Median Bay Area Home Price $723,750 in January

 

2017-01_Sales_IG_hires_RThe median price of a home in the Bay Area was $723,750 in January according to data provided by the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.).

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 420,100 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The January figure was up 2.1 percent from the 411,430 level in December, and up 4.4 percent compared with home sales in January 2016 of a revised 402,220. The month-to-month gain was the first December-to-January increase since 2012, which is an encouraging sign.

“California’s housing market continues to be defined by the higher-priced, coastal markets and the less expensive, inland areas that still offer access to major employment centers,” said C.A.R. President Geoff McIntosh. “For example, eroding affordability and tight housing inventory are pushing buyers away from the core Bay Area markets of San Francisco, San Mateo, and Santa Clara and into less expensive bedroom communities, such as Contra Costa, Napa, and Solano. In Southern California, an influx of buyers from coastal employment areas into the Inland Empire drove healthy year-over-year sales in Riverside and San Bernardino.”

The median price of an existing, single-family detached California home fell below the $500,000 mark for the first time since March 2016, but home prices remain seasonably strong. The median price was down 3.8 percent from a revised $508,870 in December to $489,580 in January. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.

January’s median price was up 4.8 percent from the revised $467,160 recorded in January 2016, a slightly slower pace than the 5.6 percent increase averaged last year. Since 2011, price declines from December to January have usually ranged from -11.7 percent to as little as -4.6 percent, but January’s 3.8 percent monthly smaller price decline suggests that price pressure remains relatively robust and could translate into additional price growth as the spring and summer home-buying seasons near.

“January’s sales increase was likely boosted by rising interest rates, which have risen sharply since the election and have given buyers an incentive to get off the sidelines and close escrow before rates go higher,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Yet, future anticipated rate hikes will increase the cost of homebuying and could have an adverse effect on affordability and future home sales.”

San Francisco County had the highest price per square foot in January at $841/sq. ft., followed by San Mateo ($723/sq. ft.), and Santa Clara ($567/sq. ft.). Counties with the lowest price per square foot in January included Del Norte ($124/sq. ft.), Kings ($125/sq. ft.), and Kern ($127/sq. ft.).

New listings in pricey Bay Area counties, such as Marin, San Francisco, San Mateo, and Santa Clara rose significantly from December, a possible indication of sellers cashing out robust price appreciation experienced over the past few years.

