July 17, 2017

Luxury Segment Heats Up Bay Area Housing Markets in June

The first half of the year ended on a strong note for Bay Area housing markets, according to a new analysis by Pacific Union Chief Economist Selma Hepp.

Executive Summary:

  • Home sales activity in the Bay Area increased by 3 percent year over year in June and 2 percent for the first half of 2017.
  • Alameda and San Francisco county home sales showed the largest pickups in the first half of 2017, the increase driven by more sales of higher-priced homes.
  • In June, 40 percent more homes priced between $2 million and $3 million sold in the Bay Area year over year.
  • Activity for homes priced higher than $3 million was particularly hot in Santa Clara County in June, with sales increasing by 50 percent from one year earlier.
  • Bay Area housing markets were generally more competitive than at the same time last year, with homes selling faster, more homes selling over the asking price, and sellers receiving higher premiums.
  • Fewer sold listings had price reductions, except in higher-end markets in Contra Costa, Napa, and Sonoma counties. High-end homes in Alameda and Napa counties saw much fewer price reductions than they did last June.
  • San Francisco, San Mateo, and Santa Clara county markets heated up again relatively more than others in the Bay Area.

 

To read the full post, click here: http://pacunion.us/2tj41XS


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 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. For more information, please visit www.themarkcompany.com.