q12014 quarterlyreport ezine
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Pacific Union Real Estate, Luxury Quarterly ReportTRANSCRIPT
Quarterly Real Estate ReportQ1 2014
A Member of Real Living
Affluent Buyers From China Are Betting Big onBay Area Real Estate 6
Contra Costa County 8
East Bay 12
Marin County 16
Napa County 20
San Francisco 24
Silicon Valley 32
Sonoma County 36
Sonoma Valley 40
Tahoe/Truckee 44
Table of Contents
Bay Area 10-Year OverviewHere’s a look at home sales in the Bay Area’s real estate markets in the first quarter of 2014, with a glance back at the 10 preceding first quarters.
Click here to see specific 10-year data on key cities in the Bay Area.
REGION Q1 '04 Q1 '05 Q1 '06 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14
CONTRA COSTA COUNTY 2,403 2,411 2,089 1,786 1,310 2,892 2,288 2,456 2,553 2,289 1,829
EAST BAY 495 511 535 445 338 315 365 469 498 439 421
MARIN COUNTY 526 488 410 427 281 223 349 385 434 431 412
NAPA COUNTY 315 298 245 220 140 244 263 290 313 268 211
SAN FRANCISCO (SFH) 513 511 476 435 203 333 468 501 535 499 452
SAN FRANCISCO (CONDOS) 524 501 484 458 319 216 372 479 485 507 529
SILICON VALLEY 583 683 295 314 207 132 220 237 251 240 220
SONOMA COUNTY 1,261 1,243 1,037 885 621 1,028 921 978 1,156 979 887
SONOMA VALLEY 149 136 97 81 75 84 88 103 114 104 95
TAHOE/TRUCKEE (SFH) 200 185 133 147 132 122 167 182 220 223 180
TAHOE/TRUCKEE (CONDOS) 65 58 59 46 34 18 64 52 50 61 55Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, April 4, 2014.
Bay Area: 10-Year Overview of Q1 Homes Sold
Tahoe City 530.581.1882
Truckee 530.587.7098
Squaw Valley530.584.6282
PACIFIC OCEAN
Truckee
Squaw Valley
TahoeCity Lake
Tahoe
*Pacific Union is not the exclusive affiliate of Christie’s International Real Estate in The Peninsula or Lake Tahoe.
Kentfield 415.448.1100
Larkspur 415.945.6300
Mill Valley, Downtown 415.380.6100
Ross 415.464.8686 415.461.8605 415.461.8686
Southern Marin 415.383.1900
Tiburon/Belvedere 415.789.8686
San FranciscoOpera Plaza 415.474.6600
Presidio 415.929.7100
South Beach 415.766.6600
Relocation 800.305.7989
Commercial 415.834.3540
Burlingame650.314.7200
Menlo Park 650.314.7200
Napa Valley, Napa 707.251.8805
Napa Valley, St. Helena 707.967.1340
Healdsburg 707.395.3840
Petaluma707.658.4508
Santa Rosa 707.547.3800
Sonoma 707.939.9500
Berkeley 510.982.4400
Oakland, Montclair 510.339.6460
Sonoma Napa
Solano
Contra Costa
Alameda
Santa Clara
Santa Cruz
SanMateo
Danville 925.743.9330
Lafayette 925.444.4300
Orinda 925.258.0090
Affluent Buyers From China Are Betting Big on Bay Area Real EstateTales of newly minted tech millionaires scooping up pricy homes have become par for the course in the Bay Area of late. But wealthy homebuyers from China also play an increasingly key role in our luxury housing markets – and Pacific Union has launched a groundbreaking China Concierge Program to serve that demographic, while also giving its Northern California clients access to a new set of buyers.
“The Chinese buyer pool tends to be very interested in purchasing property for multiple uses,” Pacific Union CEO Mark A. McLaughlin says. “It could be for personal use – they want to move their family into a great city with a great school district – or a series of investment choices.
“What’s becoming equally common is buying a property five to seven years ahead of an actual need and saving it for when their children attend Bay Area private schools and college,” McLaughlin says. “This phenomenon and long-term hold strategy could have a further impact on restricting resale inventory, thereby driving price-per-square-foot dynamics to new record levels.”
Bay Area Market Conditions
For many months, competition for Bay Area residential real estate has been nothing short of sizzling, with multiple bids commonplace in San Francisco, Marin County, the East Bay, Silicon Valley, and many other communities.
Homes in some popular San Francisco districts are commanding an average of 121 percent of their asking prices, and a growing number of all-cash deals are pushing many would-be buyers out of the market.
“(Homebuyers from Asia) increase buying pressure because we are seeing all of these people who flush their money into our market,” says one of Pacific Union’s top Silicon Valley real estate professionals, who works frequently with Chinese buyers. “That brings in this intense competition.”
Chinese Buyers in Silicon Valley, San Francisco
For many well-heeled Chinese buyers, the U.S. housing market remains somewhat of a bargain and represents an attractive opportunity for investment or purchasing second homes for themselves or primary residences for family members.
During the housing crisis, Chinese homebuyers increasingly looked to the U.S. for real estate deals. That interest has continued to grow, in part thanks to comparatively lower costs per square foot in major U.S. metro areas compared with those in China, as well as concerns over potential new taxes and inflation in China.
China’s average price per square meter for desirable urban housing clocks in at just under $7,000 ($644 per square foot), compared with nearly $15,300 in the U.S. ($1,420 per square foot), investment site Global Property Guide reports.
However, prices for luxury properties in cities like Beijing and Shanghai can outpace U.S. numbers, experts say. That’s true even in expensive places like San Francisco, where luxury real estate sold for an average of $829 per square foot last year, according to Christie’s International Real Estate’s 2013 luxury homes report.
Meanwhile, Hong Kong’s luxury real estate market was the second most expensive in the world, with an average price per square foot of $2,578, Christie’s said.
Chinese buyers trail only Canadians as the most frequent foreign investors in U.S. residential real estate, with most purchasing homes in California, according to a 2013 National Association of Realtors® report.
With its excellent public schools, rapidly growing property values, and proximity to Stanford University, Palo Alto has become ground zero for buyers from Asia; San Francisco, Los Altos, Atherton, Cupertino, and Hillsborough follow close behind, according to David Barca, vice president of Pacific Union’s Silicon Valley region.
One wealthy Asian buyer found the town of Atherton so appealing that he reportedly bought three lavish $20-million-plus homes there between August 2012 and February 2014, Barca says.
