Quarterly Real Estate Report Q2 2013
A Member of Real Living
Table of Contents
Is This Real Estate Run Sustainable? 4 The Rise of the All-Cash Offer 6 Contra Costa County 8 East Bay 12 Marin County 16 Napa County 20 San Francisco 24 Sonoma County 32 Sonoma Valley 36 Tahoe/Truckee 40
Is This Real Estate Run Sustainable? The past months have brought significant attention to the rocketing Bay Area housing market, which inevitably leads to “bubble” commentary and comparisons to the 2007 bust. However, we believe this run is for real, although velocity may start to slow. We are enjoying an exceptionally healthy job market, driven by both our intellectual capital – from our worldclass universities to our thought- and technology-leading corporations – and the geodemographics of the people who live in the San Francisco Bay Area. May unemployment figures showed our Bay Area counties continuing to drop well below the national average of 7.6 percent. Marin had the lowest rate at 4.5 percent, followed by San Francisco (5.2 percent), Napa (5.3 percent), Sonoma (6.1 percent), Contra Costa (6.7 percent), Alameda (6.8 percent), and our Tahoe/Truckee region at just over 7 percent. Personal liquidity is on the rise due to stock-market gains, bonuses based on improved company performance, increased valuation of restricted stocks and options, and the 2012 resurgence in IPOs. This new cash in the pockets of would-be homebuyers enabled more of them to compete for limited housing inventory even as prices continued to creep upward. The combination of our improving Bay Area economy, dropping unemployment rate, and more-flush buyers continues to fuel the housing market’s ferocious recovery. # of Homes For Sale
# of Homes Sold
Median Sales Price
May '12
May '13
% change
May '12
1,408
1179
-16%
522
478
-8%
$
681,000
$
801,000
18%
East Bay
697
598
-14%
252
227
-10%
$
588,000
$
770,000
31%
Marin County
842
713
-15%
212
262
24%
$
760,000
$
921,000
21%
Napa County
681
492
-28%
161
139
-14%
$
348,000
$
480,000
38%
Sonoma County
1,927
1,409
-27%
504
511
1%
$
330,000
$
425,000
29%
Sonoma Valley
279
216
-23%
52
62
19%
$
392,000
$
505,000
29%
San Francisco (SFH)
683
665
-3%
237
240
1%
$
781,000
$
1,040,000
33%
San Francisco (condos)
723
611
-15%
225
292
30%
$
724,000
$
870,000
20%
Tahoe/Truckee (SFH)
665
574
-14%
77
82
6%
$
449,000
$
430,000
-4%
Tahoe/Truckee (condos)
277
235
-15%
32
30
-6%
$
328,000
$
346,000
5%
Contra Costa County
May '13 % change
May '12
May '13
% change
To be sure, market corrections may be looming, and “cheap money” – short-term interest rates in the 2 to 3 percent range – will soon be gone. But while growth will likely be slower than in the past 12 months, momentum is still positive. We feel that the very strong demand for Bay Area housing will continue for the foreseeable future as a result of the strong job markets and local consumer confidence.
However, two factors will drive us toward more balanced supply and demand in our market: the extraordinary increase in median pricing throughout the Bay Area over the next 12 to 18 months, and the additional listing inventory (especially coming from middle markets and move-up buyers) expected as a result of those price gains. This will also help stabilize price appreciation. Other than cyclical trends, we do not expect to see relaxation in housing demand in the short or long run. In fact, our long-term outlook is very optimistic from an investment perspective, as the Bay Area is undersupplied in housing starts to satisfy projected demand in 2020. Another dynamic that will impact real estate in the coming year is the expansion of employment opportunities in our four western Bay Area counties to Alameda, Contra Costa, Sonoma, and Napa counties. Continued job growth, and desirable jobs at that, will have a positive impact on the Wine Country and Tahoe regions as well. We continue to weigh the impact of rising interest rates on demand, as borrowers can afford “less home,” versus the benefits of real estate as a hedge for homeowners against inflation. These are variables we have not wrestled with since pre-2007. That said, it’s still an amazing time to be a buyer, and we are more optimistic today than at any time in the past six years. Finally, we’re happy to announce that our mortgage affiliate is helping enable the new-home dream by creating additional product options. We’ve developed an exciting bridge-financing program for moveup buyers and are working on an equity product that may prove quite strategic in a rising interest rate environment. For more information, please email Sheila O’Neill or call 707-501-8856.
Mark A. McLaughlin, CEO, Pacific Union Please remember to seek out local news, trend analysis, and expert advice for your real estate decisions.
