The California Association of Realtors’ (CAR) housing market statistics reveal that the San Francisco Bay Area has had a rather gloomy November when it comes to the median sold prices of existing single-family homes. While San Mateo and Santa Clara have closed in the green, all the remaining Counties (Alameda, Contra Costa, Marin, Napa, San Francisco, Solano, and Sonoma) have fared poorly. Marin and Napa have suffered the most in terms of the percentage decline of median prices.
Counties showing gains in November
Santa Clara’s 7-digit median sold price for existing single-family homes stands at $1,259,000 for November. This is a modest 2.0% rise from October and a 0.7% uptick from the figure posted in November ‘18’.
San Mateo is up from October’s $1,560,000 to November’s $1,595,000. This corresponds to a 2.2% rise. The rise is nothing compared to the 6.3% hike San Mateo has posted year-over-year.
|S.F.Bay Area||Nov-19||Oct-19||Nov-18||Price MTM% Chg||Price YTY% Chg|
Counties in the red
Talking of counties that have traded in the red, Alameda’s median sold price for existing single-family homes has stood at $910,000 in November. This is a downtick of 1.6% from October’s $905,000. Year-over-year, Alameda’s prospects have improved by 1.1%.
Contra Costa’s prices have fallen by 6.1%- from $681,250 in October ‘19’ to $640,000 in November ‘19’. Its year-over-year figure has also come down by 0.1%, reveals the CAR stat.
Marin has come down from October’s $1,397,500 to $1,270,000 in November. This is a 9.1% downswing, making Marin the worst sufferer in November. Interestingly, Marin is an 8.3% year-over-year gainer.
Napa has suffered a fortune reversal, according to the CAR data available to us, exhibiting a drop of 9.0%; the corresponding figures for October and November being $669,000 and $735,000 respectively. Napa’s year-over-year drop is 2.1%
San Francisco’s $1,619,000 looks formidable but it is below $1,650,000 that the county had posted in October- a 2% decline. Interestingly, San Fransisco’s year-over-year scorecard shows a herculean rise of 12.2% (its Nov ‘18’ figure was 1,442,500)
Solano has had a 1.5% drop in its median sold price value for existing single-family homes, says the CAR data ($470,000 to $462,980). In terms of year-over-year, it stands 2.9% in the green.
Sonoma has sustained a 1.5% fall, posting $650,000 in November compared to October’s $660,000. November’s number is a good 6.1% above the Nov ‘18’ figure of $612,500.
We know that the Bay Area is a ruthlessly competitive market but buyers get a good feeling at least twice a year. Sales slow down in late summer and the holiday zone when winter is halfway through. The number of listings almost always come down (some sellers take off listings to reintroduce them in January) over the last two months as the festive mood begins. This is nothing but good news for buyers who get as close to a buyer’s market as possible. Sellers, after all, don’t mind a lower offer at this time.