q22014 quarterlyreport ezine final
DESCRIPTION
Pacific Union Luxury Real Estate Q2 2014 Quarterly ReportTRANSCRIPT
Quarterly Real Estate ReportQ2 2014
A Member of Real Living
Three Reasons Why This Housing Cycle Is Not a Bubble 4
Bay Area Job, Population Growth Will Continue to
Fuel Housing Demand 6
Contra Costa County 8
East Bay 12
Marin County 16
Napa County 20
San Francisco 24
Silicon Valley 32
Sonoma County 38
Sonoma Valley 42
Tahoe/Truckee 46
Table of Contents
Three Reasons Why This Housing Cycle Is Not a BubbleBay Area real estate values, fundamentals, and “noise” continue to be hot topics at social gatherings and client meetings. Does this cycle resemble the dot-com era bubble? Can the pace and valuations we are seeing continue?
While supply and demand are very basic and scalable market dynamics, I do believe it is important to separate the pace of sales from valuations. In terms of sales volume, the market’s current pace still displays somewhat of a “slingshot” effect from constrained demand as a result of the 2008 equities-market meltdown. Buyers sought safety on the sidelines for three or four years, but in the last 24 months, demand has been ferocious.Although we anticipate Bay Area sales volume will experience year-over-year growth of less than 5 percent by 2016 and 2017, slowing demand will not relax pricing.
The following three fundamentals are currently driving Bay Area real estate markets:
1. Supply constraints: Our region has limited land available for new housing development.
2. Exceptional job growth: Northern California enjoys the hottest employment market in the U.S., with intellectually challenging, highly sought-after, and lucrative jobs. (See our feature story below for more on our region’s economic outlook.)
3. Population growth: The chart below illustrates that population growth across our nine-county region has exceeded new housing supply by an average of nearly 200 percent in four years.
Each of the market dynamics listed above generally has very positive impacts on residential real estate. I doubt there is another major U.S. market that is experiencing and enjoying the combination of all three of these factors.
On a global stage, the Bay Area trails New York City, London, Hong Kong, and Beijing on a dollar-per-square-foot valuation perspective. Over the next five years, look for our region’s real estate prices to meet the aforementioned international markets.
A few years ago I attended a Bay Area real estate conference where Leslie Appleton-Young, vice president and chief economist of the California Association of Realtors, spoke. When asked about the best time to invest in California real estate, Leslie replied, “I’ve been answering that question for 30 years, and my answer has always been ‘five years ago.’”
If I am not mistaken, Warren Buffet said, “Buy all the real estate you can,” in a 2009 television interview. I suspect we will all feel the same way in 2019 when we look back at today’s market.
Mark A. McLaughlin, CEO, Pacific Union
Please remember to seek out local news, trend analysis, and expert advice for your real estate decisions.
County Population Growth: 2010-2014 Housing Growth: 2010-2014 Type
Alameda 4.2% 1.3% UndersupplyContra Costa 3.6% 1.4% UndersupplyMarin 1.4% 0.4% UndersupplyNapa 2.0% 0.7% UndersupplySan Francisco 3.9% 1.3% UndersupplySan Mateo 3.7% 0.9% UndersupplySanta Clara 4.9% 2.0% UndersupplySolano 2.6% 1.3% UndersupplySonoma 1.4% 1.0% Balanced
Source: California Department of Finance
Bay Area Population Growth Versus Housing-Supply Growth: 2010-2014
Bay Area 10-Year OverviewHere’s a look at home sales in the Bay Area’s real estate markets in the second quarter of 2014, with a glance back at the 10 preceding second quarters.
Click here to see specific 10-year data on key cities in the Bay Area.
REGION Q2 '04 Q2 '05 Q2 '06 Q2 '07 Q2 '08 Q2 '09 Q2 '10 Q2 '11 Q2 '12 Q2 '13 Q2 '14
CONTRA COSTA COUNTY 3,702 3,475 2,779 2,026 2,542 3,518 3,273 3,141 3,403 2,977 2,799
EAST BAY 881 892 814 749 613 556 681 676 810 823 781
MARIN COUNTY 912 799 665 684 494 440 574 555 680 786 764
NAPA COUNTY 476 434 317 279 247 307 336 356 419 374 350
SAN FRANCISCO (SFH) 817 785 746 600 655 557 674 685 726 746 609
SAN FRANCISCO (CONDOS) 747 720 589 645 533 370 565 578 737 760 738
SILICON VALLEY 1,046 869 806 793 621 533 617 738 781 770 724
SONOMA COUNTY 1,893 1,791 1,245 1,001 1,143 1,282 1,249 1,175 1,484 1,458 1,268
SONOMA VALLEY 199 197 125 113 97 123 136 121 176 174 160
TAHOE/TRUCKEE (SFH) 336 272 215 183 160 151 200 210 268 291 268
TAHOE/TRUCKEE (CONDOS) 104 116 73 82 35 28 62 82 88 71 75Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, July 7, 2014.
Bay Area: 10-Year Overview of Q2 Homes Sold
Bay Area Job, Population Growth Will Continue to Fuel Housing DemandThe Bay Area’s tech-industry-driven economy continues to add extremely
desirable and high-paying jobs, attracting talented workers from
around the nation and globe. But even though our region’s phenomenal
economic growth likely will begin to slow over the next couple of years,
intense demand for housing is almost certainly here to stay thanks to a
pronounced lack of available homes.
“We’re getting closer to full employment,” says Stephen Levy, director
and senior economist of Palo Alto-based Center for Continuing Study of
the California Economy. “And what that means is that as we near full employment, that’s going to bring in
people, which will add to the housing demand.”
May statistics from the California Employment Development Department show that each one of our Bay
Area counties boasts an unemployment rate lower than the statewide average of 7.6 percent. Job growth
remains particularly strong in Marin, Napa, San Francisco, and San Mateo counties, all of which have
unemployment rates of less than 5 percent.
Levy believes that the Bay Area’s unemployment rate will never return to dot-com-era lows, when it hovered
in the 2 to 3 percent range in San Francisco and Silicon Valley. However, he forecasts that even though
job growth will level off over the next two years, the Bay Area will continue to outperform the rest of the
country.
Population Growth Outpacing New Housing in Key Markets
Since the U.S. began to emerge from the Great Recession in 2010, the Bay Area’s population rate has
jumped sizably, according to California Department of Finance data. Over the past four years, the number of
residents in San Francisco and San Mateo counties has grown by nearly 4 percent while increasing by almost
5 percent in Santa Clara County.
But none of those counties has built enough new housing units to keep up with the expanding populace.