The Rise of the All-Cash Offer They say “cash is king,” and that’s true more than ever in today’s highly competitive real estate market of heated bidding wars and limited inventory. All-cash offers were on the rise in the Bay Area in the first half of 2013, disappointing many would-be homebuyers who lost out repeatedly to deep-pocketed competitors with liquid assets galore. “A lot of people have gotten so frustrated by being outbid by cash that they’re on the sidelines now,” said Rick Laws, branch executive of Pacific Union’s Sonoma County offices.
What is an all-cash offer? When real estate professionals refer to an “all-cash offer,” they don’t usually mean the buyer showed up mafiosostyle with a suitcase full of $100 bills. “Their money’s wired in – they’ve got the money in the bank,” said Linda Carroll, branch executive for our Napa and St. Helena offices. Most buyers who offer cash can do so because they’re simply wealthy or have just sold another property. But other types of homebuyers are using an arsenal of methods to scrape together the cash to win a bidding war – and then quickly obtain financing. Some get a loan from a parent or friend. Others take out a line of credit on their current home, borrow against their stock portfolio or retirement account, or obtain a “bridge loan,” designed to help buyers afford a down payment on a new house before selling their old property. A few will resort to borrowing from a “hard-money lender,” a practice many experts consider risky. “We’ve met homebuyers pulling funds together from family members and other sources in order to get their offer accepted in multiple-offer situations,” said Sheila O’Neill, president of our mortgage affiliate. Once the deal is in the bag, the homebuyer then refinances and pays back the debt. Nonetheless, it’s important for buyers to work with a mortgage professional before the sale to make sure they qualify for financing – and secure all private loans against the home with a deed of trust to ensure better terms on the new mortgage, experts say.
Why are cash offers so attractive? With mortgage rates hovering near historic lows, some would-be buyers may wonder whether it’s worth it to shell out hundreds of thousands of dollars in cash. The reason cash offers usually prevail is because they’re more likely to close swiftly and without problems, compared with financed bids. That’s even truer in a competitive seller’s market, where multiple offers can push home prices over appraised values, prompting the lender to balk. “If you have no loan, you have no appraisal,” said Brent Thomson, branch executive for our Marin County offices. “In multiple-bid situations, sometimes it’s tough for a property to appraise (at the sale price) because it’s going way over the asking price.” Many eager buyers are seeing the advantages to offering all cash. “In our Sonoma Valley region, all-cash deals accounted for a whopping 38 percent of second-quarter sales as of June 24,” said Jill Silvas, branch executive for our Sonoma Valley office. A full 35 percent of sales in Tahoe/Truckee
were all cash as of June 25, followed by our Sonoma County region, where cash deals comprised 29 percent of transactions that closed between April 1 and June 27.
When cash doesn’t win Of course, sometimes a seller has reason to choose a financed offer over an all-cash bid. Sonoma County, for example, has seen somewhat of a backlash against investors who snap up properties to flip them or rent them out at a profit, Laws said. “I see an increasing number of people who don’t want to sell their home to an investor,” he noted. “They would rather sell to somebody who is going to live in their home and is a member of the community.” And in second-home markets like our Tahoe/Truckee region, buyers are often highly qualified for a mortgage. That means financed offers can win out if they come in more than a couple of thousand dollars above a cash bid. “People are very solid if they’re financing up here,” said Sally Gardner, branch executive for our Tahoe/Truckee offices. “If an all-cash offer is within $1,000 or $2,000 of a financed offer, the seller’s taking the cash offer. If it’s more than a $3,000 to $5,000 difference, I don’t think it really matters.”
How to compete So how can buyers unable to offer cash compete? Many are waiving contingencies (including the appraisal contingency), writing “love letters” that describe why they want the home, or offering to let the owners stay put for several months rent-free. And of course, finding the right real estate professional to represent you is always a shrewd move. In some cases they are privy to off-market sales, which can keep competition to a minimum, or may be able to plead your case with a seller’s agent. “You have to get a really savvy agent who has good communication with other agents in the marketplace,” Laws said. “Find out what the seller wants, and try to structure your offer to give it to them.”
Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the second quarter of 2013, with a glance back at the 10 preceding second quarters.
REGION
Q2 '03
Q2 '04
Q2 '05
Q2 '06
Q2 '07
Q2 '08
Q2 '09
Q2 '10
Q2 '11
Q2 '12
Q2 '13
3,671
3,714
3,495
2,781
2,028
2,542
3,518
3,273
3,140
3,399
2,822
EAST BAY
804
842
763
694
652
518
490
587
576
699
702
MARIN COUNTY
806
912
799
665
684
494
440
574
555
680
784
NAPA COUNTY
354
476
434
317
279
247
307
336
356
419
372
SAN FRANCISCO (SFH)
863
817
785
746
600
655
557
673
684
726
711
SAN FRANCISCO (CONDOS)
535
747
720
589
645
533
369
565
578
737
741
SONOMA COUNTY
1,736
1,893
1,791
1,245
1,001
1,143
1,282
1,249
1,175
1,484
1,446
SONOMA VALLEY
181
199
197
125
113
97
123
136
121
176
172
TAHOE/TRUCKEE (SFH)
n/a
282
225
171
158
134
127
179
175
212
250
TAHOE/TRUCKEE (CONDOS)
n/a
91
97
65
77
26
24
64
74
72
60
CONTRA COSTA COUNTY
Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, TSIERRA, July 8, 2013.