Overall, the most popular price point for Chinese homebuyers seeking Silicon Valley properties has risen this year to about $3 million to $5 million, up from around $2 million to $3 million in 2013, our real estate professional says.
Whether looking in San Francisco or Silicon Valley, the latest wave of Chinese buyers wants new construction and large lots, she notes, adding, “In their mind, a house that’s 10 years old is already old.
“And in (the Chinese) value system … the value is in the land not in the home. A bigger lot is very, very attractive.”
The Future of Chinese Investment in the Bay Area
In San Francisco, wealthy Chinese buyers have increasingly relied on representatives to scope out homes and close deals for them, Pacific Union President Patrick Barber says.
“The Asian buyer, the Chinese buyer, has always been important to our marketplace,” Barber says. “But certainly the Chinese buyer having a representative purchase properties sight unseen is a shift we hadn’t seen before.”
And the influx of Chinese wealth goes beyond real estate. Barber says his contacts at luxury-car dealerships in the city have reported “a huge influx of young college-age Asian children who are being educated at University of San Francisco, Berkeley, and Stanford and have big budgets.”
So is the trend likely to continue? The potential for even greater Chinese investment in Bay Area real estate remains huge, experts say.
Indeed, the latest Hurun Global Rich List showed that China is home to 358 billionaires, trailing the U.S.’ No. 1 ranking by just 123 individuals. San Francisco has become one of the top cities where the ultrarich seek to put down roots, the report noted.
Pacific Union’s China Concierge Program
In response to that growing demand, Pacific Union launched its China Concierge Program last year.
The white-glove initiative remains unique in the Bay Area and U.S. real estate markets, offering clients in mainland China a single point of contact for a myriad of services to help them buy investment properties in Northern California and parts of Nevada -- or relocate to the area.
Those services include real estate market analysis; identification of available luxury estates, single-family homes, condominiums, vineyards, and commercial properties; assistance with purchasing a property and obtaining financing; and help with immigration and tax attorneys and visas.
Pacific Union’s commitment to this demographic puts the company at the forefront of U.S. residential real estate and offers local clients invaluable exposure to powerhouse buyers.
In December CEO McLaughlin traveled to Beijing to attend an exclusive meeting with 10 of the country’s wealthiest real estate investors. McLaughlin, the only attendee representing a U.S.-based residential real estate firm, called the U.S. Embassy event “an experience of a lifetime.”
“I am humbled by the stature and heritage of Pacific Union’s great brand, and its acceptance and performance here in China,” McLaughlin said. “While our competition promotes international reach through websites, Pacific Union is alone in going the extra mile for our clients both in Northern California and in China.”
Ellen AndersonSenior Vice President, Contra Costa [email protected] Sycamore Valley Road West | Danville, CA 94526
Contra Costa CountyQuarterly Real Estate ReportQ1 2014
Contra Costa County: Q1 ResultsThe first quarter of 2014 started slowly in Pacific Union’s Contra Costa County region as a shortage of homes on the market held back sales. Inventory gradually loosened throughout the quarter, and by the end of March we saw a double-digit increase in home sales – solid performance during the typically slow winter season.
Relaxed loan standards and an increase in jumbo loans helped spur sales in the market for homes priced at $1 million to $1.4 million – a significant share of Contra Costa County properties – with many selling above list price. The market for higher-priced homes up to $4 million also saw sales climb significantly higher throughout the quarter, as foreign investors and tech-industry executives increasingly were drawn to the region’s attractive homes and excellent schools.
Looking Forward: We expect to see a slight increase in inventory in the coming months, but well-staged homes that are competitively priced will still get multiple offers. The average sales price will rise moderately, perhaps 5 percent through the second quarter. With mortgage rates expected to stay at historically low levels for at least the next several months, the second quarter should be quite robust.
Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the charts below includes single-family homes in these communities.
Contra Costa Countypacificunion.com | A Member of Real Living
Median Sales Price
Months’ Supply of Inventory
$711,000 $753,500 $800,000
$826,500 $788,738 $800,000
$755,000 $731,000
$788,000
$705,000 $747,500 $749,500
$862,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Source: Terradatum, April 4, 2014. Median sales price for single-family homes in these Contra Costa County communities:
Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
1.2 1.3
1.4 1.4 1.5 1.5
1.9
1.7
1.5
1.2
1.8 1.9
1.5
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Contra Costa Countypacificunion.com | A Member of Real Living
Average Days on the Market
23 21
19 18 21 21 22
29 27
34 35
30
23
0
5
10
15
20
25
30
35
40
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes sold in these Contra Costa County communities: Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Sales Price as a Percentage of Original Price
100.7%
102.3% 102.2%
100.9% 100.9% 100.3%
99.4%
98.3% 98.1% 97.7% 97.7%
100.1% 100.4%
95%
96%
97%
98%
99%
100%
101%
102%
103%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
Percentage of Properties Under Contract
48.1% 43.2% 41.0%
37.1% 35.4% 33.4%
28.3%
33.8% 33.4%
26.9%
34.1% 37.9%
46.1%
0%
10%
20%
30%
40%
50%
60%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
A Closer Look at Contra Costa County
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Alamo 53,417,598$ 57,434,900$ 8% 41 40 -2% 25 50 100% 1,299,000$ 1,369,250$ 5%
Blackhawk 27,297,980$ 20,559,900$ -25% 22 13 -41% 49 34 -31% 1,034,000$ 1,269,900$ 23%
Concord 92,773,357$ 85,892,206$ -7% 250 186 -26% 22 27 23% 352,500$ 428,500$ 22%
Danville 102,352,590$ 116,634,879$ 14% 106 106 0% 37 30 -19% 880,000$ 1,025,000$ 16%
Diablo 8,731,250$ 6,465,000$ -26% 4 2 -50% 107 40 -63% 2,115,625$ 3,232,500$ 53%
Lafayette 78,015,495$ 63,544,400$ -19% 58 48 -17% 39 39 0% 1,197,000$ 1,225,000$ 2%
Martinez 36,864,099$ 41,564,585$ 13% 103 86 -17% 28 34 21% 340,000$ 477,500$ 40%
Moraga 26,903,500$ 28,784,000$ 7% 24 25 4% 33 19 -42% 1,045,000$ 1,135,000$ 9%
Orinda 45,974,108$ 40,613,820$ -12% 38 36 -5% 29 28 -3% 1,015,000$ 1,087,000$ 7%
PleasantHill 32,087,625$ 37,958,980$ 18% 66 60 -9% 26 22 -15% 471,000$ 656,000$ 39%
San Ramon 98,211,558$ 111,518,612$ 14% 121 117 -3% 20 20 0% 760,000$ 878,000$ 16%
Walnut Creek 82,590,840$ 71,316,731$ -14% 107 79 -26% 20 30 50% 730,000$ 850,000$ 16%
Source: Terradatum, April 4, 2014. Data is for single-family homes in selected Contra Costa County cities.
