with Woodside and Portola Valley seeing some of the most prominent drops. About 20 percent of home sales were never listed on the local MLS, down from nearly 30 percent in the first quarter. Looking Forward: Sales activity in the region should remain moderate throughout the rest of the summer, especially with the recent inventory increases we’ve seen. Once buyers return from vacation and the school year begins, we expect the fall market surge to begin in earnest. Defining Silicon Valley: Our real estate markets in the Silicon Valley region 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 charts below includes all single-family homes in these communities. 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 charts below includes all single-family homes in these communities.
Median Sales Price $3,600,000
$3,280,000
$3,100,000 $2,700,000 $2,600,000
$2,750,000 $2,700,000
$2,750,000
$2,641,500 $2,675,000 $2,612,500 $2,500,000
$2,825,000
$2,909,000
$2,835,000
$2,835,000
$2,100,000 $1,600,000 $1,100,000 $600,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Months’ Supply of Inventory 3.6 3.1
3.1
2.8
2.5 2.6 2.1
2.1 1.6
2.1 1.8
1.3
1.2
1.4
1.9 1.6 1.3
1.2
1.1 0.6 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in these SIlicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Silicon Valley pacificunion.com
Average Days on the Market 45 40
37
39
35
30
30 25
22
20
20
23
24
30 25
24
28
21
18
15 10 5 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Percentage of Properties Under Contract 50%
40%
43.1%
41.9%
45%
37.9%
36.5%
35%
30.6%
30%
36.0%
33.2% 28.9%
26.7%
25%
19.1%
20%
33.6%
28.9% 19.8%
15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Sales Price as a Percentage of Original Price 106%
104.9%
104%
104.2%
104.4%
104.7%
103.0%
102.5%
102.9%
102% 99.3%
99.4%
100% 98%
98.3%
98.4%
97.5%
96.7%
96% 94% 92%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Silicon Valley pacificunion.com
A Closer Look at Silicon Valley
Silicon Valley Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
Atherton
$
201,072,000
$
188,586,030
-6%
29
25
-14%
43
62
44%
$
Los Altos*
$
301,346,479
$
282,820,125
-6%
101
95
-6%
13
17
31%
$ 2,701,000
$ 2,875,000
6%
Los Altos Hills
$
134,208,888
$
188,754,175
41%
32
44
38%
32
58
81%
$
$
3,550,000
-4%
Menlo Park**
$
210,925,500
$
216,280,225
3%
91
84
-8%
14
18
29%
$ 2,005,000
$ 2,262,500
13%
Palo Alto
$
351,550,574
$
363,138,143
3%
109
109
0%
14
22
57%
$
$
2,585,000
-4%
Portola Valley
$
81,078,000
$
74,882,700
-8%
25
25
0%
16
23
44%
$ 2,625,000
$ 2,800,000
7%
Woodside
$
129,027,279
$
105,536,000
-18%
31
18
-42%
56
56
0%
$ 2,500,000
$ 4,884,000
95%
5,300,000
3,705,000
2,699,000
$
6,325,000
19%
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101
Mid-Peninsula pacificunion.com
Median Sales Price $1,900,000 $1,700,000
$1,775,000
$1,800,000 $1,575,000 $1,550,000 $1,501,000
$1,600,000
$1,500,000
$1,770,000 $1,650,000
$1,530,000
$1,514,000
$1,740,000
$1,615,000
$1,460,000
$1,300,000 $1,100,000 $900,000 $700,000 $500,000 $300,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Months’ Supply of Inventory 3.1
2.8
2.6 2.1
1.8
1.5
1.6 1.2 1.1
0.8
1.4
1.2
0.9
0.9
1.3
1.1
0.8
1.0
0.6 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Average Days on the Market 40 34
35 30 25
26
25 21
21
20
22
25
20
19
20
21
19
16
15 10 5 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Mid-Peninsula pacificunion.com
Percentage of Properties Under Contract 60% 50.5%
50%
47.1% 42.4%
43.6%
37.1%
40%
46.9%
43.2%
44.1%
45.7%
45.7%
May-16
Jun-16
104.2%
104.2%
May-16
Jun-16
36.8%
36.3%
30%
23.2%
20% 10% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Sales Price as a Percentage of Original Price 108% 107%