Click here to see specific 10-year data on key cities in the Bay Area.
Contra Costa County Quarterly Real Estate Report Q2 2013
Ellen Anderson Senior Vice President, Contra Costa County 925.743.9330 ellen.anderson@pacunion.com 101 Sycamore Valley Road West | Danville, CA 94526
Contra Costa County pacificunion.com | A Member of Real Living
Contra Costa County: Q2 Results Home prices rose by double digits since the first of the year in all areas of Pacific Union’s Contra Costa County region, but buyers weren’t deterred in the second quarter. With mortgage rates still hovering near record lows, buyers jockeyed with each other at every price point, submitting multiple offers on virtually all properties. Most homes sold at their asking price or higher, particularly those in the range of $800,000 to $2 million. By the end of the quarter, prices in most markets had risen within 20 percent of their 2007 peaks, and homes in some areas moved beyond to set new record highs. Inventory remained constrained throughout the region but showed signs of improvement. Homes selling for $800,000 to $1.5 million were the most active price point in the region. Looking Forward: We expect home prices to continue creeping higher and the supply of homes to continue expanding. Talk of gradually rising interest rates could scare some buyers out of the market, allowing the number of multiple offers to dip slightly. However, it could also prompt buyers to lock in lower interest rates now and save money on monthly home payments, even after paying premium prices in a bidding war. Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the charts below includes single-family homes in these communities.
Median Sales Price $900,000 $800,000 $700,000
$800,000
$837,500
May-13
Jun-13
$752,000 $666,000
$720,000 $668,500
$635,000
$655,000
$642,500
$615,750
$622,000
$600,000
$582,000
$600,000
$500,000 $400,000 $300,000 $200,000 $100,000
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in Contra Costa County.
Months’ Supply of Inventory 1.6
1.7 1.5 1.3
1.3
1.3
1.6 1.4
1.2
1.5
1.1
1.1
1.1
1.2
1.2
1.2
Apr-13
May-13
Jun-13
0.9
0.9 0.7 0.5 0.3 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in Contra Costa County.
Contra Costa County pacificunion.com | A Member of Real Living
Average Days on the Market 40 35
36
34 29
30
28
27
25
30
29
30
25
23
22 19
20
18
15 10 5 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in Contra Costa County.
Â
Percentage of Properties Under Contract 60% 50.9% 50% 40%
37.5%
36.9%
37.3%
Jun-12
Jul-12
Aug-12
35.7%
37.1%
Sep-12
Oct-12
39.0%
40.2%
42.3%
Jan-13
Feb-13
45.7%
45.0%
43.0%
36.7%
30% 20% 10% 0%
Nov-12
Dec-12
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in Contra Costa County. Â
Sales Price as a Percentage of Original Price 102.4%
103%
102.3%
102% 100.7%
101% 100% 98.6%
99% 98% 97%
97.8% 97.1%
97.1%
100.0%
99.6%
99.1% 98.5%
97.9%
97.9%
96% 95% 94%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in Contra Costa County.
Contra Costa County pacificunion.com | A Member of Real Living
A Closer Look at Contra Costa County
Contra Costa County Snapshot: Q2 2012 vs. Q2 2013 Sales Volume
Homes Sold
Avg. Days on Market
Median Price
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Alamo
$ 106,559,453
$ 101,262,489
-5%
83
79
-5%
72
41
-43%
$ 1,235,000
$ 1,240,000
0%
Blackhawk
$
$
48,066,950
113%
22
28
27%
60
53
-12%
$
899,000
$ 1,465,000
63%
Concord
$ 103,762,272
$ 125,963,550
21%
316
284
-10%
31
17
-45%
$
310,275
$
432,250
39%
Danville
$ 205,085,790
$ 214,687,498
5%
215
204
-5%
50
20
-60%
$
867,000
$
955,000
10%
Diablo
$
8,195,000
$
5,249,194
-36%
2
3
50%
223
34
-85%
$ 4,097,500
$ 1,500,000
-63%
Lafayette
$
114,477,392
$ 130,176,464
14%
102
105
3%
28
19
-32%
$
952,500
$ 1,142,050
20%
Martinez
$
43,029,551
$
52,045,518
21%
128
117
-9%
41
20
-51%
$
322,458
$
430,000
33%
Moraga
$
53,950,080
$
41,208,075
-24%
55
36
-35%
18
18
0%
$
945,000
$ 1,120,000
19%
Orinda
$
74,605,663
$
112,025,650
50%
67
85
27%
36
22
-39%
$
975,000
$ 1,234,000
27%
Pleasant Hill
$
46,525,740
$
65,295,150
40%
104
110
6%
38
13
-66%
$
416,350
$
599,658
44%
San Ramon
$ 178,277,630
$ 205,190,146
15%
245
231
-6%
34
12
-65%
$
710,000
$
862,000
21%
Walnut Creek
$ 134,858,059
$ 154,468,822
15%
185
178
-4%
29
19
-34%
$
699,000
$
800,000
14%
22,605,000
Source: Terradatum, July 8, 2013. Data is for single-family homes in selected Contra Costa County cities.