Contra Costa County Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Contra Costa Countypacificunion.com | A Member of Real Living
Pam HoffmanSenior Vice President, Managing Broker, East Bay [email protected] Mountain Boulevard | Oakland, CA 94611
East BayQuarterly Real Estate ReportQ1 2014
East Bay: Q1 ResultsPacific Union’s East Bay region saw a steady supply of listings appear on the market in the first quarter, but it wasn’t nearly enough to meet buyer demand. Homes sold within weeks of their first appearance on the MLS, often for more than 20 percent above asking prices in the most competitive neighborhoods.
The East Bay remained an attractive destination for homebuyers priced out of the San Francisco market. All-cash buyers had a significant advantage over those relying on bank financing, but competition was fierce among all buyers and at all price points. The tight supply ensured that virtually all homes that were attractive and fairly priced received multiple offers.
Looking Forward: Springtime is the busiest real estate season, and we are confident that the inventory of available homes will expand in the second quarter, helping to ease the frenetic pace of bidding among buyers. We expect to see a steady increase in both sales and prices, although outside factors such as rising interest rates could affect the market.
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.
East Baypacificunion.com | A Member of Real Living
Median Sales Price
Months’ Supply of Inventory
$685,000
$750,000 $756,500 $740,000 $735,000 $741,500 $722,500 $730,000 $737,500 $700,000 $713,750 $725,500
$775,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes in the East Bay.
1.4
1.2 1.3
1.3 1.3 1.3
2.0
1.6
1.1
0.9
1.8 1.9
1.2
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes in the East Bay.
East Baypacificunion.com | A Member of Real Living
Average Days on the Market
21 21
18 18 20
25
22 21
25
29
33
28
25
0
5
10
15
20
25
30
35
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes sold in the East Bay.
Sales Price as a Percentage of Original Price
109.5% 110.0%
112.7%
110.0% 108.6%
107.0% 108.7% 108.3%
106.8%
104.0%
100.8%
106.2%
109.5%
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
114%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.
Percentage of Properties Under Contract
46.9% 43.9% 45.0%
40.9% 37.7% 36.1%
30.5%
37.3% 38.9%
29.2%
33.5%
38.8%
47.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in the East Bay.
A Closer Look at the East Bay
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Alameda 31,941,867$ 51,794,728$ 62% 51 64 25% 36 21 -42% 627,500$ 760,750$ 21%
Albany 12,789,000$ 8,430,800$ -34% 19 12 -37% 14 30 114% 648,000$ 748,750$ 16%
Berkeley 55,503,840$ 79,821,591$ 44% 67 87 30% 19 19 0% 685,000$ 795,000$ 16%
El Cerrito 24,205,526$ 22,390,750$ -7% 43 35 -19% 21 24 14% 554,500$ 600,000$ 8%
Kensington 5,695,000$ 8,268,000$ 45% 7 9 29% 18 19 6% 720,500$ 810,000$ 12%
Oakland* 152,306,978$ 145,667,268$ -4% 235 196 -17% 29 32 10% 650,000$ 650,500$ 0%
Piedmont 28,903,000$ 40,747,111$ 41% 17 18 6% 18 57 217% 1,535,000$ 1,642,500$ 7%
East Bay Snapshot: Q1 2014 vs. Q1 2013
Source: Terradatum,April 4, 2014. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Under $500,000 37,994,379$ 29,893,342$ -21% 110 77 -30% 38 38 0% 350,000$ 395,000$ 13%
Over $500,000 273,350,832$ 327,226,906$ 20% 329 344 5% 22 26 18% 731,000$ 800,000$ 9%
$500,000 - $1 million 190,122,832$ 190,533,907$ 0% 271 261 -4% 22 25 14% 685,000$ 735,000$ 7%
Over $1 million 83,228,000$ 136,692,999$ 64% 58 83 43% 21 27 29% 1,248,500$ 1,325,000$ 6%
Source: Terradatum, April 4, 2014. 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.
East Bay Price Range Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Montclair / Joaquin Miller 56 47 -16% $771,253 $861,728 12%
Crocker Highlands / Grand Lake 20 27 35% $746,450 $871,099 17%
Rockridge / Claremont 25 19 -24% $979,450 $1,177,352 20%
Glenview / Oakmore 30 22 -27% $746,880 $767,458 3%
Laurel / Dimond 14 15 7% $430,192 $462,861 8%
Redwood Heights / Lincoln Heights 20 16 -20% $566,250 $623,462 10%
Crestmont / Ridgemont / Skyline 6 6 0% $786,500 $905,833 15%
Temescal / Piedmont Ave. 12 4 -67% $736,962 $807,972 10%
Oakland Snapshot: Q1 2014 vs. Q1 2013
NeighborhoodHomes Sold Average Price
Source: EBRD, April 8, 2014. Data is for single-family homes in selected Oakland neighborhoods.
East Baypacificunion.com | A Member of Real Living
Brent ThomsonPresident, Marin [email protected] Redwood Highway, Suite 150 | Mill Valley, CA 94941
Marin CountyQuarterly Real Estate ReportQ1 2014
Marin County: Q1 ResultsThe supply of available homes remained exceptionally tight in Pacific Union’s Marin County region during the first quarter. Continuing a trend that has frustrated many buyers, bidding wars escalated for most properties, and final sales prices climbed far beyond listing prices. As a general rule, buyers with a $1.5 million budget instead focused their searches on $1.3 million properties and spent the difference on sweetened offers.
Homes that came on the market in the first quarter quickly went into contract, with all-cash buyers clearly having an edge over those relying on bank financing. The first quarter also saw a growing number of private purchase agreements, reached without the home ever appearing on the MLS and without competing bids. Such private deals can simplify the sales process for sellers but don’t guarantee the highest possible prices.
Looking Forward: All signs point to a busy spring and summer, although the supply of homes will remain tight until sellers realize the substantial price premiums homes are commanding in the current market. It has been many years since our Marin County region was so favorable to sellers.
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.