Since 2010, new housing has grown by just 2 percent in Santa Clara County, 1.3 percent in San Francisco, and
0.9 percent in San Mateo County.
“Peninsula prices and rents will continue to outpace the state and national average unless we see a dramatic
increase in supply, and even then it would be snapped up pretty quickly,” Levy says.
Economic Climate Much More Stable Than in Dot-Com Days
As was the case in the dot-com boom and subsequent bust, the tech industry remains the primary driver of
Bay Area employment growth. However, Levy believes that our current economy is far less frenetic than it
was 15 years ago.
“I think it’s quite different,” he says. “These are real companies, and they have customers, profits, and
burgeoning sales. The dot-com era was more about business plans.”
Still, technology companies aren’t the only businesses fueling Bay Area job growth. Other industries,
including hospitality, health care, and construction, are seeing employment upticks, Levy says. However, he
cautions that tremendous growth in the Internet sector could eventually slow expansion in other industries,
including brick-and-mortar retail and financial services.
While the Bay Area’s economic outlook appears solid for the foreseeable future, the housing shortage may
eventually impede growth, as workers could become wary of relocating to an area where finding a home is
so difficult. Therefore, new construction remains a crucial factor in keeping our region’s economy moving
upward and onward.
“I think [our economy] will always grow, but absolutely, housing poses a constraint to our growth over the
long term,” Levy says. “The lack of housing could take some of the bloom off of the rose and limit some of
the growth that might otherwise be there.”
Ellen AndersonSenior Vice President, Contra Costa [email protected] Sycamore Valley Road West | Danville, CA 94526
Contra Costa CountyQuarterly Real Estate ReportQ2 2014
Contra Costa County: Q2 ResultsAfter many months of frustratingly low inventory levels, Pacific Union’s Contra Costa County region saw a significant increase in the supply of available homes for sale in the second quarter. Having regained equity in their homes, sellers made the decision to move during the quarter, some in order to be in their next homes before their children start school in the fall.
Home prices rose by double digits from a year ago, and properties generally sold slightly above their list prices. That’s good news for sellers, but it pushed some first-time buyers out of the market. Being outbid time and again in multiple-offer situations also discouraged some buyers, although the increase in inventory has tempered the frenetic pace of bidding we saw in 2013. In the second quarter, many homes attracted a handful of offers – not the dozen or more that were commonplace last year.
Looking Forward: Real estate activity typically slows during the summer, and the third quarter of 2014 will be no different. Home prices will continue to rise moderately through the end of the year, and a steady increase in inventory will reduce the instances of multiple offers, though the most desirable homes will continue to spark bidding wars.
Defining Contra Costa County: 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.
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Median Sales Price
Months’ Supply of Inventory
$947,500 $912,091 $925,000 $904,000
$871,250 $897,500 $920,000 $860,000
$931,500
$1,032,475 $1,002,500
$1,050,000
$980,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. 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.
1.4 1.6
1.5
2.0
1.8
1.5 1.3
2.1 2.3
1.7 1.6
1.5 1.4
0.1
0.6
1.1
1.6
2.1
2.6
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. 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 Countypacificunion.com | A Member of Real Living
Average Days on the Market
19 21 22 22
30 28
37 38
30
23
18 18
24
0
5
10
15
20
25
30
35
40
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. 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.
Sales Price as a Percentage of Original Price
100.4% 100.3% 100.0%
99.0% 98.4%
98.0% 97.3% 97.4%
100.2% 100.1%
101.8% 102.1%
100.2%
94%
95%
96%
97%
98%
99%
100%
101%
102%
103%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. 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.
Percentage of Properties Under Contract
36.1% 34.7% 31.7%
26.6%
33.4% 31.4%
24.6%
31.3% 35.3%
40.9% 39.2% 39.6% 41.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. 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.
A Closer Look at Contra Costa County
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Alamo 109,667,738$ 105,196,975$ -4% 82 65 -21% 40 26 -35% 1,258,750$ 1,410,000$ 12%
Blackhawk 49,766,950$ 56,718,475$ 14% 29 33 14% 58 46 -21% 1,495,000$ 1,637,125$ 10%
Danville 222,956,498$ 227,901,847$ 2% 213 190 -11% 20 18 -10% 955,000$ 1,097,500$ 15%
Diablo 5,249,194$ 9,541,000$ 82% 3 4 33% 34 30 -12% 1,500,000$ 2,507,500$ 67%
Lafayette 131,488,464$ 143,610,230$ 9% 106 98 -8% 19 18 -5% 1,148,525$ 1,207,500$ 5%
Moraga 44,208,075$ 55,953,190$ 27% 38 43 13% 20 18 -10% 1,130,000$ 1,236,000$ 9%
Orinda 116,420,650$ 119,744,414$ 3% 87 81 -7% 22 23 5% 1,234,000$ 1,300,000$ 5%
PleasantHill 67,962,150$ 63,675,752$ -6% 115 99 -14% 13 23 77% 599,000$ 610,000$ 2%
San Ramon 213,005,146$ 223,404,957$ 5% 240 227 -5% 12 16 33% 859,500$ 930,000$ 8%
Walnut Creek 158,378,822$ 114,081,060$ -28% 182 123 -32% 20 18 -10% 800,000$ 870,000$ 9%
Source: Terradatum, July 7, 2014. Data is for single-family homes in selected Contra Costa County cities.
Contra Costa County Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
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Pam HoffmanSenior Vice President, Managing Broker, East Bay [email protected] Mountain Boulevard | Oakland, CA 94611
East BayQuarterly Real Estate ReportQ2 2014
East Bay: Q2 ResultsEven with a noticeable and welcome increase in inventory, demand continued to outstrip the supply of available homes for sale in Pacific Union’s East Bay region during the second quarter of 2014. The majority of homes on the market garnered multiple offers, particularly those in the most desirable neighborhoods. Overall, however, the number of offers and the pace of bidding slowed somewhat in the last half of the quarter.
Home prices continued to rise during the quarter, with those in the $500,000-to-$1 million range attracting the most attention from buyers. The most competitive neighborhoods were those rated the most walkable near BART, restaurants, and shops.
Besides offering new options to frustrated buyers, the increase in listings suggests that sellers have regained equity in their homes and are optimistic that they can successfully trade up to their next property.
Looking Forward: The East Bay remains an attractive destination for homebuyers priced out of the superheated San Francisco market. Even with an expected seasonal slowdown in the summer months – a consequence of school breaks and summer vacations – we expect continued strong sales throughout 2014.