106.7%
106.7%
106%
105.3%
105.3%
104.7%
105% 104%
103.0%
103% 101.7%
102%
100.9%
101%
102.5%
102.0%
101.0%
100% 99% 98% 97%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
A Closer Look at the Mid-Peninsula Mid-Peninsula Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Burlingame*
$
115,454,657
$
115,575,000
0%
53
53
0%
19
19
0%
$ 2,000,000
$ 2,090,000
4%
Hillsborough
$
133,932,366
$
152,105,832
14%
31
37
19%
28
33
18%
$ 4,050,000
$ 3,800,000
-6%
San Mateo**
$
248,154,453
$
231,500,870
-7%
169
159
-6%
17
17
0%
$ 1,340,000
$ 1,358,000
1%
Source: Terradatum, July 7, 2016. Data is for single-family homes in selected San Mateo County cities. * Excludes Ingold Millsdale Industrial Center ** Excludes the North Shoreview/Dore Cavanaugh area
Sonoma County Quarterly Real Estate Report Q2 2016
Rick Laws Senior Vice President, Sonoma County 707.547.3800 rick.laws@pacunion.com 3333 Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403
Sonoma County pacificunion.com
Sonoma County: Q2 Results Second-quarter sales volume in Sonoma County was consistent with the same period last year, with prices continuing their slow and steady climb, thanks in part to declining inventory. Currently, Sonoma County’s relative affordability compared with other Bay Area locations, along with excellent economic conditions and interest rates that remain near their historic lows, is helping to drive sales in both the primary- and secondhome markets. At some point, we expect that rising prices, and the eroding affordability that comes along with them, will take their toll and put a damper on demand, but that softening does not yet appear to be evident. For now, the Sonoma County housing market remains tilted in favor of sellers, although less so at the high end – $2 million and above. Looking Forward: Inventory and sales activity picked up as the second quarter neared its end, but we expect a slowdown in the early part of the third quarter as summer vacations top real estate concerns. With the coming of autumn, the market should regain momentum, consistent with seasonal patterns we’ve observed in years past. Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cloverdale, Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the charts below includes all single-family homes and farms and ranches in Sonoma County.
Median Sales Price $700,000 $600,000
$546,000
$545,000 $541,000
$541,500 $529,750
$526,750
$549,450
$556,250
Dec-15
Jan-16
$542,000
$560,000
Feb-16
Mar-16
$574,750
$580,500
Apr-16
May-16
$603,000
$500,000 $400,000 $300,000 $200,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes and farms/ranches in Sonoma County.
Months’ Supply of Inventory 3.1 2.5
2.6 2.1
2.1 1.7
1.7
Jun-15
Jul-15
2.5 2.2
2.2
2.0
1.8
1.9
1.9
1.9
Apr-16
May-16
Jun-16
1.5
1.6 1.1 0.6 0.1
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.
Sonoma County pacificunion.com
Average Days on the Market 90
81
80
73
70 60
56
59
60
Jul-15
Aug-15
60
60
79 68
65
61
61 53
50 40 30 20 10 0
Jun-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes and farms/ranches sold in Sonoma County.
Percentage of Properties Under Contract 45% 38.4%
40% 35%
34.5%
31.3% 27.9%
30%
27.7%
30.8%
33.2% 28.8%
36.0%
35.0%
34.8%
Apr-16
May-16
Jun-16
27.9% 24.8%
25% 20% 15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes and farms/ranches under contract in Sonoma County.
Sales Price as a Percentage of Original Price 100%
99.5%
99%
99.1% 97.9%
98%
98.1%
97.7% 96.7%
97% 96%
97.4%
96.7%
96.4%
95.5%
95.1%
95% 94%
93.8%
93.9%
Dec-15
Jan-16
93% 92% 91% 90%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.
