August 15, 2017

Bay Area Home Prices Sizzle in July

Pacific Union Chief Economist Selma Hepp examines the latest Bay Area market conditions, including San Francisco.

Executive Summary:

  • Bay Area luxury home sales continue to sizzle this summer and posted a 31 percent increase from last July.
  • Year over year, sales of homes priced between $2 million and $3 million were up by 93 percent in Alameda County and by 50 percent in Contra Costa County. Marin County posted a 72 percent increase in sales of homes priced above $3 million.
  • Sales slowed the most in Napa and Sonoma counties on an annual basis, while Marin and Santa Clara counties led the region with strong July increases.
  • Inventory is falling at twice the rate in San Francisco and Silicon Valley than in other Bay Area regions.
  • Bay Area home prices continued to soar, with the overall median price up 11 percent from last July and double-digit percent gains observed in Sonoma, Santa Clara, and Alameda counties.
  • While strong market activity in Silicon Valley is raising some eyebrows, buyers are still coming with plenty of cash and large down payments.

 

To read the full  post, click here: http://pacunion.us/2uZdHTd


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 eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.