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
$740,000 $735,000 $741,500 $722,500 $730,000 $730,000 $700,000 $713,750 $725,000 $760,000
$812,000 $817,000 $840,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes in the East Bay.
1.3 1.3 1.3
2.0
1.6
1.1
0.9
2.0 2.0
1.4
1.2 1.1 1.1
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes in the East Bay.
East Baypacificunion.com | A Member of Real Living
Average Days on the Market
18 20
25
22 21
25
32 33
28
25
20 22 22
0
5
10
15
20
25
30
35
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes sold in the East Bay.
Sales Price as a Percentage of Original Price
110.0% 108.6%
107.0% 108.7% 108.3%
106.8%
104.1%
100.8%
106.1%
109.4%
113.3% 111.8%
109.4%
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
114%
116%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.
Percentage of Properties Under Contract
40.7% 37.4% 35.8%
30.4%
37.0% 38.2%
28.2% 31.5%
36.7%
43.5% 44.2% 47.4% 46.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of single-family homes under contract in the East Bay.
A Closer Look at the East Bay
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Alameda 72,061,423$ 77,096,483$ 7% 101 86 -15% 16 21 31% 716,885$ 808,500$ 13%
Albany 18,407,500$ 22,982,000$ 25% 25 28 12% 20 14 -30% 705,000$ 776,000$ 10%
Berkeley 122,887,382$ 159,755,925$ 30% 133 145 9% 17 20 18% 818,000$ 885,000$ 8%
El Cerrito 42,259,010$ 50,367,288$ 19% 69 66 -4% 20 23 15% 605,000$ 705,750$ 17%
Kensington 15,148,225$ 21,498,024$ 42% 18 22 22% 18 21 17% 834,063$ 832,630$ 0%
Oakland* 341,993,525$ 327,628,507$ -4% 435 371 -15% 20 23 15% 740,000$ 790,000$ 7%
Piedmont 69,193,743$ 125,934,725$ 82% 42 63 50% 16 17 6% 1,531,000$ 1,750,000$ 14%
East Bay Snapshot: Q2 2014 vs. Q2 2013
Source: Terradatum, July 7, 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
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Under $500,000 51,595,900$ 27,359,803$ -47% 134 67 -50% 27 34 26% 401,500$ 430,000$ 7%
Over $500,000 630,354,908$ 757,903,149$ 20% 689 714 4% 17 20 18% 800,000$ 852,500$ 7%
$500,000 - $1 million 377,632,107$ 339,075,212$ -10% 513 457 -11% 17 19 12% 735,000$ 749,000$ 2%
Over $1 million 252,722,801$ 418,827,937$ 66% 176 257 46% 17 21 24% 1,309,000$ 1,400,000$ 7%
Source: Terradatum, July 7, 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: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Montclair / Joaquin Miller 103 82 -20% $897,631 $1,068,483 19%
Crocker Highlands / Grand Lake 49 39 -20% $824,878 $930,629 13%
Rockridge / Claremont 71 49 -31% $1,166,861 $1,411,029 21%
Glenview / Oakmore 30 30 0% $817,530 $891,866 9%
Laurel / Dimond 27 32 19% $465,981 $546,632 17%
Redwood Heights / Lincoln Heights 40 37 -8% $680,837 $664,700 -2%
Crestmont / Ridgemont / Skyline 11 14 27% $973,000 $1,099,464 13%
Temescal / Piedmont Ave. 13 11 -15% $664,600 $816,004 23%
Oakland Snapshot: Q2 2014 vs. Q2 2013
NeighborhoodHomes Sold Average Price
Source: EBRD, July 7, 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 ReportQ2 2014
Marin County: Q2 ResultsSecond-quarter real estate activity in Pacific Union’s Marin County region was, in a word, phenomenal. Buyers were eager and plentiful, and sellers – motivated by steadily rising home prices and restored equity over the past year – increasingly made the decision to cash out or move up. Some baby boomers downsized their homes, thereby boosting their retirement funds.
Buyer demand remained exceptionally strong in the second quarter, which doesn’t indicate a bubble but rather reflects long-term growth in the market. Marin County remains a key Bay Area destination, and buyers continued to outnumber the supply of available homes. The most active markets were for high-end homes in communities such as Mill Valley, Ross, and Kentfield.
Looking Forward: The summer months typically bring a slowdown in activity, as buyers’ thoughts turn to vacations instead of real estate. However, the Bay Area’s booming economy virtually guarantees that Marin County real estate will continue to command high interest from buyers. List prices will likely stabilize in the third and fourth quarters, although multiple offers for the most desirable homes will continue to push final prices higher.
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.
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Median Sales Price
Months’ Supply of Inventory
$990,000 $1,008,650
$946,000 $848,500
$905,000 $905,000 $852,000
$935,000 $995,000 $1,001,500 $1,030,000
$1,100,000 $1,060,000
$100,000
$300,000
$500,000
$700,000
$900,000
$1,100,000
$1,300,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7 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.
2.0 2.0 1.9
2.6
2.2 2.0
1.8
2.5 2.5
1.7 1.8
1.4 1.4
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
41
52 50 54 53
62
75
84
73
56
45
53 46
0
10
20
30
40
50
60
70
80
90
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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.
30.4% 29.2% 27.5% 27.2% 27.7% 27.0%
19.0%
32.1% 31.8%
40.9%
34.7%
39.2% 38.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
100.0%
98.6%
97.0%
94.2%
98.0%
96.0%
93.8% 94.5%
98.0%
95.8%
100.7%
99.3%
98.3%
90%
92%
94%
96%
98%
100%
102%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Belvedere 32,745,000$ 23,342,260$ -29% 11 9 -18% 38 76 100% 2,650,000$ 2,470,000$ -7%
Corte Madera 43,814,936$ 33,693,348$ -23% 38 27 -29% 34 32 -6% 1,025,000$ 1,249,650$ 22%
Fairfax 25,283,880$ 21,579,015$ -15% 33 25 -24% 45 35 -22% 779,000$ 800,000$ 3%
Greenbrae 23,864,400$ 33,732,000$ 41% 15 22 47% 34 33 -3% 1,425,000$ 1,475,500$ 4%
Kentfield 60,434,625$ 55,690,035$ -8% 26 27 4% 43 37 -14% 1,926,500$ 1,800,000$ -7%
Larkspur 33,454,500$ 38,797,350$ 16% 23 26 13% 56 34 -39% 1,318,000$ 1,347,500$ 2%
Mill Valley 147,765,450$ 196,953,722$ 33% 109 120 10% 43 40 -7% 1,250,000$ 1,350,000$ 8%
Novato 114,916,670$ 131,874,944$ 15% 154 159 3% 52 47 -10% 699,000$ 765,000$ 9%
Ross 43,243,050$ 59,131,400$ 37% 17 17 0% 33 60 82% 2,100,000$ 3,200,000$ 52%
San Anselmo 94,727,620$ 78,392,205$ -17% 86 67 -22% 45 57 27% 975,500$ 950,000$ -3%
San Rafael 163,090,910$ 169,119,995$ 4% 171 165 -4% 47 39 -17% 819,000$ 858,000$ 5%
Sausalito 34,507,513$ 38,225,300$ 11% 21 20 -5% 40 44 10% 1,470,000$ 1,614,150$ 10%
Tiburon 92,371,025$ 127,701,500$ 38% 38 40 5% 46 133 189% 2,232,500$ 3,100,000$ 39%
Source: Terradatum, July 7, 2014. Data is for single-family homes in selected Marin County cities.