Sonoma County pacificunion.com
A Closer Look at Sonoma County
Sonoma County Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
Cloverdale
$
22,292,774
$
27,018,500
21%
43
51
5%
89
72
-19%
$
444,245
$
484,000
9%
Healdsburg
$
71,775,625
$ 103,350,577
44%
58
61
5%
78
78
0%
$
923,750
$ 1,055,000
14%
Petaluma
$ 107,955,884
$ 120,723,138
12%
166
168
1%
53
47
-11%
$
599,500
$
666,000
11%
Rohnert Park
$
$
7%
80
78
-3%
40
40
0%
$
480,000
$
520,000
8%
Santa Rosa
$ 352,204,271
$ 312,549,686
-11%
604
503
-17%
54
55
2%
$
499,000
$
535,000
7%
Sebastopol
$
45,598,800
$
56,007,004
23%
54
62
15%
63
49
-22%
$
717,500
$
841,000
17%
Windsor
$
51,647,375
$
47,524,650
-8%
81
78
-4%
48
62
29%
$
546,000
$
564,375
3%
38,487,800
41,138,410
Source: Terradatum, July 7, 2016. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Price Range Snapshot: Q2 2016 vs. Q2 2015 Sales Volume
Homes Sold
Avg. Days on Market
Median Price
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
Under $1 million
$ 680,231,762
$ 651,187,333
-4%
1239
1,118
-10%
55
55
0%
$
$1 million and over
$ 269,803,802
$ 263,361,724
-2%
164
155
-5%
88
81
-8%
$ 1,294,500
515,000
Q2 '16
% change
560,000
9%
$ 1,295,000
0%
$
Source: Terradatum, July 7, 2016. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma Valley Quarterly Real Estate Report Q2 2016
Jill Silvas Regional Executive, Sonoma Valley 707.939.9500 jill.silvas@pacunion.com 135 West Napa Street, Suite 200 | Sonoma, CA 95476
Sonoma Valley pacificunion.com
Sonoma Valley: Q2 Results Sellers in Sonoma Valley typically hold off listing their properties during the winter and early spring, waiting for blooming gardens to present their homes in the best light. That trend held up this year, which created an increase in new listings during the latter part of the second quarter. Sellers who put overly optimistic asking prices on their homes often found that the market wouldn’t bear them. By the end of the quarter, many sellers had reduced their prices, and homes stayed on the market longer than expected. Nonetheless, it was a busy quarter. Some sellers found themselves in the unusual position of competing for buyers who had plenty of options. Well-priced properties continued to attract multiple offers, although far fewer than we saw a year ago. In the early part of the quarter, we saw a slowdown in sales of $1 million-plus properties, with plenty of inventory at that price point. By May, supply tightened, striking a better balance between buyers and sellers. Looking Forward: The Bay Area’s strong economy should continue to have a positive effect on Sonoma Valley’s real estate market through the end of the year. The second-home market remains active, and move-up buyers are also busy, creating opportunities for first-time buyers. Sellers may have to settle for a little less than they hoped, as price appreciation appears to be normalizing. Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the charts below refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.
Median Sales Price $800,000 $700,000
$637,000
$759,000
$740,000
$712,500
$675,000
$672,150
$640,000 $575,000
$600,000
$699,250 $633,000
$657,000
$652,500
Feb-16
Mar-16
Apr-16
$742,500
$500,000 $400,000 $300,000 $200,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
Months’ Supply of Inventory 4.6
4.1
3.9
4.1
3.1 2.6
3.8
3.4
3.6
2.3
2.5
2.5
2.7
2.1
2.1
2.6 2.1
2.4
2.2
1.6 1.1 0.6 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
Sonoma Valley pacificunion.com
Average Days on the Market 100 85
90 80 65
70 60 50
68 60
87 71
69
68 60
58
50
47
56
40 30 20 10 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.
Percentage of Properties Under Contract 33.0%
35% 28.4%
30% 25%
24.9%
23.5%
25.0%
26.8%
25.2%
27.7%
21.8%
27.0% 22.6%
19.8%
20% 14.8%
15% 10% 5% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
Sales Price as a Percentage of Original Price 104% 102%
101.4% 98.8%
100% 98%
98.5%
96.7%
96%
98.2%
97.9%
96.5%
96.2%
95.9% 94.0%
93.5%
94%
91.0%
92%
89.4%
90% 88% 86% 84% 82%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
Sonoma Valley pacificunion.com
A Closer Look at Sonoma Valley
Sonoma Valley Snapshot: Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
$ 1,197,500
73%
Glen Ellen
$
6,865,375
$
16,869,865
146%
8
14
75%
80
78
-3%
$
Kenwood
$
7,560,500
$
10,730,000
42%
6
9
50%
58
87
50%
$ 1,081,250
$
830,000
-23%
Sonoma
$ 147,618,554
$
93,557,208
-37%
160
107
-33%
54
55
2%
$
$
681,000
5%
694,188
650,000
Source: Terradatum, July 7, 2016. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.
