Compass NorCal February 2019 Real Estate Update
March 13, 2019 | Source: Compass California Real Estate Blog
While the pace of sales generally picked up from the January highs in most Bay Area regions in which Pacific Union DBA Compass operates, most regions saw relatively lower prices compared to last February when the robust spring price growth began. Click on each of our regions below for an expanded look at local real estate activity in February.
CONTRA COSTA COUNTY
February median sales price in Contra Costa County has picked up from the previous three months but remained at $1,250,000, the same level as February of last year. Homes sold in an average of 25 days, one day faster than at the same time last year and 12 days faster than in December and January. See more Contra Costa County market statistics for February.
Defining Contra Costa County: Sales data shows single-family homes in Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.
While median home prices in the East Bay in February remained relatively steady with the previous month at $1,150,000, it is still 10.3 percent above last year’s February price. After a steady increase over the last year, days on market leveled at around 22 days in the last two months.See East Bay market statistics for February.
Defining the East Bay: Sales data includes single-family homes in Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont.
Marin County‘s $1,299,000 median sales price was down 3.1 percent from February 2018. Pace of home sales increased again from winter months, averaging 40 days on market, which is still 5 days slower than last February. See Marin County market statistics for February.
Defining Marin County: Sales data includes single-family homes in Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.
At $625,000, Napa County‘s February median sales price continues to trend lower, posting a 13 percent decline from last February. But days on market picked up again and homes generally sold in 63 days, 30 days faster than last year. See Napa County market statistics for February.
Defining Napa County: Sales data includes single-family homes in American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville.
SAN FRANCISCO — SINGLE-FAMILY HOMES
While increasing from the month before, San Francisco February’s median prices of single family homes stood at $1,505,000, down 11.5 percent compared to the year prior. Pace of sales picked up again after slower winter months and averaged 28 days, only 3 days slower than last February. See San Francisco single-family-home market statistics for February.
SAN FRANCISCO — CONDOMINIUMS
At $1,142,500, the median sales price for a San Francisco condominium increased 5.3 percent from last year, and while the average premiums declined, condominiums still generally sold over asking price. Days on market also picked up and averaged 37 days, up from 35 days last year. See San Francisco condominium market statistics for February.
After falling below $3 million, Silicon Valley‘s median sales price picked up in February and closed the month at $3,075,000, a decline of 10.9 percent from last February. Inventory options continued to increase, with an annual increase of 30.8 percent in homes for sale. See Silicon Valley market statistics for February.
Defining Silicon Valley: Sales data includes single-family homes in Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.
The median sales price in the Mid-Peninsula continued to trend lower in February, and at $1,450,000 recorded 15.9 percent annual decline. Homes are selling at a slower pace with an average of 33 days on market, close to two weeks slower than last year. See other Mid-Peninsula market statistics for February.
Defining the Mid-Peninsula: Sales data includes single-family homes in Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).
At $620,000, median home prices in Sonoma County trended lower in February with a 10 percent annual decline. Pace of sales increased slightly from January highs, despite a 15-day increase from last February to an average of 62 days on market. See Sonoma County market statistics for February.
Defining Sonoma County: Sales data in the adjoining chart includes all single-family homes and farms and ranches in Sonoma County.
Median home prices in Sonoma Valley stood at $755,000 in February, holding relatively steady compared to other Bay Area regions and down only 1.9 percent compared to last year. Nevertheless, days on market slowed considerably over the last year and averaged 115 days in February, from 44 days average last February. See Sonoma Valley market statistics for February.
Defining Sonoma Valley: Sales data includes all residential properties, including single-family homes, condominiums, and farms and ranches, in Glen Ellen, Kenwood, and Sonoma.
LAKE TAHOE/TRUCKEE — SINGLE-FAMILY HOMES
The median sales price in the Lake Tahoe/Truckee region rose slightly in February, up 0.5 percent year over year to end the month at $697,500. Price per square foot increased 16.3 percent to $529 per square foot. Days on market continued to extend and average 94 days in February, up from 80 days last year. See Lake Tahoe/Truckee single-family-home market statistics for February.
Defining Tahoe/Truckee: Sales data includes single-family homes in 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.
LAKE TAHOE/TRUCKEE — CONDOMINIUMS
Condominium prices in the Lake Tahoe/Truckee region picked up slightly faster than single-family homes, and with an annual increase of 4.7 percent ended February at $445,000. Nevertheless, price per square foot slowed 15.5 percent from the year prior, down to $409 per square foot. Pace of condominium sales also increased compared to last year averaging 118 days on market, from an average of 154 days last February. See Lake Tahoe/Truckee condominium market statistics for February.
Defining Tahoe/Truckee: Sales data includes condominiums in 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.