Marin County Snapshot: Q2 2014 vs. Q2 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 ReportQ2 2014
Napa County: Q2 ResultsAfter a slow first quarter, real estate activity in Pacific Union’s Napa County region picked up noticeably in April, performed even better in May, and shot off the charts in June. The second quarter of 2014 saw a large increase in the supply of available homes, and buyers were waiting; as soon as a well-priced property came on the market, it sold.
All price points saw strong sales activity across the county, with exceptional demand for winery properties and vacant land suitable for development. Distressed properties – short sales and bank-owned homes – have virtually disappeared from the marketplace after accounting for half of all sales just a few years ago. Home prices have stabilized, and multiple offers, a staple of nearly all sales last year, have waned. In short, Napa County’s real estate markets have largely returned to normalcy after a tumultuous seven years of boom, bust, and recovery.
Looking Forward: The third quarter looks to be an active time for homebuying and selling, even though sales typically slow a bit after schools let out for the summer and families pursue vacations. Plenty of buyers will be watching – and bidding – in the months ahead.
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
$540,000
$505,000 $527,500
$468,500 $492,500 $501,000
$475,000
$528,000
$471,000
$563,250
$510,022
$575,000
$535,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes in Napa County.
4.0
3.0
3.8
4.2
3.8 3.8
2.9
4.1 4.5
4.7
3.4 3.4 3.1
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
4.1
4.6
5.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes in Napa County.
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Average Days on the Market
Percentage of Properties Under Contract
67
82 77 81 83 87 91
127
110 100
65 71
76
0
20
40
60
80
100
120
140
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes sold in Napa County.
21.5% 20.1% 18.8%
16.7% 18.0% 17.4%
14.8%
21.0%
18.2%
25.6%
20.1%
24.6% 22.9%
0%
5%
10%
15%
20%
25%
30%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of single-family homes under contract in Napa County.
Sales Price as a Percentage of Original Price
98.3%
96.5% 96.3% 96.3%
93.6%
92.2%
94.1%
90.0% 90.7%
93.7%
96.4% 95.4%
95.9%
84%
86%
88%
90%
92%
94%
96%
98%
100%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.
A Closer Look at Napa County
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
American Canyon 21,731,900$ 17,195,400$ -21% 60 43 -28% 71 43 -39% 353,500$ 403,000$ 14%
Angwin 3,773,500$ 2,780,000$ -26% 7 3 -57% 89 78 -12% 450,000$ 395,000$ -12%
Calistoga 23,499,000$ 17,876,000$ -24% 21 16 -24% 87 124 43% 655,000$ 672,500$ 3%
Napa 138,987,350$ 169,367,620$ 22% 243 246 1% 80 67 -16% 469,000$ 532,000$ 13%
St. Helena 37,869,668$ 61,038,408$ 61% 31 34 10% 97 124 28% 960,000$ 1,095,579$ 14%
Yountville 7,375,800$ 8,090,000$ 10% 9 8 -11% 67 24 -64% 765,000$ 1,032,500$ 35%
Source: Terradatum, July 7 2014. Data is for single-family homes in selected Napa County cities.
Napa County Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Under $500,000 73,678,850$ 57,855,485$ -21% 206 151 -27% 67 64 -4% 365,000$ 395,000$ 8%
$500,000 - $999,999 83,119,868$ 97,244,260$ 17% 122 143 17% 101 74 -27% 650,000$ 650,000$ 0%
$1 million - $3 million 63,155,728$ 71,765,683$ 14% 43 47 9% 99 72 -27% 1,250,000$ 1,340,000$ 7%
Over $3 million 24,600,000$ 49,032,000$ 99% 3 9 200% 69 121 75% 5,900,000$ 5,025,000$ -15%
Median Price
Source: Terradatum, July 7, 2014. Data is for single-family homes in Napa County.
Napa County Price Range Snapshot: Q2 2014 vs. Q2 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 ReportQ2 2014
San Francisco: Q2 ResultsOne year ago the San Francisco real estate market was on fire, as the region came roaring back from the recession and housing downturn, yielding exceptionally strong sales in virtually every market and neighborhood and at all price points. Fast-forwarding to the second quarter of 2014 we saw largely the same story: Demand for San Francisco single-family homes and condominiums showed little sign of cooling.
The supply of available homes rose modestly during the quarter, but aggressive bidding and multiple offers remained typical for almost all fairly priced properties. Median home prices continued to climb higher, with final prices routinely topping list prices by 10 percent or more –a welcome bonus for sellers. The Mission District remained particularly popular with buyers, thanks in part to its prime location, wealth of transportation options, and abundant supply of vintage housing.
Looking Forward: San Francisco’s strong real estate market does not appear to be weakening. Home prices will likely continue to rise moderately, and we expect to see more properties gradually hit the market. As one of the nation’s most popular relocation destinations due to a booming regional economy, San Francisco will continue to provide plenty of opportunities for both buyers and sellers.
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Single-Family Homes – Median Sales Price
Condominiums – Median Sales Price
$939,000 $872,500
$934,000 $929,000 $903,000
$957,000 $947,000 $925,000
$1,050,000 $985,000
$1,100,000 $1,100,000
$1,200,000
$100,000
$300,000
$500,000
$700,000
$900,000
$1,100,000
$1,300,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes in San Francisco.
$825,000 $875,000
$828,500 $851,500 $896,500
$872,500
$770,000
$950,000 $945,000 $979,000 $920,000
$980,000 $1,050,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for condominiums in San Francisco.
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Single-Family Homes – Months’ Supply of Inventory
1.4 1.4
1.7
2.4
1.6
1.3 1.1
2.1
1.7 1.5
1.3 1.3
1.8
0.1
0.6
1.1
1.6
2.1
2.6
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes in San Francisco.