Marin Countypacificunion.com | A Member of Real Living
Median Sales Price
Months’ Supply of Inventory
$849,500 $949,000 $945,000 $990,000
$1,008,650 $946,000
$848,500 $905,000 $905,000
$852,000
$935,000 $995,000 $1,023,750
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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.
1.6
1.9 1.7
2.0 2.0 1.9
2.6
2.2
1.9 1.7
2.4 2.4
1.5
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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 Countypacificunion.com | A Member of Real Living
Average Days on the Market
Percentage of Properties Under Contract
79
49 47 41
52 50 54 53
62
75
84
73
56
0
10
20
30
40
50
60
70
80
90
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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.
40.5%
35.2% 33.8% 30.6%
29.4% 27.6% 27.3% 27.9%
27.3%
19.1%
32.8% 32.6%
44.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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
96.9%
99.0%
100.6% 100.0%
98.6%
97.0%
94.2%
98.0%
96.0%
93.8%
94.5%
98.0%
95.8%
90%
92%
94%
96%
98%
100%
102%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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.
A Closer Look at Marin County
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Belvedere 32,505,000$ 53,517,000$ 65% 10 14 40% 153 125 -18% 2,537,500$ 3,030,000$ 19%
Corte Madera 17,850,500$ 13,902,950$ -22% 16 12 -25% 50 65 30% 892,000$ 1,136,500$ 27%
Fairfax 12,007,800$ 12,844,750$ 7% 18 15 -17% 134 83 -38% 686,150$ 770,000$ 12%
Greenbrae 9,779,800$ 14,487,000$ 48% 8 10 25% 61 71 16% 1,150,000$ 1,296,000$ 13%
Kentfield 25,390,350$ 22,040,000$ -13% 12 9 -25% 55 31 -44% 1,530,000$ 1,675,000$ 9%
Larkspur 14,772,846$ 24,867,578$ 68% 12 13 8% 58 54 -7% 1,296,923$ 1,615,000$ 25%
Mill Valley 68,121,250$ 100,620,553$ 48% 61 59 -3% 88 49 -44% 900,000$ 1,380,000$ 53%
Novato 60,229,340$ 73,574,110$ 22% 90 99 10% 74 64 -14% 640,000$ 702,800$ 10%
Ross 18,543,540$ 12,505,000$ -33% 9 6 -33% 75 41 -45% 1,925,000$ 2,297,500$ 19%
San Anselmo 38,238,256$ 34,376,300$ -10% 40 29 -28% 107 70 -35% 765,750$ 900,000$ 18%
San Rafael 83,537,226$ 78,994,952$ -5% 96 86 -10% 87 67 -23% 764,750$ 839,450$ 10%
Sausalito 13,590,200$ 29,873,734$ 120% 9 15 67% 90 87 -3% 983,900$ 1,425,000$ 45%
Tiburon 35,224,000$ 74,169,130$ 111% 20 25 25% 121 106 -12% 1,585,000$ 2,870,000$ 81%
Source: Terradatum, April 4, 2014. Data is for single-family homes in selected Marin County cities.
Marin County Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Marin Countypacificunion.com | A Member of Real Living
Linda CarrollRegional Executive, Napa [email protected] Main Street | Napa, CA 94559
Napa CountyQuarterly Real Estate ReportQ1 2014
Napa County: Q1 ResultsHome sales in Pacific Union’s Napa County region slowed in January and February, following seasonal norms, but began picking up again in March as the spring buying season approached. The inventory of available homes for sale remained tight throughout the first quarter. Multiple bids were seen at all price points, but especially in the $400,000-to-$550,000 price range. Compared with the second and third quarters of 2013, however, multiple offers were down in number.
A more significant change in first-quarter sales activity involved a surprising number of homebuyers who backed out of purchases just a few days after signing sales contracts – evidence of sticker shock, perhaps. Sellers, too, were more cautious, with many insisting on contingency sales in which they could cancel a deal if they couldn’t find a new home themselves. The changing dynamics are a sign that Napa County real estate is slowly moving to a more familiar move-up buyer market.
Looking Forward: We expect to see a substantial number of homes hit the market in the second quarter of 2014, along with a new rush of buyers. Napa County homes look their best with flowerbeds and gardens in full bloom, and we look forward to busy second and third quarters.
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.
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Median Sales Price
Months’ Supply of Inventory
$415,650 $454,000 $475,000
$540,000 $505,000
$527,500
$468,500 $492,500 $501,000 $475,000
$528,000 $471,000
$589,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes in Napa County.
3.0 2.7 2.8
4.0
2.9
3.7
4.1
3.7 3.5
2.6
3.7 4.0 4.0
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
4.1
4.6
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes in Napa County.
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Average Days on the Market
Percentage of Properties Under Contract
99 89 86
67
82 77 81 83 87 91
127
110 101
0
20
40
60
80
100
120
140
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes sold in Napa County.
26.4% 28.0%
22.3% 21.7% 21.3% 19.6%
17.3% 18.6% 18.8%
16.5%
24.2%
20.2%
30.3%
0%
5%
10%
15%
20%
25%
30%
35%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in Napa County.
Sales Price as a Percentage of Original Price
93.8%
97.1% 96.7%
98.4%
96.5% 96.3% 96.3%
93.6%
92.2%
94.1%
90.0% 90.7%
93.6%
84%
86%
88%
90%
92%
94%
96%
98%
100%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.
A Closer Look at Napa County
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
American Canyon 14,338,099$ 11,672,000$ -19% 41 30 -27% 53 59 11% 345,000$ 392,500$ 14%
Angwin 2,893,000$ 4,639,000$ 60% 7 7 0% 126 144 14% 469,000$ 528,000$ 13%
Calistoga 6,352,000$ 16,719,400$ 163% 9 14 56% 112 172 54% 433,000$ 692,500$ 60%
Napa 89,867,671$ 82,860,421$ -8% 181 135 -25% 99 102 3% 415,000$ 515,000$ 24%
St. Helena 22,058,500$ 30,061,500$ 36% 25 18 -28% 159 182 14% 750,000$ 1,055,000$ 41%
Yountville 2,760,000$ 3,712,250$ 35% 3 5 67% 220 129 -41% 750,000$ 729,500$ -3%
Source: Terradatum, April 4 2014. Data is for single-family homes in selected Napa County cities.
