Homeowners looking for some guidance on what is happening in the Bay Area housing market may be struggling to find consistency. Depending on the area they are looking to buy in the information available can vary block by block, city by city.
Uncertainty about market conditions was reflected in C.A.R.’s August Market Pulse Survey, with most leading indicators showing a decline in growth and REALTORS® becoming less optimistic about market expectations and more concerned with reduced affordability.
For the Bay Area as a whole, C.A.R. states the pending sales rose 8.5% from August 2015 and 4.1% from July. A strong 14.8% increase in pending sales in Santa Clara County drove the improvement in the Bay Area, as well as double-digit pending sales gains in San Francisco (10.4%) and San Mateo (11.9%) counties.
Let’s get specific:
In Santa Clara County days on the market in August averaged 29, with the list to sales price ratio at 101.4%. The homes for sale amounted to 1,464 while actual sales were 924. The median price in Aug 2015 was $967.4K and in Aug 2016 $977.5K for single family homes.
In Santa Cruz County days on the market in August averaged 43, with the list to sales price ratio at 100%. The homes for sale amounted to 423 while actual sales were 201. The median price in Aug 2015 was $715K and in Aug 2016 $824K for single family homes.