Year-to-date performance has been stronger in 2017, as compared to last year. The overall transaction volume is up by 9% to approximately $3.7B, as compared to $3.4B during the same period in 2016. The overall median sale price has risen 4% year-todate, coming in at $1.25MM. The median market time is now measuring at 19 days, as compared to 24 days last year. Sub markets performing particularly well include single family homes in MLS District 5. This category which includes neighborhoods such as Glen Park, Noe Valley, Castro and Cole Valley saw the year-to-date median increase 15% to $2.4MM.
The average 30-year fixed mortgage rate is also faring better, with the latest reading coming in at 3.9%, as compared to 4.15% in January of this year. Inventory levels remain low, measuring at about a 1-month supply, much less than the 6-month level widely regarded as the equilibrium. It is expected to be an active summer selling season, with already over 100 properties going into pending or contingent status since July 1st.
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Cynthia Palmer, Realtor, is a lot city and a little bit country representing buyers and sellers of fine homes in San Francisco, Sonoma and Napa Wine Country. Connect with Cynthia to find out more about how to achieve success when buying or selling your home in the Bay Area.