Sales data for the summer months of June, July and August point to considerable strength in the market.
There were approximately 1,400 closings during the summer, which is on par with last year’s figures. Median market time came in at 18 days on market, versus 27 last year. Single family values posted three straight months of double digit year-over-year gains, while condominium values posted two. Inventory levels remain tight, coming in at around one month. Single family homes continue to receive the greatest amount of competition, with purchasers paying an average of 17% over list price. It is widely expected to be an active fall market, with a substantial increase in inventory. As an example, the number of active listings increased 35% during the month of September 2016, compared to the prior month.
Suffice to say it's still a Seller's market and the right time to learn the value of your home, how you may prepare and position it for sale and how you can leverage your equity to grow your real estate portfolio or locate your next perfect home.
+6% ten-year average
+5% ten-year average
Dedicated to You! From high heels to hiking boots, Cynthia Palmer, Realtor, BRE# 01445659 with Vanguard Properties, is a lot City and a little bit Country representing buyers and sellers of fine homes, viticulture, agriculture and commercial property 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 or property in the Bay Area.