Napa County Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Under $500,000 56,694,220$ 38,918,551$ -31% 171 103 -40% 80 81 1% 337,125$ 399,000$ 18%
$500,000 - $999,999 54,528,550$ 54,112,170$ -1% 79 79 0% 121 123 2% 679,000$ 640,000$ -6%
$1 million - $3 million 24,187,500$ 36,302,350$ 50% 17 24 41% 202 163 -19% 1,380,000$ 1,335,000$ -3%
Over $3 million 3,100,000$ 22,145,000$ 614% 1 5 400% 144 357 148% 3,100,000$ 4,800,000$ 55%
Median Price
Source: Terradatum, April 4, 2014. Data is for single-family homes in Napa County.
Napa County Price Range Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market
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Patrick [email protected] Letterman Drive, Building C, Suite 500 | San Francisco, CA 94129
San FranciscoQuarterly Real Estate ReportQ1 2014
San Francisco: Q1 ResultsFirst-quarter real estate activity in San Francisco was, in a word, unbelievable. The winter months usually see a slowdown, but an exceptionally tight inventory of homes on the market resulted in frenetic bidding activity for properties at all price points and in all neighborhoods. With multiple offers for most properties, sales prices reached record highs.
A snapshot of first-quarter sales shows bidding at a new condominium development in the Mission District climb to $1,400 per square foot, reaching prices that previously were seen only on the city’s north side. A newly renovated tenancy-in-common on Nob Hill also achieved prices above $1,400 per square foot.
Even with the promise of generous prices, sellers were reluctant to put their homes on the market because they’re not sure where they will find their next home in the current tight market. Meanwhile, the booming economy in San Francisco – where tech-sector jobs have increased 53 percent since 2010 – helped ensure an increasing pool of buyers.
Looking Forward: San Francisco will remain a superheated market until the inventory of homes expands considerably – when sellers take advantage of a market weighted in their favor. When that happens, buyers will be waiting.
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Single-Family Homes – Median Sales Price
Condominiums – Median Sales Price
$920,000
$1,000,000 $1,020,000
$939,000
$872,500 $940,000 $930,000 $903,000
$957,000 $947,000 $926,000
$1,050,000 $1,000,033
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes in San Francisco.
$855,000 $900,000
$871,000 $825,000
$875,000 $828,500 $851,500
$896,500 $872,500
$770,000
$950,000 $945,000 $975,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for condominiums in San Francisco.
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Single-Family Homes – Months’ Supply of Inventory
1.5 1.7
1.5 1.4 1.4
1.7
2.4
1.5 1.3
1.1
2.0
1.6 1.4
0.1
0.6
1.1
1.6
2.1
2.6
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes in San Francisco.
Single-Family Homes – Average Days on the Market
39
35 32
35 33
38
31 34 34
42 41 38
33
0
5
10
15
20
25
30
35
40
45
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes sold in San Francisco.
Condominiums – Months’ Supply of Inventory
1.5 1.5
1.2
1.6
1.2
1.5
2.5
1.4 1.2
1.0
1.9
1.6
1.2
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for condominiums in San Francisco.
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Condominiums – Average Days on the Market
37
45
38 37 39
36 34 35
39 43
47
40
30
0
5
10
15
20
25
30
35
40
45
50
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for condominiums sold in San Francisco.
Condominiums – Percentage of Properties Under Contract
40.1% 39.8% 38.6% 38.8%
41.1%
33.5%
30.8%
38.9% 39.0%
33.6% 34.6%
40.7% 39.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of condominiums under contract in San Francisco.
Single-Family Homes – Percentage of Properties Under Contract
40.2% 37.2%
41.0% 38.3%
35.9% 34.6%
29.1%
40.0% 37.6%
28.7%
34.2%
38.7% 41.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in San Francisco.
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Single-Family Homes – Sales Price as a Percentage of Original Price
105.2%
107.6% 107.5%
109.4%
105.3% 104.4%
107.7%
106.1% 105.6%
100.5%
103.4%
106.9%
109.3%
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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
104.2% 104.8% 104.1%
106.9% 106.3%
105.0% 103.8% 103.5%
104.1%
101.3% 100.5%
105.5%
108.5%
96%
98%
100%
102%
104%
106%
108%
110%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.
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.
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Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
District 1 61,896,100$ 55,508,800$ -10% 39 35 -10% 36 41 14% 1,112,500$ 1,250,000$ 12%
District 2 71,081,988$ 70,617,322$ -1% 81 76 -6% 52 39 -25% 790,000$ 920,500$ 17%
District 3 14,923,400$ 28,688,300$ 92% 23 36 57% 43 42 -2% 600,000$ 710,000$ 18%
District 4 74,210,400$ 81,183,300$ 9% 64 63 -2% 37 33 -11% 942,500$ 1,150,000$ 22%
District 5 133,285,153$ 158,302,282$ 19% 73 70 -4% 40 27 -33% 1,600,000$ 2,175,000$ 36%
District 6 14,345,000$ 24,804,620$ 73% 6 12 100% 57 52 -9% 2,450,000$ 1,830,000$ -25%
District 7 80,208,999$ 84,807,000$ 6% 19 18 -5% 58 25 -57% 4,000,000$ 4,362,500$ 9%
District 8 10,020,000$ 21,725,000$ 117% 4 6 50% 64 9 -86% 2,900,000$ 3,600,000$ 24%
District 9 50,856,500$ 46,548,888$ -8% 55 38 -31% 42 39 -7% 870,000$ 1,240,000$ 43%
District 10 72,443,699$ 61,853,683$ -15% 135 98 -27% 38 44 16% 551,700$ 635,000$ 15%
Source: Terradatum, April 4, 2014. Data is for single-family homes in San Francisco districts.
San Francisco Snapshot: SFH, Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
District 1 24,304,000$ 22,855,850$ -6% 31 21 -32% 59 43 -27% 732,500$ 1,120,000$ 53%
District 2 8,605,000$ 1,180,000$ -86% 10 1 -90% 33 1 -97% 825,000$ 1,180,000$ 43%
District 3 3,402,088$ 3,309,000$ -3% 9 7 -22% 21 56 167% 332,500$ 410,000$ 23%
District 4 6,115,269$ 9,359,000$ 53% 12 15 25% 69 30 -57% 407,250$ 600,000$ 47%
District 5 62,074,888$ 102,768,578$ 66% 65 91 40% 41 27 -34% 910,000$ 1,125,000$ 24%
District 6 40,449,999$ 44,805,152$ 11% 52 50 -4% 40 45 13% 732,500$ 880,283$ 20%
District 7 80,427,000$ 64,492,243$ -20% 68 42 -38% 46 31 -33% 1,072,500$ 1,305,000$ 22%
District 8 70,083,918$ 107,143,404$ 53% 75 107 43% 46 46 0% 750,000$ 850,888$ 13%
District 9 159,990,241$ 190,491,627$ 19% 168 187 11% 44 35 -20% 838,500$ 950,000$ 13%
District 10 6,223,000$ 3,268,581$ -47% 17 8 -53% 80 99 24% 360,000$ 443,500$ 23%
Source: Terradatum, April 4, 2014. Data is for condominiums in San Francisco districts.
