Southern/Central Marin’s single family home median sales price took a further step back in June from April’s peak, following May’s decline, ending at $1,474,000. Single family homes sold at a median bid of 100% of median list price, also down from April’s 102%, but higher than last June’s 99%.
Condos/townhomes median sales price came back up in June to $699,000, just off this year’s peak in April but still below last year’s all time high in October of $750,000. The median bid was 97%, well below last June’s 102% of list price bid.
The number of new single family home listings coming on the market this year continues to be down from 2016. In June 2017, they were 21% fewer new listings compared to June 2016. Year-to-date, they are down 8.2%. This sustained decline in new listings, coupled with a 3.6% increase year-to-date in the number of home sales, has led to an inventory of only 1.4 months.
Likewise, there were 35% fewer new condos/townhomes coming on the market this June than last. Year-to-date, there are 15% fewer new listings than in 2016. Sales are also off pace, with 13% fewer sales. Inventory stands at just 1.3 months.
The exceptionally strong San Francisco economy continues to be behind these numbers. Unemployment stands at just 3.0%, down from 2016’s 3.4%. There are more jobs filled in every category tracked by the Bureau of Labor Statistics in June, 2017 than there were in June, 2016. And while the increase in the number of new jobs is slowing, jobs are still being added.
Single Family Homes – Median Sales Price
Condo/Townhomes – Median Sales Price
Single Family Homes – Months of Inventory
Condo/Townhomes – Months of Inventory
Single Family Homes – New Listings v. Sold Listings
Condo/Townhomes – New Listings v. Sold Listings
Median Percent of Original List Price Received Single Family Homes
Median Percent of Original List Price Received Condo/Townhomes