East Bay Quarterly Real Estate Report Q2 2013
Pam Hoffman Senior Vice President, Managing Broker, East Bay Region 510.339.6460 phoffman@pacunion.com 1900 Mountain Boulevard | Oakland, CA 94611
East Bay pacificunion.com | A Member of Real Living
East Bay: Q2 Results The rapid velocity of second-quarter sales slowed in June in Pacific Union’s East Bay region, most likely a seasonal slowdown as schools closed for the summer and vacations beckoned. But that slowdown had little practical effect in such an overheated market. Multiple offers remained the norm for virtually all properties, although by late June the number dropped to three or four for each home instead of 10 or 12. That said, many homebuyers continue to find the market challenging. The supply of available homes on the market started climbing after the first of the year, and the second-quarter supply was 50 percent higher than in the previous quarter. But inventory numbers remain significantly below previous years’ levels. Home prices rose in the second quarter, partly a product of aggressive bidding among buyers who have grown accustomed to submitting multiple offers. The most active price point was for homes selling for $600,000 to $800,000, with higher-priced properties selling at a slower pace. Looking Forward: We expect to see a continued uptick in home prices and inventory, although the East Bay may be moving ever so slightly to a more balanced market. Sales activity will increase after the seasonal summer slowdown, particularly among buyers who wish to lock in lower interest rates. Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the charts below includes single-family homes in these communities.
Median Sales Price $900,000 $764,000
$800,000 $700,000
$755,000
$770,000
$710,000 $644,000 $623,333
$600,000
$601,475
$624,500
$650,000
Oct-12
Nov-12
$610,000
$572,500
$646,000 $584,275
$500,000 $400,000 $300,000 $200,000 $100,000
Jun-12
Jul-12
Aug-12
Sep-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in the East Bay.
Months’ Supply of Inventory 2.1
2.0
1.9
1.9 1.7 1.5 1.3
1.2
1.1
1.1
1.2
1.3
1.2 1.0
0.9
1.1
1.2 1.0
0.9
0.7
0.5
0.5 0.3 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in the East Bay.
East Bay pacificunion.com | A Member of Real Living
Average Days on the Market 35 30
31 28
29
32
31 27
31
27
27
25 20
20
20 17
18
15 10 5 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in the East Bay.
Â
Percentage of Properties Under Contract 60% 50% 41.2% 40%
38.2%
39.1%
45.0%
42.8%
48.7%
45.2% 39.0%
35.9%
46.4%
49.1% 44.6%
38.1%
30% 20% 10% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in the East Bay. Â
Sales Price as a Percentage of Original Price 113.6%
115% 110.3%
110.6%
110.7%
110% 106.7% 105%
103.0%
104.6%
102.7% 102.0%
102.0%
101.5%
Nov-12
Dec-12
100.4%
102.6%
100%
95%
90%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.
East Bay pacificunion.com | A Member of Real Living
A Closer Look at the East Bay
East Bay Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Albany
$
11,230,900
$
18,417,500
64%
21
25
19%
28
20
-29%
$
505,000
$
705,000
40%
Berkeley
$ 107,883,020
$
115,917,382
7%
160
127
-21%
30
17
-43%
$
630,000
$
810,000
29%
El Cerrito
$
32,624,100
$
40,296,010
24%
70
65
-7%
29
17
-41%
$
442,000
$
615,000
39%
Kensington
$
15,640,500
$
15,148,225
-3%
20
18
-10%
23
18
-22%
$
738,000
$
834,063
13%
Oakland*
$ 241,092,078
$ 337,310,625
40%
384
425
11%
32
19
-41%
$
605,000
$
750,000
24%
Piedmont
$
$
18%
44
42
-5%
14
16
14%
$ 1,257,500
$ 1,531,000
22%
58,825,625
69,193,743
Source: Terradatum, July 8, 2013. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.
