The end of September closed the summer selling season with Q3 Bay Area real estate sales showing a general decline from where they were in Q3 of 2018. However, there were still a few bright spots of growth.
Santa Clara County
In Santa Clara County, Q3 ended with the median sale price for single-family homes at $1,240,000. This was down 4.6 percent from Q3 of 2018, when it was $1,300,000, according to data from Compass.
Condo prices in Santa Clara County also saw a decline from last year. The median sale price for condos in Q3 was $710,000, down 8.2 percent from $773,000 in Q3 of 2018.
Q3 of this year marked a buyers’ market in Santa Clara County, which was not the case last year. Buyers paid 97.3 percent of the list price this year vs. paying 102.5 percent last year.
Santa Clara County homes took longer to sell this quarter than they did at the same time last year. The average days on market was 31 vs. 21 days for the same period in 2018.
Sales volume was also lower this quarter compared to last year. In Santa Clara County, 3,460 homes were sold in Q3, marking a 4.6 percent decline from the 3,626 homes sold in Q3 of 2018.
San Mateo County
Q3 real estate sales in San Mateo County also saw a decline from where they were last year.
The median price for a single-family home in San Mateo County was $1,520,000 this year, down 4.3 percent from $1,588,000 in Q3 of 2018.
Santa Mateo County condo prices saw only a slight decline from where they were last year. In Q3, the median sale price for condos was $850,000, down 0.06 percent from $855,000 in 2018.
In Q3 of this year, San Mateo buyers paid at the asking price for homes. However, last year, they paid, on average, 3.4 percent over the asking price.
Homes in San Mateo County took a little longer to sell this year compared to last. The average days on market 27 compared to 22 days in Q3 of 2018.
The overall real estate sales volume in San Mateo County was just slightly lower this quarter than the same time last year. A total of 1,356 homes were sold in Q3 2019 compared to 1,399 in Q3 of last year.
San Francisco County
San Francisco County was one of the brighter spots in Bay Area real estate sales, with overall sales data staying fairly stable compared to last year.
In Q3 of this year, the median sale price for a single-family home in San Francisco was $1,578,000, compared to $1,550,000 in Q3 of 2018
San Francisco condo prices were also fairly steady. This year, the median sale price for condos was $1,275,000, which was slightly down from last year when it was $1,185,000.
San Francisco buyers continue to pay over the asking price for homes due to high demand and a limited supply of inventory. This year, buyers paid 6.8 percent over the asking price, compared to 7.4 percent over last year.
Despite high demand and limited supply, homes in San Francisco take about as long to sell as in other Bay Area locations. In Q3 of this year, the average days on market was 33 days, compared to 32 days last year.
Sales volume in San Francisco was down 8 percent in Q3, dropping from 1,246 units sold in Q3 of last year to 1,146 units in Q3 of this year.
Oakland-Berkeley, Alameda County
In the Oakland-Berkeley area of Alameda County, real estate sales data was mixed compared to last year.
The median sale price for a single-family home in Oakland-Berkeley was $886,000 in Q3 of this year, up 3.0 percent from $860,000 at the same time last year.
However, the median price for condos in Oakland-Berkley was down slightly, by 1.3 percent, from $631,000 in Q3 of 2018 to $623,000 in Q3 of this year.
The Oakland-Berkeley area is still very much a sellers’ market. Both last year and this year, buyers paid about 11 percent over the asking price.
Homes in the Oakland-Berkeley area sell relatively faster than other Bay Area locations: in 21 days last year and in 22 days this year.
Sale volume remained fairly consistent in Oakland-Berkeley this year compared to last, at 1,585 units in Q3 of this year vs. 1,586 in Q3 2018.
Marin County
In Marin County in Q3 of this year, the median sale price for a single-family home was $1,286,000. This was down slightly, by 1.1 percent, from Q3 of 2018, when the price was $1,300,000.
Marin County condo prices were also slightly lower compared to last year. In Q3, the median sale price for condos was $630,000, down 1.6 percent from $640,000 in Q3 of 2018.
Marin County has been a buyers’ market both this year and last year. In Q3 of 2019 and 2018, buyers paid about 2.5 percent below the asking price.
Marin County homes take longer to sell than homes in other Bay Area locations. The average days on market in Q3 of this year was 48 days, compared to 47 days at the same time last year.
Overall sales volume in Marin was slightly up from last year, with 790 homes sold in Q3 compared to 767 homes for the same period last year.
Santa Cruz County
In Q3, Santa Cruz County also saw a softening of the real estate market this year compared to last year.
The median sale price for a single-family home in Santa Cruz County in Q3 of this year was $855,000. This was down by 5 percent from $900,000 in Q3 of 2018.
Santa Cruz County condo sale prices also saw a decline. The median condo price decreased by 3.7 percent, from $575,000 in Q3 of 2018 to $554,000 this year.
Santa Cruz County was a buyers’ market last year, and it still is this year. On average, in Q3 if 2018 and 2019, buyers paid 4.5 percent below the asking price.
This year, homes took a over a week longer to sell than they did in Q3 of 2018. The average days on market then was 35, compared to 43 days in Q3 of this year.
Santa Cruz County sales volume was also slightly lower this year than last. In Q3, 610 homes were sold, compared to 620 in Q3 of 2018.
The California Association of Realtors (CAR) expects that Bay Area real estate sales will continue to soften in 2010. In a statement, CAR President Jared Martin said, “With interest rates expected to remain near three-year lows, buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties. Additionally, an affordability crunch will cut into demand in some regions, such as the Bay Area, where affordability is significantly below state and national levels. These factors together will subdue sales growth next year.”
