The Mark Company Report March Job Growth Slows
May 12, 2017

Bay Area Home Sales Slide in April — Except for Luxury Homes

Pacific Union Chief Economist Selma Hepp examines the latest numbers and trends in a new Straight Talk column.

Executive Summary:

  • April home sales in the Bay Area were down 10 percent on an annual basis and 2 percent from March. The monthly decrease is not consistent with the historic average increase of 15 percent.
  • April’s monthly decrease was largely due to a drop in sales in the East Bay and San Francisco, while the South Bay and Silicon Valley saw slight improvements.
  • The relatively smallest increase in inventory in the East Bay contributed to slower sales in April.
  • On an annual basis, inventory keeps tightening. April’s 12 percent year-over-year decrease in supply is the largest recorded over the last 14 months.
  • San Francisco, the South Bay, and Silicon Valley saw the largest decline in inventory levels — especially for homes priced below $2 million.
  • By contrast, luxury home sales in the first four months of this year improved over 2016 and 2015, with the relatively highest increase in both sales and inventory in Marin and Alameda counties.
  • Twice as many potential buyers visited open houses priced below $1 million than those priced above $1 million.

 

To read the full analysis, click here: http://pacunion.us/2q75RZg


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the ninth largest residential real estate brokerage in the U.S. based on 2015 sales volume of $8.22 billion. Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. The Mark Company benefits from an enriched leadership team, innovative technology and added global reach through its affiliation with Christie’s International. For more information, please visit www.themarkcompany.com.