East Bay Price Range Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
42,602,500
-49%
254
111
-56%
44
26
-41%
$
339,500
$
404,000
19%
Over $500,000 $ 383,239,229
$ 553,680,985
44%
445
591
33%
22
17
-23%
$
750,000
$
808,000
8%
$500,000 $1 million
$ 245,149,352
$ 316,170,184
29%
346
428
24%
22
17
-23%
$
683,500
$
739,500
8%
Over $1 million $ 138,089,877
$ 237,510,801
72%
99
163
65%
20
17
-15%
$ 1,355,000
$ 1,325,000
-2%
Under $500,000
$
84,056,994
Q2 '13 $
Q2 '12
Q2 '13
% change
Source: Terradatum, July 8, 2013 Data is for single-family homes in the East Bay, defined as Albany, Berkeley, El Cerrito, Kensington, Piedmont, and Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.
Oakland Price Changes Snapshot: Q2 2012 vs. Q2 2013 Neighborhood
Average Price <$800,000 Q2 '12
Q2 '13
Average Price $800,000 + % change
Q2 '12
Q2 '13
% change
Montclair / Joaquin Miller
$637,115
$689,583
8%
$1,105,421
$1,074,854
-3%
Crocker Highlands / Grand Lake
$672,624
$671,723
0%
$1,125,840
$1,014,407
-10%
Rockridge / Claremont
$636,837
$736,153
16%
$1,122,170
$1,274,126
14%
Glenview / Oakmore
$574,231
$633,120
10%
$1,179,500
$1,028,153
-13%
Laurel / Dimond
$297,960
$477,340
60%
$0
$0
n/a
Redwood Heights / Lincoln Heights
$546,519
$638,241
17%
$0
$950,833
n/a
Crestmont / Ridgemont / Skyline
$640,445
$688,333
7%
$954,750
$1,218,600
28%
Temescal / Piedmont Ave.
$514,727
$594,900
16%
$830,000
$922,500
11%
Source: EBRD, July 3, 2013. Data is for single-family homes in selected Oakland neighborhoods.
Marin County Quarterly Real Estate Report Q2 2013
Brent Thomson Senior Vice President, Marin County 415.383.1900 brent.thomson@pacunion.com 575 Redwood Highway, Suite 150 | Mill Valley, CA 94941
Marin County pacificunion.com | A Member of Real Living
Marin County: Q2 Results May was the busiest month anyone in our Marin County region can remember, contributing to an outstanding second quarter. Sales were robust in all areas but particularly strong in San Rafael and Novato. Marin County, with its gorgeous countryside, good schools, short commute to San Francisco, and proximity to two international airports, has always been a popular destination for homebuyers. Add to that a booming stock market and the lowest unemployment rate in California, and itâ&#x20AC;&#x2122;s easy to see why real estate markets in the county are so active. Demand was so strong that a recent uptick in the number of homes coming on the market was obscured by multiple offers. Homes were snapped up within days of being listed. More than 25 percent of sales in the quarter were all-cash transactions, and sales of homes priced at $1 million to $2 million were up 50 percent from a year earlier. Looking Forward: The summer months typically see a slowdown in sales, but the third quarter will likely be busy as real estate markets continue to rush higher. Rising interest rates will remain a concern throughout the rest of the year, although the threat of higher mortgage rates down the road could spur even more active buying in the months ahead. Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities.
Median Sales Price $1,100,000 $1,000,000 $900,000
$950,000 $790,850
$855,000
$848,000
$800,000
$782,500
$790,000
Aug-12
Sep-12
$775,000
$775,000
$790,000
Dec-12
Jan-13
$840,000
$849,500
Feb-13
Mar-13
$940,000
$990,000
May-13
Jun-13
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000
Jun-12
Jul-12
Oct-12
Nov-12
Apr-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in Marin County.
Monthsâ&#x20AC;&#x2122; Supply of Inventory 3.6
3.1
3.1 2.6
2.5
2.5
2.3
2.3
2.5
2.3
2.2
2.1 1.5
1.6
1.5
1.7
1.6
1.7
1.1 0.6 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in Marin County.
Marin County pacificunion.com | A Member of Real Living
Average Days on the Market 120 102 100 80
80 67
74
78
89
85 74
79
77
60
49
47
Apr-13
May-13
42
40 20 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in Marin County.