San Francisco Snapshot: Condos, Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
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Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Under $1 million 214,136,187$ 167,707,473$ -22% 323 230 -29% 42 47 12% 657,000$ 714,000$ 9%
$1 million - $3 million 244,647,753$ 288,526,440$ 18% 150 181 21% 41 27 -34% 1,422,500$ 1,420,000$ 0%
Over $3 million 124,487,299$ 177,805,282$ 43% 26 41 58% 49 24 -51% 4,375,000$ 3,775,000$ -14%
San Francisco Price Range Snapshot: SFH, Q1 2014 vs. Q1 2013
Source: Terradatum, April 4, 2014. Data is for single-family homes in San Francisco County.
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Under $1 million 237,408,078$ 201,940,822$ -15% 354 289 -18% 50 42 -16% 700,000$ 715,000$ 2%
$1 million - $2 million 183,098,325$ 294,859,095$ 61% 137 222 62% 36 33 -8% 1,285,000$ 1,288,500$ 0%
Over $2 million 41,169,000$ 52,873,518$ 28% 16 18 13% 38 27 -29% 2,299,500$ 2,602,500$ 13%
Source: Terradatum, April 4, 2014. Data is for condominiums in San Francisco County.
San Francisco Price Range Snapshot: Condos, Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
David BarcaVice President, Silicon [email protected] El Camino Real, Suite 220 | Menlo Park CA 94025
Silicon ValleyQuarterly Real Estate ReportQ1 2014
Silicon Valley: Q1 ResultsThe supply of homes on the market in Pacific Union’s Silicon Valley region remained tight in the first quarter, but there was no shortage of buyers. The combination produced no appreciable rise in sales, although final prices jumped substantially higher. Most homes received multiple offers, but the pace of bidding wasn’t as hectic as in previous quarters. Buyers were most attracted to homes priced between $1.2 million and $2.2 million.
One consequence of the limited supply of inventory was an increased number of private purchase agreements between a buyer and seller without ever having listed the home with a local MLS and without any competing bids. We estimate that such agreements were responsible for more than 25 percent of all Silicon Valley home sales in the first quarter. While such transactions can simplify the sales process for sellers, they don’t guarantee the highest possible prices.
Looking Forward: The second quarter is shaping up to be a busy homebuying season in Silicon Valley. Sellers have been slow to put their properties on the market, but we believe that will change as they become aware of the substantial increase in value over the past year.
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 Alpine Road area and 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.
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Median Sales Price
Months’ Supply of Inventory
$2,170,000 $2,195,000
$2,111,000 $2,160,000 $2,010,000
$2,087,500 $2,205,000 $2,250,018
$2,100,000 $2,325,000
$2,400,000 $2,358,000
$2,617,500
$100,000
$600,000
$1,100,000
$1,600,000
$2,100,000
$2,600,000
$3,100,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding Alpine Road area and east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
1.8 1.8 1.7
2.1
1.7 1.6
3.1
1.7 1.6
1.1
2.3 2.4
1.4
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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 Alpine Road area and east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
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Average Days on the Market
31
20
30
23 24
38 37
30 30
37
55
29 25
0
10
20
30
40
50
60
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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 Alpine Road area and east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Sales Price as a Percentage of Original Price
102.2%
103.8%
101.9% 101.4%
100.4%
99.1% 99.7%
101.2%
102.5% 102.1%
100.1%
104.5%
102.8%
96%
97%
98%
99%
100%
101%
102%
103%
104%
105%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. 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 Alpine Road area and east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Percentage of Properties Under Contract
39.3% 37.8%
32.2% 29.8% 31.7%
29.1% 27.9%
31.8% 32.7%
24.8%
30.1% 34.6%
45.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding Alpine Road area and east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
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A Closer Look at Silicon Valley
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Atherton 88,417,500$ 155,098,000$ 75% 20 25 25% 37 81 119% 3,900,000$ 5,000,000$ 28%
Los Altos* 100,633,001$ 122,934,638$ 22% 46 46 0% 24 16 -33% 2,125,000$ 2,437,500$ 15%
Los Altos Hills 50,564,500$ 69,927,000$ 38% 20 17 -15% 83 50 -40% 2,375,000$ 3,140,000$ 32%
Menlo Park** 85,523,000$ 94,405,972$ 10% 51 42 -18% 22 22 0% 1,451,000$ 1,912,500$ 32%
Palo Alto 146,411,000$ 138,221,300$ -6% 59 52 -12% 24 15 -38% 2,250,000$ 2,435,000$ 8%
Portola Valley 36,395,000$ 49,901,500$ 37% 17 18 6% 66 29 -56% 2,025,000$ 2,485,000$ 23%
Woodside 78,384,000$ 64,571,823$ -18% 27 20 -26% 80 76 -5% 2,055,000$ 2,525,000$ 23%
Source: Terradatum, April 4, 2014. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes Alpine Road area and east of U.S. 101
Silicon Valley Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Rick LawsSenior Vice President, Sonoma [email protected] Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403
Sonoma CountyQuarterly Real Estate ReportQ1 2014
Sonoma County: Q1 ResultsFirst-quarter home sales started slowly in Pacific Union’s Sonoma County region, but as the inventory of available houses began to come to market, the velocity of sales picked up accordingly. By the end of March, a familiar pattern had emerged: Buyer demand outstripped the supply of homes, bidding wars were commonplace, and sales prices rose significantly.
Homes at lower price points saw the strongest demand, but limited availability held back sales. A surplus of distressed properties supplied the lower end of the market in recent years, but that stream has since slowed to a trickle. With real estate activity moving upmarket, sales during the first quarter were strongest in the $400,000-to-$600,000 range and homes priced $1 million and higher. Sales velocity remained strong across all price points, however, and as soon as a well-priced property came on the market, it quickly went into escrow.
Looking Forward: Sonoma County’s real estate markets are entering a period of continued equity growth. Increased demand, and limited supply, over time will favor sellers. We expect buyer demand to remain exceptionally strong. Sellers, after more than a year of regaining equity, may find new incentives to put their homes on the market. We look forward to a busy spring and summer.