January 2016 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

January-17 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County Jan-17 Dec-16   Jan-16   MTM% Chg YTY% Chg MTM% Chg YTY% Chg
CA SFH (SAAR) $489,580 $508,870 $467,160 r -3.8% 4.8% 2.1% 4.4%
CA Condo/Townhomes $399,710 $403,240 $380,110 r -0.9% 5.2% -22.1% 7.5%
Los Angeles Metro Area $450,710 $463,380 $434,000 r -2.7% 3.9% -31.2% -5.6%
Inland Empire $312,500 $320,970 $291,920 -2.6% 7.0% -18.4% 8.6%
S.F. Bay Area $723,750 $770,000 r $690,000 r -6.0% 4.9% -30.7% -0.9%
S.F. Bay Area                  
Alameda $755,000 $755,000 $700,000 r 0.0% 7.9% -32.9% -0.4%
Contra Costa $540,000 $550,000 $500,000 r -1.8% 8.0% -26.0% 10.4%
Marin $1,150,000 $1,118,700 $952,500 r 2.8% 20.7% -37.2% -3.6%
Napa $662,500 $605,000 $584,500 r 9.5% 13.3% -18.3% 0.0%
San Francisco $1,250,000 $1,315,210 $1,160,000 r -5.0% 7.8% -45.7% 1.0%
San Mateo $1,150,000 $1,332,500 $1,077,500 -13.7% 6.7% -38.9% -11.6%
Santa Clara $927,500 $965,000 $895,000 -3.9% 3.6% -33.9% -7.8%
Solano $387,400 $405,000 $354,000 r -4.3% 9.4% -22.3% 6.8%
Sonoma $579,500 $585,000 $550,000 r -0.9% 5.4% -23.3% -11.3%
Southern California
Los Angeles $509,320 $519,280 r $480,950 -1.9% 5.9% -26.3% 6.7%
Orange $740,000 $745,000 $699,900 r -0.7% 5.7% -26.8% -1.1%
Riverside $357,500 $360,000 $328,000 r -0.7% 9.0% -20.6% 9.9%
San Bernardino $242,650 $253,460 $234,460 -4.3% 3.5% -14.6% 6.7%
San Diego $550,000 $568,000 $530,000 r -3.2% 3.8% -25.3% 6.8%
Ventura $606,150 $627,580 $638,590 -3.4% -5.1% -29.7% -17.3%
Central Coast
Monterey $572,500 $497,000 $500,000 15.2% 14.5% -24.9% 2.5%
San Luis Obispo $536,000 $559,000 $540,000 r -4.1% -0.7% -14.2% 13.4%
Santa Barbara $710,000 $735,000 $748,000 r -3.4% -5.1% -22.3% 1.4%
Santa Cruz $800,000 $805,000 $694,500 -0.6% 15.2% -7.9% 20.8%
Central Valley
Fresno $235,000 $238,220 $216,000 r -1.4% 8.8% -29.4% 3.8%
Glenn $221,000 $197,500 $159,975 r 11.9% 38.1% 6.7% -11.1%
Kern $215,000 $220,000 $215,000 -2.3% 0.0% -12.5% -7.7%
Kings $200,000 $215,000 $190,000 r -7.0% 5.3% -14.1% 65.9%
Madera $229,900 $227,950 $227,500 r 0.9% 1.1% -33.8% -2.2%
Merced $225,500 $235,000 $193,950 r -4.0% 16.3% -11.6% 2.4%
Placer $425,000 $425,000 $405,000 r 0.0% 4.9% -40.0% -10.2%
Sacramento $305,000 $314,940 $281,000 r -3.2% 8.5% -27.2% 14.1%
San Benito $550,000 $475,000 $480,000 15.8% 14.6% -21.1% -37.5%
San Joaquin $307,500 $326,750 $290,000 r -5.9% 6.0% -32.3% -16.1%
Stanislaus $279,750 $275,000 $245,000 r 1.7% 14.2% -27.0% 4.0%
Tulare $202,500 $204,950 $195,000 r -1.2% 3.8% -29.8% 28.0%
Other Calif. Counties
Amador $295,000 $272,500 $215,500 r 8.3% 36.9% -22.7% 13.3%
Butte $264,000 $294,250 $260,000 r -10.3% 1.5% -69.4% -56.3%
Calaveras $285,000 $288,000 $258,750 r -1.0% 10.1% -29.0% 42.0%
Del Norte $218,500 $232,250 $157,000 r -5.9% 39.2% -12.5% -26.3%
El Dorado $414,250 $434,500 $405,000 r -4.7% 2.3% -36.0% -2.8%
Humboldt $296,500 $295,000 $247,800 r 0.5% 19.7% -21.0% 16.9%
Lake $215,000 $210,000 $235,000 r 2.4% -8.5% -24.4% 15.7%
Mariposa $272,450 $227,000 $279,000 r 20.0% -2.3% -30.0% -6.7%
Mendocino $417,500 $366,000 $355,000 r 14.1% 17.6% -17.0% 25.8%
Mono $526,750 $528,500 $475,000 -0.3% 10.9% -42.9% -27.3%
Nevada $366,500 $355,000 $339,500 r 3.2% 8.0% 11.1% 45.2%
Plumas $300,250 $230,000 $342,000 r 30.5% -12.2% -26.7% 15.8%
Shasta $233,375 $235,750 $226,250 r -1.0% 3.1% -34.4% 22.9%
Siskiyou $239,000 $255,000 $195,000 r -6.3% 22.6% -12.9% -12.9%
Sutter $251,995 $253,500 $213,700 r -0.6% 17.9% -30.6% -3.8%
Tehama $210,000 $204,250 $190,000 r 2.8% 10.5% -20.6% 42.1%
Tuolumne $279,450 $253,375 $210,000 r 10.3% 33.1% -28.6% -12.3%
Yolo $380,000 $405,000 $345,000 r -6.2% 10.1% -18.7% 18.9%
Yuba $250,000 $247,450 $210,000 r 1.0% 19.0% -16.2% -9.5%

r = revised