Â
Percentage of Properties Under Contract 45%
42.5%
40% 33.0%
35% 26.2%
30% 25%
24.1%
23.4%
Jun-12
Jul-12
25.5% 22.9%
24.4%
37.0%
36.2%
36.1%
35.8%
26.9%
20% 15% 10% 5% 0%
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in Marin County. Â
Sales Price as a Percentage of Original Price 102%
100.6% 98.9%
100% 98% 96%
95.4%
95.6%
96.9%
95.5% 94.0%
94%
100.2%
94.8% 92.9%
92.6%
Nov-12
Dec-12
92%
92.1%
92.9%
90% 88% 86%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in Marin County.
Marin County pacificunion.com | A Member of Real Living
A Closer Look at Marin County
Marin County Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Belvedere
$
30,770,874
$
27,545,000
-10%
11
10
-9%
102
42
-59%
$ 2,099,000
$ 2,605,000
24%
Corte Madera
$
32,976,310
$
44,189,936
34%
33
38
15%
64
34
-47%
$
901,000
$ 1,025,000
14%
Fairfax
$
13,699,200
$
25,283,880
85%
19
33
74%
63
45
-29%
$
715,000
$
779,000
9%
Greenbrae
$
22,827,350
$
23,864,400
5%
19
15
-21%
38
34
-11%
$ 1,000,000
$ 1,425,000
43%
Kentfield
$
49,606,000
$
61,926,625
25%
24
27
13%
49
53
8%
$ 2,122,500
$ 1,925,000
-9%
Larkspur
$
33,603,500
$
32,019,500
-5%
25
22
-12%
35
59
69%
$ 1,281,000
$ 1,284,000
0%
Mill Valley
$
118,511,857
$ 148,730,450
25%
100
109
9%
69
42
-39%
$ 1,015,000
$ 1,250,000
23%
Novato
$
93,461,834
$
114,930,170
23%
160
154
-4%
73
52
-29%
$
$
699,000
28%
Ross
$
43,825,800
$
43,722,550
0%
14
17
21%
82
33
-60%
$ 2,362,500
$ 2,100,000
-11%
San Anselmo
$
70,753,747
$
94,727,620
34%
67
86
28%
66
45
-32%
$
860,000
$
975,500
13%
San Rafael
$
90,417,060
$ 163,039,629
80%
133
171
29%
83
47
-43%
$
633,000
$
819,000
29%
Sausalito
$
25,317,000
$
34,512,513
36%
18
21
17%
59
40
-32%
$ 1,335,500
$ 1,470,000
10%
Tiburon
$
61,427,000
$
92,371,025
50%
33
38
15%
82
46
-44%
$ 1,490,000
$ 2,232,500
50%
546,000
Source: Terradatum, July 8, 2013. Data is for single-family homes in selected Marin County cities.
Napa County Quarterly Real Estate Report Q2 2013
Linda Carroll Branch Executive, Napa County 707.251.8805 linda.carroll@pacunion.com 944 Main Street | Napa, CA 94559
Napa County pacificunion.com | A Member of Real Living
Napa County: Q2 Results After a relatively slow first quarter, sales shot higher over the past three months, as budding vineyards and lush greenery across the county attracted buyers in steadily increasing numbers. The inventory of available homes remained far below the levels seen in recent years, but after bottoming out in February, more sellers gradually returned to the marketplace and inventory increased steadily through the second quarter. Home prices rose by double digits compared with prices a year earlier, and rising prices have returned equity to many homeowners. Properties that might have been subject to a short sale or foreclosure a year ago are now giving sellers a return on their investment. Homes priced below $600,000 continued to receive multiple offers, and higher-priced properties also saw continued demand. While Silverado Country Club and Resort had experienced a lull in listings and sales activity in the past couple of years, sales picked up considerably at all price points during the second quarter. All segments of the market slowed a bit in June after schools closed for the summer and families started making vacation plans. Looking Forward: After a busy second quarter, the third quarter promises more of the same. Buyers remain eager, and we expect they will be rewarded with an expanded supply of homes to choose from. With continued demand, we anticipate that prices will continue rising, while low interest rates will keep monthly home payments near record lows. Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the charts below includes all single-family homes in Napa County.
Median Sales Price $550,000 $477,500
$500,000
$510,000
$453,000 $450,000
$414,000
$400,000
$400,000
$377,500
$353,000
$360,000
$410,000 $370,000
$355,000
Nov-‐12
Dec-‐12
$430,000
$416,000
$350,000 $300,000 $250,000 $200,000 $150,000 $100,000
Jun-‐12
Jul-‐12
Aug-‐12
Sep-‐12
Oct-‐12
Jan-‐13
Feb-‐13
Mar-‐13
Apr-‐13
May-‐13
Jun-‐13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in Napa County.
Months’ Supply of Inventory 4.6 4.1 3.6
4.0 3.9 3.6
3.5
3.3
3.1
2.7
2.8
3.4
3.0
3.3 2.9
2.6
2.5
2.5
Apr-13
May-13
2.1 1.6 1.1 0.6 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in Napa County.