Single-Family Homes – Average Days on the Market
35 33
38
31 34 34
42 41 38
32 35
26 27
0
5
10
15
20
25
30
35
40
45
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes sold in San Francisco.
Condominiums – Months’ Supply of Inventory
1.6
1.2
1.5
2.5
1.4 1.2
1.0
2.0
1.7
1.2 1.1
1.4 1.4
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for condominiums in San Francisco.
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Condominiums – Average Days on the Market
37 39
36 34 35
39 43
46
40
30 30 29 33
0
5
10
15
20
25
30
35
40
45
50
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for condominiums sold in San Francisco.
Condominiums – Percentage of Properties Under Contract
38.8% 41.1%
33.5% 30.8%
38.8% 38.8%
33.2% 33.5%
39.3%
46.6% 42.3% 40.8%
35.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of condominiums under contract in San Francisco.
Single-Family Homes – Percentage of Properties Under Contract
38.0% 35.6% 34.2%
28.7%
39.6% 37.1%
27.7%
32.5% 37.3%
42.3% 41.7%
38.0%
33.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
109.4%
105.3% 104.4%
107.6% 106.1% 105.6%
99.5%
103.5%
106.9%
109.3% 109.8%
113.5%
110.6%
90%
95%
100%
105%
110%
115%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
106.9% 106.3% 105.0%
103.8% 103.5% 104.1%
101.3% 100.5%
105.5%
108.2% 106.9%
107.9%
106.8%
96%
98%
100%
102%
104%
106%
108%
110%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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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Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
District 1 120,202,000$ 102,975,175$ -14% 70 56 -20% 38 20 -47% 1,431,500$ 1,602,500$ 12%
District 2 110,912,382$ 122,156,648$ 10% 124 107 -14% 25 28 12% 845,445$ 1,000,000$ 18%
District 3 43,280,000$ 38,505,000$ -11% 55 41 -25% 37 26 -30% 720,000$ 836,500$ 16%
District 4 111,217,537$ 106,062,750$ -5% 89 73 -18% 35 28 -20% 1,146,000$ 1,375,000$ 20%
District 5 191,832,276$ 183,319,608$ -4% 112 86 -23% 32 20 -38% 1,567,500$ 1,942,500$ 24%
District 6 23,642,125$ 26,537,240$ 12% 11 11 0% 34 21 -38% 2,250,000$ 2,725,000$ 21%
District 7 193,415,000$ 156,513,300$ -19% 47 34 -28% 32 45 41% 3,200,000$ 3,700,000$ 16%
District 8 28,310,000$ 34,901,250$ 23% 8 8 0% 28 86 207% 2,562,500$ 3,191,000$ 25%
District 9 97,383,124$ 65,256,875$ -33% 87 54 -38% 36 27 -25% 1,030,000$ 1,170,000$ 14%
District 10 82,863,975$ 98,995,932$ 19% 143 139 -3% 39 35 -10% 580,000$ 692,000$ 19%
Source: Terradatum, July 7, 2014. Data is for single-family homes in San Francisco districts.
San Francisco Snapshot: SFH, Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
District 1 30,482,475$ 40,125,500$ 32% 32 34 6% 31 32 3% 873,500$ 1,004,000$ 15%
District 2 8,835,000$ 17,250,888$ 95% 12 16 33% 45 28 -38% 716,000$ 927,500$ 30%
District 3 3,687,000$ 6,238,000$ 69% 9 10 11% 45 27 -40% 421,000$ 549,500$ 31%
District 4 10,139,000$ 10,418,125$ 3% 19 17 -11% 64 23 -64% 460,000$ 575,000$ 25%
District 5 119,915,548$ 125,252,282$ 4% 116 107 -8% 33 23 -30% 999,000$ 1,150,000$ 15%
District 6 74,471,601$ 66,670,671$ -10% 85 64 -25% 39 30 -23% 825,000$ 999,000$ 21%
District 7 128,623,760$ 130,806,514$ 2% 101 87 -14% 47 26 -45% 1,259,000$ 1,301,000$ 3%
District 8 140,843,889$ 137,325,269$ -2% 130 115 -12% 38 42 11% 865,000$ 920,000$ 6%
District 9 229,227,402$ 315,051,153$ 37% 230 278 21% 32 30 -6% 827,500$ 920,500$ 11%
District 10 10,498,857$ 5,026,869$ -52% 26 10 -62% 97 59 -39% 412,000$ 541,500$ 31%
Source: Terradatum, July 7, 2014. Data is for condominiums in San Francisco districts.
San Francisco Snapshot: Condos, Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
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Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Under $1 million 274,051,588$ 189,426,030$ -31% 386 251 -35% 35 34 -3% 723,500$ 750,000$ 4%
$1 million - $3 million 510,311,731$ 485,258,173$ -5% 318 302 -5% 32 23 -28% 1,450,000$ 1,467,500$ 1%
Over $3 million 218,695,100$ 260,539,575$ 19% 42 56 33% 35 40 14% 3,900,000$ 3,690,000$ -5%
San Francisco Price Range Snapshot: SFH, Q2 2014 vs. Q2 2013
Source: Terradatum, July 7, 2014. Data is for single-family homes in San Francisco County.
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Under $1 million 322,759,806$ 277,948,911$ -14% 473 384 -19% 40 34 -15% 710,000$ 751,250$ 6%
$1 million - $2 million 333,758,726$ 393,505,564$ 18% 251 289 15% 35 25 -29% 1,300,000$ 1,316,000$ 1%
Over $2 million 100,206,000$ 182,710,796$ 82% 36 65 81% 66 35 -47% 2,442,500$ 2,500,000$ 2%
Source: Terradatum, July 7, 2014. Data is for condominiums in San Francisco County.
San Francisco Price Range Snapshot: Condos, Q2 2014 vs. Q2 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 ReportQ2 2014
Silicon Valley: Q2 ResultsSpring is typically a brisk season for real estate, but second-quarter activity in Pacific Union’s Silicon Valley region was even busier than usual. Tech-industry workers and foreign buyers helped spur the activity, including a nonstop rise in sale prices. Just a few years ago, homes in the market’s “sweet spot” sold for $1.1 million to $1.7 million; today, those same homes command between $1.5 million and $2.5 million, and they go into escrow as soon as they hit the market.
High-end homes continued to sell well, with many buyers paying all cash for properties priced at $10 million and higher. An estimated 25 percent of sales in the region were “off-market” – private transactions that never appeared on an MLS.