Lake Tahoe/Truckee Quarterly Real Estate Report Q2 2016
Sally Gardner Regional Executive, Tahoe/Truckee Tahoe City 530.581.1882 | Truckee 530.587.7098 | Squaw Valley 530.584.6282 sally.gardner@pacunion.com
Lake Tahoe/Truckee pacificunion.com
Lake Tahoe/Truckee: Q2 Results As the Lake Tahoe/Truckee region is largely a second-home market, it operates under a different set of parameters from the Bay Area. But since many buyers in the region own primary homes in the Bay Area, real estate activity there has an undeniable effect in the Sierra Nevadas. As home prices in the Bay Area begin to slowly normalize, some recent buyers are finding themselves with unexpected extra cash and taking the plunge on a vacation property, which helped drive the second quarter’s brisk pace of sales and the resulting drop in inventory. Another factor fueling activity in Lake Tahoe is that sellers have become more realistic with pricing than in years past. This is both attracting more buyers to the region and quickening the pace of sales; it was not uncommon for attractive, well-priced homes in desirable communities to be under contract within a few days in the second quarter. Sales volume throughout the first half of the year was comparable with the same period in 2015, while the average sales price for all properties rose by about 13 percent. Looking Forward: Unlike in the Bay Area, the Lake Tahoe region doesn’t typically see a late-summer slowdown; vacationing families may find themselves inspired to lock down a winter retreat before the ski season begins. We expect the current healthy sales activity to continue through most of the rest of the year, although it will likely begin to soften after Thanksgiving. Defining Lake Tahoe/Truckee: Our real estate markets in Tahoe/Truckee 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 charts below includes single-family homes and condominiums in these communities.
Single-Family Homes – Median Sales Price $800,000
$727,500
$700,000 $600,000
$661,500 $560,000
$585,000
$577,500
Jun-15
Jul-15
Aug-15
$605,500
$579,000
$688,150 $630,000
$635,000
$595,000
$575,000
$550,000
$500,000 $400,000 $300,000 $200,000 $100,000
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for single-family homes in the Lake Tahoe/Truckee region.
Condominiums – Median Sales Price $450,000 $400,000
$427,500 $391,500
$385,000
$375,000
$361,900
$356,000
$350,000
$335,000
$330,000
$372,000
$359,000
$321,000
$326,500
$315,000
$300,000 $250,000 $200,000 $150,000 $100,000
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Median sales price for condominiums in the Lake Tahoe/Truckee region.
Lake Tahoe/Truckee pacificunion.com
Single-Family Homes – Months’ Supply of Inventory 9.1
8.1
8.1 7.1
6.8
6.9 5.5
6.1
5.9
6.5
6.4 4.8
5.1
6.4
5.9
5.7 4.8
4.7
Mar-16
Apr-16
4.1 3.1 2.1 1.1 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for single-family homes in the Lake Tahoe/Truckee region.
Condominiums – Months’ Supply of Inventory 14.1
12.6
12.3
12.1
11.1
10.1
9.0
11.7
11.7
12.1 10.2
8.4
11.1
10.9
May-16
Jun-16
7.8
8.1
6.4
6.1 4.1 2.1 0.1
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Source: Terradatum, July 7, 2016. Months' supply of inventory for condominiums in the Lake Tahoe/Truckee region.
Single-Family Homes – Average Days on the Market 160
148
140
130
95
100 80 60
112
111
120
80
81
Jul-15
Aug-15
89
130
98
107
74
59
40 20 0
Jun-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for single-family homes sold in the Lake Tahoe/Truckee region.
Lake Tahoe/Truckee pacificunion.com
Condominiums – Average Days on the Market 200 173
180 160 140 120
107
107
128
122
119
110
103
120
92
100 80 60 40
55
42
48
20 0
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Average days on market for condominiums sold in the Lake Tahoe/Truckee region.
Single-Family Homes – Percentage of Properties Under Contract 20%
18.4%
18%
16.8% 14.9%
16% 14%
12.1%
12.5%
10%
Aug-15
Sep-15
13.8%
13.4%
12%
15.7%
16.1%
11.1%
11.3%
Nov-15
Dec-15
14.8%
9.5%
8% 6% 4% 2% 0%
Jun-15
Jul-15
Oct-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Percentage of single-family homes under contract in the Lake Tahoe/Truckee region.
Condominiums – Percentage of Properties Under Contract 14%
12.2%
11.2%
12%
11.0%
10% 7.7% 8%
7.7%
7.2%
6.1%
6.5%
Nov-15
Dec-15
8.3%
8.2%
Mar-16
Apr-16
10.5%
10.8%
May-16
Jun-16
6.5%
6% 4% 2% 0%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Jan-16
Feb-16
Source: Terradatum, July 7, 2016. Percentage of condominiums under contract in the Lake Tahoe/Truckee region.
