The California Association of Realtors’s (CAR) housing market statistics reveal that the San Francisco Bay Area has had a mixed September when it comes to median sold prices of existing single-family homes. While Alameda, Marin, Napa, and Santa Clara are closing in the green, Counties Contra Costa, San Francisco, San Mateo, Solano, and Sonoma have not been equally lucky. In terms of the percentage decline of median prices, Sonoma has suffered the most. On the other side of the spectrum, Napa has done exceedingly well, followed on its heels by Marin.
Counties showing gains in September
Alameda’s median sold price for existing single-family homes has stood at $910,000 in September. This is an uptick of 0.5% from August’s $905,000. Year-over-year, Alameda’s prospects have improved by 1.1%.
Marin has posted a formidable $1,360,000 in September. This is a 10.6% upswing compared to August’s $1,230,000. Interestingly, the year-over-year median sold prices have dropped by 2.5% from the September ‘18’ figure of $1,395,000.
Napa has rallied most in September, according to the CAR data available to us, exhibiting a hike of 12.7%; the corresponding figures for August and September being $699,000 and $787,500 respectively. Equally, and in fact, more appreciable has been its year-over-year turnaround- a 15% rise from $685,000 recorded in September ‘18’.
Santa Clara’s 7-digit median sold price for existing single-family homes stands at $1,225,000 for September. This is a modest 2.9% rise from August and a near equal 2% decline from figures posted in September ‘18’.
Counties in the red
Talking of counties that have traded in the red, Contra Costa’s prices have fallen by 2.5%- from $672,750 in August ‘19’ to $656,000 in September ‘19’. Interestingly, it has closed positively compared to where it was in September ‘18’ (a 0.9% hike), reveals the CAR stat.
San Francisco’s $1,540,000 looks redoubtable but it is a good deal below $1,602,000 that the county had posted in August- a shade under 4% down. Like Contra Costa, it has also rallied up (2.2%) in terms of its year-over-year standing.
San Mateo is down from August’s $1,545,000 to September’s $1,470,000. This corresponds to a 4.9% drop. The slide is still lenient compared to the 8.1% decline it has registered on the year-over-year reading meter.
Solano has had a 1% reduction in its median sold price value for existing single-family homes, says the CAR data ($459,700 to $455,000). In terms of year-over-year, it stands 0.8% in the green.
Sonoma has suffered a more drastic 7.9% fall, posting $655,700 in September compared to August’s $712,000. September’s number is a shade (0.2%) above the same time-last year figure.
Bay Area housing market’s terrific momentum has been arrested a good 16 months ago but not until September 2018 did it cease to post handsome year-over-year growth recordings. Stock market volatility and selloff during last September, accompanied by a hike in the interest rates had halted the rolling juggernaut of the Bay Area a year ago. Fall ‘18’ to Spring ‘19’, the housing inventory, in contradiction to the country on the whole, had been increasing. This did not affect the increasing median home prices though- up until March ‘19’, that is.
Notable is the IPO money that is creating a ripple in the high-price range but still not moving the needle in the low or moderate-price range.