Off- MLS sales are controversial because, while buyers and sellers can avoid the tumult of open houses and bidding wars, a prearranged price can mask a home’s real value. Buyers, for example, may pay many thousands above asking price for a home listed on the open market. On the other hand, sellers may settle for a price far below what a home is worth in an off-MLS transaction.
Looking Forward: The third quarter in Silicon Valley looks to be busy, although not as hectic as the second. Homes generally attracted fewer multiple offers in the second quarter than in the first, and we expect that trend to continue.
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.
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Median Sales Price
Months’ Supply of Inventory
$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 $2,466,000 $2,425,000 $2,400,000
$100,000
$600,000
$1,100,000
$1,600,000
$2,100,000
$2,600,000
$3,100,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 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 east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
2.1
1.7 1.6
3.1
1.7 1.6
1.1
2.4 2.5
1.5 1.6 1.4
1.2
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 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 east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
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Average Days on the Market
23 24
38 37
30 30
37
55
29 25
20 19 22
0
10
20
30
40
50
60
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 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 east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Sales Price as a Percentage of Original Price
101.4% 100.4%
99.1% 99.7%
101.2%
102.5% 102.1%
100.1%
104.5%
102.8%
106.2%
104.6% 103.9%
94%
96%
98%
100%
102%
104%
106%
108%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 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 east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Percentage of Properties Under Contract
29.8% 31.7%
29.1% 27.9% 31.7% 32.5%
24.6%
29.9% 34.0%
44.3%
36.9%
42.8%
38.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 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 east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
Silicon Valleypacificunion.com | A Member of Real Living
A Closer Look at Silicon Valley
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Atherton 138,484,000$ 193,393,003$ 40% 33 34 3% 42 44 5% 3,600,000$ 3,953,502$ 10%
Los Altos* 254,306,762$ 268,980,624$ 6% 122 101 -17% 17 15 -12% 2,000,000$ 2,350,000$ 18%
Los Altos Hills 106,700,498$ 99,809,000$ -6% 29 25 -14% 61 33 -46% 2,995,000$ 3,300,000$ 10%
Menlo Park** 186,218,500$ 212,798,075$ 14% 96 87 -9% 18 15 -17% 1,817,500$ 2,040,000$ 12%
Palo Alto 291,764,488$ 362,272,674$ 24% 118 131 11% 17 15 -12% 2,100,000$ 2,300,000$ 10%
Portola Valley 88,610,000$ 86,248,000$ -3% 26 32 23% 38 21 -45% 2,775,000$ 2,350,000$ -15%
Woodside 112,010,500$ 113,993,500$ 2% 39 31 -21% 40 42 5% 2,383,000$ 2,517,000$ 6%
Source: Terradatum, July 7, 2014. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101
Silicon Valley Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Mid-Peninsulapacificunion.com | A Member of Real Living
Median Sales Price
$1,380,000 $1,267,500
$1,375,000 $1,250,000
$1,204,000 $1,263,500
$1,562,500
$1,360,000 $1,311,375 $1,300,500
$1,475,000 $1,600,000
$1,493,000
$100,000
$300,000
$500,000
$700,000
$900,000
$1,100,000
$1,300,000
$1,500,000
$1,700,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. Median sales price for single-family homes in these San Mateo County communities:
Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Average Days on the Market
27 30
34
26
19
25
32
50
33
25
18
35
17
0
10
20
30
40
50
60
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. Average days on market for single-family homes sold in these San Mateo County communities:
Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Months’ Supply of Inventory
1.6
1.3 1.4
1.9
1.5
1.1
0.8
1.6
2.4
1.3
1.0 1.1
1.2
0.1
0.6
1.1
1.6
2.1
2.6
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes in these San Mateo County communities:
Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
Mid-Peninsulapacificunion.com | A Member of Real Living
Percentage of Properties Under Contract
34.2% 35.6% 38.9%
32.2%
38.8%
44.6%
28.6% 28.1%
36.3%
49.8% 46.9%
43.6%
36.1%
0%
10%
20%
30%
40%
50%
60%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. Percentage of single-family homes under contract in these San Mateo County communities:
Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
A Closer Look at Silicon Valley
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Burlingame* 143,606,026$ 151,022,888$ 5% 85 82 -4% 26 16 -38% 1,592,000$ 1,707,500$ 7%
Hillsborough 113,014,750$ 165,306,458$ 46% 37 44 19% 59 56 -5% 2,800,000$ 2,997,500$ 7%
San Mateo** 200,517,708$ 197,083,406$ -2% 185 157 -15% 22 18 -18% 1,005,649$ 1,085,000$ 8%
Source: Terradatum, July 7, 2014. Data is for single-family homes in selected San Mateo County cities. * Excludes Ingold Millsdale Industrial Center ** Excludes the North Shoreview/Dore Cavanaugh area
Mid-Peninsula Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Sales Price as a Percentage of Original Price
103.4%
100.9%
102.2%
99.8%
104.0%
103.0%
98.0% 98.8%
102.9% 103.2% 103.6%
102.4%
103.9%
95%
96%
97%
98%
99%
100%
101%
102%
103%
104%
105%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: Terradatum, July 7, 2014. 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).
Rick LawsSenior Vice President, Sonoma [email protected] Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403
Sonoma CountyQuarterly Real Estate ReportQ2 2014
Sonoma County: Q2 ResultsAfter a slow start in the first quarter, home sales in Pacific Union’s Sonoma County region picked up significantly in the second quarter as more, higher-priced inventory arrived on the market. After sitting on the fence for years, sellers saw equity levels rise substantially and decided the time was right to get in the game. Buyers, meanwhile, were anxious to take advantage of the expanded supply. Many homes received multiple offers, but typically two or three per property – not the 10 or 12 bids seen over the past year.
The median sales price rose moderately, but less because of appreciation and more because of the changing nature of home sales. A few years ago the Sonoma County market consisted mostly of short sales and foreclosures, whereas today they account for 10 percent or less of sales. Equity sales and higher-priced properties are currently predominant as the housing recovery advances and the market returns to normalcy.
Looking Forward: As long as the inventory of available homes continues to rise, we expect continued growth in the region. Demand for homes will not be as frantic as we’ve seen over the past year, but it still runs deep. We look forward to a strong second half for 2014.
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.
Sonoma Countypacificunion.com | A Member of Real Living
Median Sales Price
Months’ Supply of Inventory
$435,000
$479,000
$437,000 $447,650 $457,500 $450,000 $465,000 $460,000 $449,325
$491,500 $468,950
$485,500 $498,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes and farms/ranches in Sonoma County.
2.1 2.1 2.1
2.7
2.2 2.4
2.0
2.5 2.5
2.1 2.3
2.1 1.9
0.1
0.6
1.1
1.6
2.1
2.6
3.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.