Defining Sonoma County: Our real estate markets in Sonoma County include the cities of 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.
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Median Sales Price
Months’ Supply of Inventory
$395,500
$435,500 $425,000 $435,000 $479,000
$437,000 $447,650 $457,500 $450,000 $465,000 $460,000 $449,325
$499,394
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes and farms/ranches in Sonoma County.
2.0 1.9 1.8
2.1 2.0 2.1
2.7
2.2 2.4
1.9
2.4 2.4
1.8
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.
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Average Days on the Market
93
79
68 62
71 68 67 67
78 79 81
72 72
0
10
20
30
40
50
60
70
80
90
100
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes and farms/ranches sold in Sonoma County.
Sales Price as a Percentage of Original Price
96.1% 95.4%
99.3%
97.6% 98.0% 97.4%
96.3% 96.2%
94.3%
96.9%
93.7%
95.9% 96.1%
90%
91%
92%
93%
94%
95%
96%
97%
98%
99%
100%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.
Percentage of Properties Under Contract
33.8% 34.4% 33.8%
29.7% 30.2% 26.6%
25.2% 27.2%
25.1% 22.5%
28.0%
35.3% 37.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes and farms/ranches under contract in Sonoma County.
A Closer Look at Sonoma County
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Healdsburg 32,067,685$ 31,736,650$ -1% 41 37 -10% 121 87 -28% 500,000$ 730,000$ 46%
Petaluma 68,434,929$ 62,469,413$ -9% 135 107 -21% 79 60 -24% 425,000$ 535,000$ 26%
Rohnert Park 18,875,299$ 18,547,657$ -2% 53 45 -15% 59 62 5% 355,000$ 412,700$ 16%
Santa Rosa 163,518,717$ 200,295,864$ 22% 396 370 -7% 85 70 -18% 355,500$ 425,000$ 20%
Sebastopol 30,273,386$ 33,661,450$ 11% 49 48 -2% 102 82 -20% 523,000$ 626,500$ 20%
Windsor 23,413,095$ 31,565,985$ 35% 64 61 -5% 92 64 -30% 357,500$ 462,000$ 29%
Source: Terradatum, April 4, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Under $1 million 384,747,324$ 397,794,532$ 3% 935 808 -14% 91 70 -23% 375,000$ 450,000$ 20%
$1 million and over 79,090,334$ 145,386,925$ 84% 44 79 80% 220 125 -43% 1,342,500$ 1,450,000$ 8%
Source: Terradatum, April 4, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Price Range Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
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Jill SilvasRegional Executive, Sonoma [email protected] West Napa Street, Suite 200 | Sonoma, CA 95476
Sonoma ValleyQuarterly Real Estate ReportQ1 2014
Sonoma Valley: Q1 ResultsThere was no winter slowdown in sales activity in Pacific Union’s Sonoma Valley region, with plenty of buyer interest throughout the first quarter. The supply of homes for sale stayed historically low for much of the quarter before a large influx of new listings appeared during the final weeks of March.
Homeowners seemed reluctant to put their homes on the market because they were unsure they could find a replacement home themselves. However, as sellers have begun to realize equity in their properties, they are gaining confidence in the market and seem ready to finally move on.
Sales in the first quarter were strong across all price points in the region, particularly for homes priced less than $1 million. Most buyers purchased homes as primary residences, but second homes and vacation getaways were popular options, too. Investor interest has declined in recent quarters as home prices and mortgage rates climbed higher.
Looking Forward: Many sellers have been waiting for gardens and flowerbeds to bloom in order to present their homes in the brightest light. The added inventory guarantees strong buyer interest and robust sales through the spring and summer months.
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 includes single-family homes, condominiums, and farms/ranches in these communities.
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Median Sales Price
Months’ Supply of Inventory
$401,000
$605,000
$505,000
$560,000 $529,025
$496,278
$586,000 $565,000
$500,000 $477,000
$608,500 $610,672
$500,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
3.0 3.1
2.2 2.1 1.9
2.4
4.4
2.5 2.3
2.9
2.2
2.9 3.1
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
4.1
4.6
5.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
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Average Days on the Market
107
61 61 53
68 76
94
64
51
69
80 77
105
0
20
40
60
80
100
120
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.
Sales Price as a Percentage of Original Price
93.9%
97.5% 98.3%
94.7%
98.7%
95.2%
92.4%
93.9%
96.6%
94.6%
92.2% 91.8%
92.5%
88%
90%
92%
94%
96%
98%
100%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (inc. adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
Percentage of Properties Under Contract
26.5%
31.4% 29.7%
31.8%
27.9%
17.3%
23.5% 24.5%
20.5% 23.0%
24.6% 27.3%
31.9%
0%
5%
10%
15%
20%
25%
30%
35%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
A Closer Look at Sonoma Valley
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Glen Ellen 6,465,620$ 9,673,000$ 50% 9 8 -11% 243 154 -37% 695,000$ 777,500$ 12%
Kenwood 2,835,000$ 1,375,000$ -51% 4 3 -25% 136 32 -76% 585,000$ 455,000$ -22%
Sonoma 48,121,003$ 71,068,255$ 48% 91 84 -8% 96 83 -14% 399,000$ 575,000$ 44%
Source: Terradatum, April 4, 2014. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.
Sonoma Valley Snapshot: Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
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Sally GardnerRegional Executive, Tahoe/TruckeeTahoe City 530.581.1882 | Truckee 530.587.7098 | Squaw Valley [email protected]
Tahoe/TruckeeQuarterly Real Estate ReportQ1 2014
Tahoe/Truckee: Q1 ResultsIt’s an open question whether visitors to Pacific Union’s Tahoe/Truckee region during the first quarter were there primarily to ski or to buy vacation homes.
Real estate activity was unusually busy throughout the quarter. Buyers, typically most active in the spring and summer months, wasted no time this year to shop the region’s supply of cabins, condominiums, and expansive Sierra retreats. Homes that were fairly priced promptly received multiple offers, with particular interest in higher-end properties.
Tahoe/Truckee is predominantly a second-home market, and it seemed as if buyers, after several years of caution, collectively decided the time was right to purchase property in the region again. Sellers were not as quick to the market as buyers, although by the end of the quarter we saw a gradual increase in inventory and moderate price gains.
Looking Forward: From all indications, the second quarter of 2014 will be incredibly active across all price ranges in Tahoe/Truckee. Many sellers are preparing to put their homes on the market this spring, and buyers will be waiting. We expect that fairly priced homes will still attract multiple offers.