Napa County pacificunion.com | A Member of Real Living
Average Days on the Market 160
144
140 120
115
114
118 104
100
100
103
111 92
99 88
86
80
67
60 40 20 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in Napa County.
Â
Percentage of Properties Under Contract 35%
31.2% 28.4%
30%
25.3%
25% 20%
19.4%
18.4%
Jun-12
Jul-12
20.0%
20.1%
19.1%
16.2%
28.4% 25.0%
24.8%
18.4%
15% 10% 5% 0%
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in Napa County. Â
Sales Price as a Percentage of Original Price 100%
97.3%
98% 93.4%
94% 92%
95.5%
94.7%
96%
90.9%
98.4% 96.7%
92.1%
91.3%
93.9%
93.2% 91.5%
90% 88%
86.5%
86% 84% 82% 80%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.
Napa County pacificunion.com | A Member of Real Living
A Closer Look at Napa County
Napa County Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
American Canyon
$
24,322,328
$
21,731,900
-11%
83
60
-28%
85
71
-16%
$
270,000
$
353,500
31%
Angwin
$
3,641,000
$
3,773,500
4%
8
7
-13%
170
89
-48%
$
402,500
$
450,000
12%
Calistoga
$
14,516,400
$
23,499,000
62%
20
21
5%
201
90
-55%
$
525,000
$
655,000
25%
Napa
$ 123,756,802
$ 138,362,350
12%
269
242
-10%
108
80
-26%
$
350,000
$
468,250
34%
St. Helena
$
26,472,500
$
37,229,668
41%
23
30
30%
176
99
-44%
$
975,000
$
980,000
1%
Yountville
$
6,065,100
$
7,375,800
22%
8
9
13%
136
67
-51%
$
662,500
$
765,000
15%
Source: Terradatum, July 8, 2013. Data is for single-family homes in selected Napa County cities.
Napa County Price Range Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Under $500,000
$
90,935,897
$
73,778,850
-19%
305
206
-32%
95
67
-29%
$
300,000
$
365,000
22%
$500,000 $999,999
$
57,238,733
$
81,754,868
43%
84
120
43%
149
100
-33%
$
632,500
$
645,000
2%
$1 million - $3 million
$
34,604,500
$
63,155,728
83%
25
43
72%
190
99
-48%
$ 1,350,000
$ 1,250,000
-7%
Over $3 million $
26,250,000
$
24,600,000
-6%
5
3
-40%
202
69
-66%
$ 3,800,000
$ 5,900,000
55%
Source: Terradatum, July 8, 2013. Data is for single-family homes in Napa County.
San Francisco Quarterly Real Estate Report Q2 2013
Patrick Barber President, San Francisco Region 415.929.7100 patrick.barber@pacunion.com One Letterman Drive, Building C, Suite 500 | San Francisco, CA 94129
San Francisco pacificunion.com | A Member of Real Living
San Francisco: Q2 Results San Francisco’s real estate markets continue to get stronger with each passing quarter, and the second quarter of 2013 was no exception. May saw the most closings in four years – topping our previous best month by 25 percent – and June reported similar numbers. Every market was hot: condominiums and single-family homes, in all neighborhoods, and at all price points. The strong sales were not only a partial result of historically low interest rates, but were also due to a strengthening local economy, marked by an improving job market, rising salaries, and resurgent consumer confidence. Home prices continued to rise steadily during the quarter, and multiple competing offers continued to challenge buyers. Sellers, of course, benefited from the frenetic bidding: In one week in June, 85 percent of homes sold above list price, with 50 percent selling at 10 percent or more over list. Looking Forward: Sales may slow a bit in July and August as homebuyers become distracted by family vacations and summertime play, but we expect to see a resurgence after Labor Day. The likelihood of rising interest rates could spark even greater activity, as home shoppers realize that their buying power will diminish when interest rates go up. Home prices, meanwhile, show no sign of cooling down in the third quarter.
Single Family Homes – Median Sales Price $1,030,000
$1,100,000
$1,000,000
$1,000,000 $900,000 $800,000
$962,500
$920,000 $780,000
$830,000 $759,000
$765,000
Jul-12
Aug-12
$810,000
$836,250
$800,500 $748,000
$725,000
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000
Jun-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in San Francisco.
Condominiums – Median Sales Price $1,000,000 $900,000
$900,000 $800,000
$745,000
$756,000
Jun-12
Jul-12
$780,000
$820,000
$812,000
$735,000
$755,000
$772,500
$815,000
$870,500
$855,000
$820,500
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for condominiums in San Francisco.