Sonoma Countypacificunion.com | A Member of Real Living
Average Days on the Market
62
71 68 67 67
78 79 81
72 73 74
59 57
0
10
20
30
40
50
60
70
80
90
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes and farms/ranches sold in Sonoma County.
Sales Price as a Percentage of Original Price
97.6% 98.0%
97.4%
96.3% 96.2%
94.3%
96.9%
93.7%
95.9% 96.0%
96.8%
98.9% 98.4%
91%
92%
93%
94%
95%
96%
97%
98%
99%
100%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.
Percentage of Properties Under Contract
29.6% 30.1%
26.5% 25.0%
27.0% 24.9%
22.2%
27.5%
33.9% 32.3% 32.5% 32.9% 33.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of single-family homes and farms/ranches under contract in Sonoma County.
A Closer Look at Sonoma County
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Healdsburg 39,450,520$ 45,435,315$ 15% 53 46 -13% 61 56 -8% 610,000$ 612,500$ 0%
Petaluma 93,971,750$ 84,739,300$ -10% 178 138 -22% 61 47 -23% 468,500$ 557,500$ 19%
Rohnert Park 30,824,600$ 30,989,788$ 1% 81 72 -11% 53 44 -17% 379,000$ 420,000$ 11%
Santa Rosa 301,707,438$ 280,943,923$ -7% 610 520 -15% 64 56 -13% 410,000$ 440,000$ 7%
Sebastopol 52,472,371$ 48,417,055$ -8% 73 66 -10% 78 63 -19% 600,000$ 690,000$ 15%
Windsor 39,707,025$ 41,207,762$ 4% 87 81 -7% 73 81 11% 420,000$ 470,000$ 12%
Source: Terradatum, July 7, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Under $1 million 621,526,935$ 587,642,861$ -5% 1361 1,167 -14% 66 60 -9% 420,000$ 461,000$ 10%
$1 million and over 178,440,649$ 171,045,025$ -4% 97 101 4% 111 88 -21% 1,370,000$ 1,350,000$ -1%
Source: Terradatum, July 7, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Price Range Snapshot: Q2 2014 vs. Q2 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 ReportQ2 2014
Sonoma Valley: Q2 ResultsSellers in Pacific Union’s Sonoma Valley region tended to keep their properties off the market during the winter and early spring months, waiting for gardens and flowerbeds to bloom in order to present their homes in the best light. That decision created a substantial increase in listings during the latter part of the second quarter. Additionally, sellers put overly optimistic prices on their homes – higher it seems than the market would bear – and the strategy backfired. By the end of the second quarter many sellers had reduced prices, and homes were staying 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 got to choose from a more robust mix of homes. Well-priced properties continued to attract multiple offers, although far fewer than the dozen or so that we saw last year.
There was even a bit of a sales lull for midpriced homes in May before activity regained steam in June, and what began as a boom in the beginning of the year for multimillion dollar properties has now softened considerably. It remains to be seen as to whether this is just another cyclical event or a correction in the market as a whole.
Looking Forward: With a strong market in second-home sales, Sonoma Valley real estate is closely tied to the Bay Area’s economy. Forecasts call for robust economic growth well into next year, suggesting plenty of opportunities for both buyers and sellers.
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.
Sonoma Valleypacificunion.com | A Member of Real Living
Median Sales Price
Months’ Supply of Inventory
$560,000 $529,025
$496,278
$586,000 $565,000
$500,000 $477,000
$608,500 $610,672
$500,000
$645,000
$540,000 $555,000
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
2.1 2.0 2.4
4.4
2.5 2.4
3.0
2.3
3.0 3.3
3.0
2.3
3.1
0.1
0.6
1.1
1.6
2.1
2.6
3.1
3.6
4.1
4.6
5.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
Sonoma Valleypacificunion.com | A Member of Real Living
Average Days on the Market
53
68 76
94
64
51
69
80 77
105
78
50
61
0
20
40
60
80
100
120
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.
Sales Price as a Percentage of Original Price
94.7%
98.7%
95.2%
92.4%
93.9%
96.6%
94.6%
92.2% 91.8% 92.5%
96.8%
99.5%
96.7%
86%
88%
90%
92%
94%
96%
98%
100%
102%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
Percentage of Properties Under Contract
31.7%
27.7%
17.2%
23.4% 24.3%
20.2% 22.7%
23.9% 26.6%
28.3%
30.5%
23.2%
29.1%
0%
5%
10%
15%
20%
25%
30%
35%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
A Closer Look at Sonoma Valley
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Glen Ellen 12,125,270$ 17,756,900$ 46% 13 14 8% 63 62 -2% 745,000$ 1,005,500$ 35%
Kenwood 11,891,000$ 9,914,000$ -17% 10 7 -30% 83 202 143% 890,000$ 1,260,000$ 42%
Sonoma 121,738,193$ 103,016,425$ -15% 149 139 -7% 56 54 -4% 545,000$ 569,000$ 4%
Source: Terradatum, July 7, 2014. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.
Sonoma Valley Snapshot: Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Sonoma Valleypacificunion.com | A Member of Real Living
Sally GardnerRegional Executive, Tahoe/TruckeeTahoe City 530.581.1882 | Truckee 530.587.7098 | Squaw Valley [email protected]
Tahoe/TruckeeQuarterly Real Estate ReportQ2 2014
Tahoe/Truckee: Q2 ResultsReal estate activity operates on a different timetable in Pacific Union’s Tahoe/Truckee region than in the Bay Area. Whereas the second quarter is a beehive of activity for Bay Area homebuyers and sellers, it is the quietest time of the year in the Tahoe/Truckee region, with skiers gone home and summer vacationers not yet arrived.
That calm was a boon for second-quarter homebuyers in the region, who had an ample supply of homes from which to choose. Sellers, meanwhile, saw prices rise steadily amid pent-up demand for single-family homes and condominiums. Properties that were fairly priced sold quickly.
Tahoe/Truckee is primarily a second-home market, closely linked to the Bay Area’s economic health (as well as that of Sacramento and Reno), and the recession and housing-market troubles of recent years took a toll on the region. After more than a year of recovery, however, Tahoe/Truckee returned to a balanced market in the second quarter, with plenty of inventory and hopeful buyers alike.
Looking Forward: The third quarter is prime time for the Tahoe/Truckee real estate market, as vacationers pull double duty as homebuyers. With the Bay Area economy showing no signs of slowing, we expect to see increasing numbers of residents choose to invest in Tahoe/Truckee real estate.