Defining 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 adjoining chart includes single-family homes and condominiums in these communities.
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Single-Family Homes – Median Sales Price
Condominiums – Median Sales Price
$534,000 $515,000
$479,000 $528,000
$550,000 $559,500 $550,000 $545,000 $560,000 $614,605 $605,000
$699,000
$592,500
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for single-family homes in the Tahoe/Truckee region.
$330,000
$300,000 $296,000
$420,000
$289,000 $300,000
$350,250
$381,500 $374,500
$345,000
$262,000
$404,250
$290,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Median sales price for condominiums in the Tahoe/Truckee region.
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Single-Family Homes – Months’ Supply of Inventory
3.3
5.0
6.7 6.1 6.1
4.8 4.9 4.9 5.1 5.8
7.8
5.9 6.2
0.1
1.1
2.1
3.1
4.1
5.1
6.1
7.1
8.1
9.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for single-family homes in the Tahoe/Truckee region.
Single-Family Homes – Average Days on the Market
93 86 85
66
89 90 97 101
94 107
93 100
140
0
20
40
60
80
100
120
140
160
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for single-family homes sold in the Tahoe/Truckee region.
Condominiums – Months’ Supply of Inventory
8.8
19.7
5.7
9.7 8.3
7.4 5.4 5.1
6.8 6.9 8.3
13.2
10.6
0.1
5.1
10.1
15.1
20.1
25.1
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Months' supply of inventory for condominiums in the Tahoe/Truckee region.
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Condominiums – Average Days on the Market
189
305
147
85
197
140 159
113
159
122 150
121 137
0
50
100
150
200
250
300
350
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Average days on market for condominiums sold in the Tahoe/Truckee region.
Condominiums – Percentage of Properties Under Contract
7.1%
11.0% 10.0%
11.2% 12.9%
14.3%
12.6% 13.2%
7.1%
9.3% 8.4%
10.3% 11.1%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of condominiums under contract in the Tahoe/Truckee region.
Single-Family Homes – Percentage of Properties Under Contract
19.2%
14.4% 14.4% 13.8% 14.9%
16.2%
13.3% 13.2% 11.2%
8.9%
14.7%
11.6%
20.6%
0%
5%
10%
15%
20%
25%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Percentage of single-family homes under contract in the Tahoe/Truckee region.
Single-Family Homes – Sales Price as a Percentage of Original Price
90.9%
93.7% 93.9%
95.7% 95.0%
92.3%
94.6%
91.5%
95.0%
92.8% 92.1% 91.3%
89.2%
84%
86%
88%
90%
92%
94%
96%
98%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in the Tahoe/Truckee region.
Condominiums – Sales Price as a Percentage of Original Price
89.0%
91.3% 91.6%
92.7% 91.8%
92.7%
94.7%
91.2%
95.4%
93.0% 92.5%
96.0%
89.5%
84%
86%
88%
90%
92%
94%
96%
98%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Source: Terradatum, April 4, 2014. Sales price as % of original price (including adjustments) for condominiums under contract in the Tahoe/Truckee region.
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A Closer Look at Tahoe/Truckee
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Alpine Meadows 1,776,382$ 490,000$ -72% 2 1 -50% 136 62 -54% 888,191$ 490,000$ -45%
Donner Lake 1,336,000$ 4,632,000$ 247% 3 8 167% 124 71 -43% 520,000$ 497,500$ -4%
Donner Summit 1,902,000$ 2,805,000$ 47% 6 4 -33% 163 79 -52% 270,000$ 600,000$ 122%
Martis Valley 33,122,792$ 32,500,834$ -2% 27 22 -19% 140 168 20% 775,000$ 1,047,500$ 35%
North Lake Tahoe 29,192,048$ 35,280,750$ 21% 45 32 -29% 130 87 -33% 439,000$ 640,000$ 46%
Northstar 9,028,000$ 10,148,348$ 12% 6 10 67% 342 265 -23% 1,285,250$ 890,000$ -31%
Squaw Valley 3,215,000$ 7,185,000$ 123% 2 5 150% 198 130 -34% 1,607,500$ 1,250,000$ -22%
Tahoe City 9,624,500$ 13,056,250$ 36% 13 14 8% 98 80 -18% 585,000$ 697,500$ 19%
Tahoe Donner 28,636,200$ 19,859,000$ -31% 54 33 -39% 86 76 -12% 499,950$ 600,000$ 20%
Truckee 40,561,292$ 38,304,684$ -6% 44 36 -18% 101 123 22% 492,422$ 517,500$ 5%
West Shore 12,131,000$ 23,992,500$ 98% 21 15 -29% 132 95 -28% 387,000$ 650,000$ 68%
Source: Terradatum, April 4, 2014. Data is for single-family homes in the Tahoe/Truckee region.
Tahoe/Truckee Snapshot: SFH, Q1 2014 vs. Q1 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change Q1 '13 Q1 '14 % change
Alpine Meadows -$ 280,000$ n/a 0 1 n/a 0 90 n/a -$ 280,000$ n/a
Donner Lake 48,000$ -$ n/a 1 0 n/a 317 0 n/a 48,000$ -$ n/a
Donner Summit -$ 170,000$ n/a 0 1 n/a 0 25 n/a -$ 170,000$ n/a
North Lake Tahoe 4,328,350$ 4,628,400$ 7% 12 13 8% 182 153 -16% 295,000$ 255,000$ -14%
Northstar 9,258,400$ 3,874,750$ -58% 21 10 -52% 206 128 -38% 300,000$ 326,000$ 9%
Squaw Valley 6,148,000$ 3,671,000$ -40% 10 10 0% 233 218 -6% 512,500$ 441,750$ -14%
Tahoe City 408,000$ 1,600,500$ 292% 2 5 150% 145 89 -39% 204,000$ 255,000$ 25%
Tahoe Donner 1,594,550$ 2,004,500$ 26% 6 8 33% 22 120 445% 232,525$ 222,250$ -4%
Truckee 1,980,000$ 3,499,500$ 77% 5 6 20% 50 190 280% 305,000$ 402,000$ 32%
West Shore 9,451,000$ 1,825,000$ -81% 4 1 -75% 158 2 -99% 2,662,500$ 1,825,000$ -31%
Tahoe/Truckee Snapshot: Condos, Q1 2014 vs. Q1 2013
Source: Terradatum, April 4, 2014. Data is for condominiums in the Tahoe/Truckee region.
Sales Volume Homes Sold Avg. Days on Market Median Price
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