We are nearly halfway through the year and the Bay Area real estate market is remaining competitive with quick sales and increasing prices, in general. As we move further into the Spring/Summer season, we expect prices to continue to increase modestly.
Average year-over-year prices for single-family homes in the Bay Area are up between 3% – 10%, depending on the county. Condos/townhomes are mixed with prices down slightly in San Francisco and San Mateo Counties, and up in Santa Clara, Alameda, and Contra Costa Counties. See charts below for more details for the five counties in the Bay Area, and then read on for Buyer & Seller tips, as well as information about our upcoming seminars!
San Mateo County: According to MLSListings, the average sales price for single-family homes in San Mateo County reached a new all-time high in April of $1,882,104 and is up 3% year-over-year (YOY). On the other hand, the average sales price for condos/townhomes was down 3% compared to April 2016. The average number of days on market (DOM) for single-family homes remained flat YOY; however, the average DOM for condos/townhomes increased 47% from 15 to 22 days.
San Francisco County: The average sales price for single-family homes in San Francisco County was up 6% year-over-year (YOY) in April according to the San Francisco Association of Realtors. Average prices for condos/townhomes were down 1% YOY, but up 1% from March 2017. The average number of days on market for all property types is down significantly YOY in the City.
Santa Clara County: According to MLSListings, the average sales price for single-family homes in Santa Clara County is up 7% year-over-year (YOY). The average number of days on market (DOM) is down 19% YOY and down 26% from March 2017 to April 2017 for single-family homes. Condos and townhomes are up YOY both in price and DOM by 6% and 21%, respectively.
Alameda and Contra Costa Counties: Single-family homes and condos/townhomes are up 10% year-over-year in Alameda and Contra Costa Counties combined, according to Paragon MLS. The average number of days on market for all property types has remained basically flat.
If you are interested in purchasing a brand new home, please give me a call! There are several new complexes being built or that have recently been completed locally. Some of them include:
- Via townhomes in Daly City
- South City Place THs/Single-family homes in South San Francisco
- Meadow Walk townhomes in San Mateo
- Tidelands condos in San Mateo
- Viewpoint townhomes in Mountain View
- Sandalwood condos/townhomes in Sunnyvale
- Emerson townhomes in Santa Clara
- Traditions at Center Pointe condos/townhomes in Milpitas
Are you thinking about making some updates to your home before selling? Here are some trends builders are currently featuring in their model homes to entice buyers.
- Quartz Countertops – While granite countertops have been the standard, buyers are showing a greater desire for quartz countertops.
- More Windows – Many buyers want to bring the outdoors into their indoors so they are turning to extra windows to get that feel.
- Wider Plank Flooring – Hardwood and tile floors are the most in-demand, but buyers are opting for bigger plank widths and larger tiles.
- Owner’s Entries – Model homes are showing off “drop zones”, which serve as places for keys, electronics, and a central command post for automated systems.