Lake Tahoe/Truckee pacificunion.com
Single-Family Homes – Sales Price as a Percentage of Original Price 98%
96.5%
96%
95.1%
94.5%
94%
92.9%
93.3%
93.4%
93.5%
93.4% 91.3%
90.6%
92%
92.4%
92.0%
90% 88%
86.8%
86% 84% 82% 80%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for single-family homes under contract in the Lake Tahoe/Truckee region.
Condominiums – Sales Price as a Percentage of Original Price 97.1%
98% 96.5% 96%
95.9%
95.6%
96.3%
96.1% 95.1%
94%
92.8%
93.4%
93.9%
91.6%
92% 90.2%
89.9%
90% 88% 86%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Source: Terradatum, July 7, 2016. Sales price as % of original price (including adjustments) for condominiums under contract in the Lake Tahoe/Truckee region.
Lake Tahoe/Truckee pacificunion.com
A Closer Look at Lake Tahoe/Truckee Lake Tahoe/Truckee Snapshot: SFH, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Median Price Q2 '15
Q2 '16
% change
Alpine Meadows
$
2,682,600
$
4,865,000
81%
4
6
50%
48
120
150%
$
673,800
$
800,000
19%
Donner Lake
$
5,647,180
$
1,525,500
-73%
8
3
-63%
154
34
-78%
$
562,500
$
496,500
-12%
Donner Summit
$
5,753,625
$
9,329,000
62%
12
12
0%
98
39
-60%
$
457,000
$
627,000
37%
Martis Valley
$
22,729,000
$
74,951,825
230%
22
40
82%
53
82
55%
$
492,000
$
619,500
26%
North Lake Tahoe
$
44,896,612
$
36,420,984
-19%
61
41
-33%
110
130
18%
$
560,000
$
542,000
-3%
Northstar
$
4,727,500
$
12,920,000
173%
6
11
83%
167
123
-26%
$
745,000
$
900,000
21%
Squaw Valley
$
2,219,000
$
13,190,000
494%
3
9
200%
214
471
120%
$
680,000
$
1,440,000
Tahoe City
$
13,627,500
$
24,147,984
77%
18
17
-6%
36
179
397%
$
625,000
$
720,000
15%
Tahoe Donner
$
31,943,300
$
35,309,406
11%
51
51
0%
55
51
-7%
$
555,000
$
600,000
8%
Truckee
$
37,799,051
$
95,940,175
154%
51
73
43%
52
83
60%
$
477,000
$
559,000
17%
West Shore
$
15,127,000
$
33,085,548
119%
23
34
48%
99
131
32%
$
560,000
$
708,024
26%
112%
Source: Terradatum, July 7, 2016. Data is for single-family homes in the Lake Tahoe/Truckee region.
Lake Tahoe/Truckee Snapshot: Condos, Q2 2016 vs. Q2 2015 Sales Volume Q2 '15
Q2 '16
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '15
Q2 '16
% change
Q2 '15
Q2 '16
% change
Q2 '15
106%
2
4
100%
115
172
50%
$
n/a
4762500
1
n/a
0
14
n/a
$
n/a
0
0
n/a
0
0
n/a
$
Q2 '16
% change
Alpine Meadows
$
Donner Lake
$
Donner Summit
$
North Lake Tahoe
$
8,057,425
$
4,762,500
-41%
15
12
-20%
42
178
324%
$
290,000
$
313,250
8%
Northstar
$
4,387,250
$
4,424,473
1%
11
6
-45%
63
60
-5%
$
325,000
$
407,500
25%
Squaw Valley
$
1,815,000
$
1,976,500
9%
4
5
25%
249
121
-51%
$
290,000
$
389,000
34%
Tahoe City
$
5,685,425
$
3,473,500
-39%
8
8
0%
49
152
210%
$
349,500
$
313,250
-10%
Tahoe Donner
$
2,525,000
$
4,342,500
72%
9
16
78%
50
31
-38%
$
292,000
$
287,500
-2%
Truckee
$
6,027,808
$
14,753,000
145%
11
19
73%
78
94
21%
$
499,000
$
469,000
-6%
West Shore
$
$
701,500
n/a
0
2
n/a
0
112
n/a
$
$
350,750
n/a
595,000
$
1,223,000
-
$
699,000
-
$
-
-
$
327,500
10%
-
$
699,000
n/a
-
$
297,500
-
-
n/a
Source: Terradatum, July 7, 2016. Data is for condominiums in the Lake Tahoe/Truckee region.
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