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 charts below includes single-family homes and condominiums in these communities.
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Single-Family Homes – Median Sales Price
Condominiums – Median Sales Price
$528,000 $550,000 $559,500 $550,000 $545,000 $560,000
$614,605 $605,000
$699,000
$610,000
$525,000
$620,000
$529,277
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for single-family homes in the Tahoe/Truckee region.
$420,000
$289,000 $300,000
$350,250
$381,500 $374,500
$345,000
$262,000
$390,000
$290,000
$334,000
$387,500
$350,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Median sales price for condominiums in the Tahoe/Truckee region.
Tahoe/Truckeepacificunion.com | A Member of Real Living
Single-Family Homes – Months’ Supply of Inventory
6.1 6.1
4.9 4.9 5.1 5.3
6.1
8.4
6.4 7.0 6.7
5.6
8.1
0.1
1.1
2.1
3.1
4.1
5.1
6.1
7.1
8.1
9.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for single-family homes in the Tahoe/Truckee region.
Single-Family Homes – Average Days on the Market
66
89 90 97 101
94 107
93 100
140
102 96
72
0
20
40
60
80
100
120
140
160
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for single-family homes sold in the Tahoe/Truckee region.
Condominiums – Months’ Supply of Inventory
9.9
8.4 7.5
5.5 5.2
6.9 7.1
8.8
12.9
11.4
8.8 7.7
10.8
0.1
2.1
4.1
6.1
8.1
10.1
12.1
14.1
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Months' supply of inventory for condominiums in the Tahoe/Truckee region.
Tahoe/Truckeepacificunion.com | A Member of Real Living
Condominiums – Average Days on the Market
85
197
140 159
113
159
122
150 150 137
54
114
86
0
50
100
150
200
250
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Average days on market for condominiums sold in the Tahoe/Truckee region.
Condominiums – Percentage of Properties Under Contract
11.0%
12.7%
14.1%
12.4% 12.9%
6.9%
9.1%
7.2%
11.5% 10.5%
9.0% 8.3%
9.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of condominiums under contract in the Tahoe/Truckee region.
Single-Family Homes – Percentage of Properties Under Contract
13.7% 14.8%
16.2%
13.2% 13.0%
10.9%
8.9%
14.0%
11.5%
17.5%
15.3%
9.3% 9.2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Percentage of single-family homes under contract in the Tahoe/Truckee region.
Single-Family Homes – Sales Price as a Percentage of Original Price
95.7% 95.0%
92.3%
94.6%
91.5%
95.0%
92.8% 92.1%
91.3%
89.2%
95.3%
94.0%
95.5%
86%
88%
90%
92%
94%
96%
98%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 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
92.7% 91.8%
92.7%
94.7%
91.2%
95.4%
93.0% 92.5%
96.1%
89.5%
94.6% 94.8%
96.6%
84%
86%
88%
90%
92%
94%
96%
98%
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Source: Terradatum, July 7, 2014. Sales price as % of original price (including adjustments) for condominiums under contract in the Tahoe/Truckee region.
Tahoe/Truckeepacificunion.com | A Member of Real Living
A Closer Look at Tahoe/Truckee
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Alpine Meadows 1,735,000$ 4,270,000$ 146% 3 5 67% 42 127 202% 625,000$ 545,000$ -13%
Donner Lake 3,669,500$ 10,821,000$ 195% 7 14 100% 61 100 64% 460,000$ 532,500$ 16%
Donner Summit 4,239,000$ 6,396,300$ 51% 8 10 25% 130 118 -9% 515,000$ 542,500$ 5%
Martis Valley 28,396,391$ 48,163,709$ 70% 29 25 -14% 77 122 58% 493,000$ 1,735,000$ 252%
North Lake Tahoe 38,659,900$ 42,773,450$ 11% 53 55 4% 86 94 9% 440,000$ 515,000$ 17%
Northstar 5,022,200$ 5,869,000$ 17% 6 6 0% 132 376 185% 768,600$ 839,500$ 9%
Squaw Valley 9,398,250$ 5,088,000$ -46% 8 3 -63% 123 35 -72% 848,500$ 853,000$ 1%
Tahoe City 16,083,000$ 14,453,700$ -10% 17 16 -6% 122 103 -16% 504,000$ 552,750$ 10%
Tahoe Donner 42,883,881$ 31,540,350$ -26% 71 49 -31% 72 28 -61% 555,000$ 595,000$ 7%
Truckee 39,681,776$ 59,008,922$ 49% 56 47 -16% 53 77 45% 406,418$ 529,277$ 30%
West Shore 30,871,950$ 38,194,426$ 24% 33 38 15% 114 145 27% 592,500$ 508,250$ -14%
Source: Terradatum, July 7, 2014. Data is for single-family homes in the Tahoe/Truckee region.
Tahoe/Truckee Snapshot: SFH, Q2 2014 vs. Q2 2013
Sales Volume Homes Sold Avg. Days on Market Median Price
Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change Q2 '13 Q2 '14 % change
Alpine Meadows 219,000$ 1,009,000$ 361% 1 3 200% 88 46 -48% 219,000$ 334,000$ 53%
Donner Lake 639,000$ 55,000$ -91% 2 1 -50% 849 76 -91% 319,500$ 55,000$ -83%
Donner Summit -$ 115,000$ n/a 0 1 n/a 0 274 n/a -$ 115,000$ n/a
North Lake Tahoe 9,968,500$ 8,907,969$ -11% 21 20 -5% 141 90 -36% 290,000$ 348,000$ 20%
NorthStar 4,734,000$ 6,077,340$ 28% 10 12 20% 116 53 -54% 325,500$ 342,500$ 5%
Squaw Valley 4,075,700$ 4,927,000$ 21% 9 8 -11% 243 224 -8% 410,000$ 611,500$ 49%
Tahoe City 5,612,500$ 3,150,100$ -44% 12 7 -42% 144 51 -65% 331,750$ 393,000$ 18%
Tahoe Donner 2,164,300$ 3,792,970$ 75% 9 15 67% 26 53 104% 242,900$ 256,000$ 5%
Truckee 3,054,950$ 3,863,000$ 26% 6 8 33% 56 99 77% 464,500$ 439,500$ -5%
West Shore 765,000$ -$ n/a 1 0 n/a 14 0 n/a 765,000$ -$ n/a
Tahoe/Truckee Snapshot: Condos, Q2 2014 vs. Q2 2013
Source: Terradatum, July 7, 2014. Data is for condominiums in the Tahoe/Truckee region.
Sales Volume Homes Sold Avg. Days on Market Median Price
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