April 19, 2017

Sunshine After the Rain: Bay Area Housing Markets Bounce Back in March

Pacific Union Chief Economist Selma Hepp Breaks Down March Bay Area Home Sales Activity

Executive Summary:

  • Bay Area home sales rebounded in March, with a 60 percent increase in volume from February, higher than the historical 45 percent increase between the two months.
  • On a year-over-year basis, home sales were up 3 percent in March, with the largest increases in Napa County, Silicon Valley, and San Francisco.
  • March sales jumped in all price ranges, except the sub-$1-million range due to inventory shortages.
  • For-sale inventory improved from the winter months but continues to decline over the long term.
  • Buyers showed renewed optimism and engaged in competitive bidding wars again, spurring the increase in the number of homes selling over the asking price.
  • Home prices continued to surge, with the region’s median price jumping 10 percent year over year in March. San Mateo County had the region’s highest annual rate of appreciation, at 17 percent.

 

To read the full analysis by Pacific Union Chief Economist Selma Hepp, click here: http://pacunion.us/2olpuss


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.