San Francisco pacificunion.com | A Member of Real Living
Single Family Homes – Months’ Supply of Inventory 2.4
2.6
2.2 2.1
1.6
1.6 1.4
1.5
1.6
1.5
1.6 1.4
1.2 1.1
1.4
1.1
1.1
0.6
0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in San Francisco.
Condominiums – Months’ Supply of Inventory 2.6 2.1 2.0
2.1 1.7 1.6
2.0
1.7
1.5
1.4
1.3
1.4
1.4
1.1
1.1
1.1
1.2
0.6
0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for condominiums in San Francisco.
Single Family Homes – Average Days on the Market 70 60
59
58 47
50
49
46
45
47 42
40
40
38
35
32
34
30 20 10 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in San Francisco.
San Francisco pacificunion.com | A Member of Real Living
Condominiums – Average Days on the Market 80 67
70 60
57
58
54
63 57
50
62
45
44
45 37
40
38
38
May-13
Jun-13
30 20 10 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Source: Terradatum, July 8, 2013. Average days on market for condominiums sold in San Francisco.
Single Family Homes – Percentage of Properties Under Contract 50% 45% 36.9%
40% 35%
40.5%
32.2%
32.8%
32.8%
Aug-12
Sep-12
41.5%
37.1% 34.8%
33.1%
Dec-12
Jan-13
44.2%
45.2%
May-13
Jun-13
39.1%
35.4%
30% 25% 20% 15% 10% 5% 0%
Jun-12
Jul-12
Oct-12
Nov-12
Feb-13
Mar-13
Apr-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in San Francisco.
Condominiums – Percentage of Properties Under Contract 50% 45% 40% 35%
41.8% 36.7% 34.2%
33.2%
32.1%
36.1%
35.2%
33.9%
42.0%
41.6%
Apr-13
May-13
45.4%
37.7%
32.1%
30% 25% 20% 15% 10% 5% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of condominiums under contract in San Francisco.
San Francisco pacificunion.com | A Member of Real Living
Single Family Homes â&#x20AC;&#x201C; Sales Price as a Percentage of Original Price 120% 100%
101.4%
102.6% 99.4%
105.1%
100.9%
103.0%
102.4%
103.7%
105.2%
Jan-13
Feb-13
Mar-13
107.7%
107.5%
110.5%
Apr-13
May-13
Jun-13
91.0%
80% 60% 40% 20% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in San Francisco.
Condominiums â&#x20AC;&#x201C; Sales Price as a Percentage of Original Price 108%
106.9%
106%
104.8% 104.2%
104%
104.3%
103.1% 102.2%
102%
100.5%
100.5%
100.2%
100.7%
100.6%
100%
99.2%
99.7%
98% 96% 94%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.
San Francisco pacificunion.com | A Member of Real Living
Delving into San Franciscoâ&#x20AC;&#x2122;s Districts
San Francisco is defined by 10 separate districts, each of which encompasses several neighborhoods. District 1:
Inner Richmond, Central Richmond, Outer Richmond, JordanPark/Laurel Heights, Lake, Lone Mountain, Sea Cliff.
District 2: Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights. District 3: Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights, Oceanview. District 4: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park. District 5: Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks. District 6: Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition. District 7: Cow Hollow, Marina, Pacific Heights, Presidio Heights. District 8: Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill,
Tenderloin, Van Ness/Civic Center.
District 9: Bernal Heights, Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach,
South of Market, Yerba Buena.
District 10: Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood,
Outer Mission, Mission Terrace, Portola, Silver Terrace, Visitacion Valley.
San Francisco pacificunion.com | A Member of Real Living
San Francisco Snapshot: SFH, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
District 1
$
91,962,995
$
116,715,500
27%
65
67
3%
48
39
-19%
$
1,065,000
$
1,433,000
35%
District 2
$
78,231,134
$
107,187,382
37%
105
119
13%
41
26
-37%
$
716,200
$
850,000
19%
District 3
$
33,648,438
$
38,846,000
15%
55
47
-15%
68
32
-53%
$
540,000
$
730,000
35%
District 4
$
112,830,006
$
109,687,537
-3%
110
87
-21%
56
35
-38%
$
894,000
$ 1,150,000
29%
District 5
$
169,003,867
$
193,327,276
14%
112
112
0%
40
33
-18%
$
1,327,500
$
1,587,500
20%
District 6
$
29,347,000
$
23,642,125
-19%
14
11
-21%
60
34
-43%
$ 1,531,500
$ 2,250,000
47%
District 7
$
153,745,425
$
182,415,000
19%
42
46
10%
46
32
-30%
$
$
-4%
District 8
$
22,250,000
$
25,060,000
13%
7
7
0%
42
28
-33%
$ 3,100,000
$ 2,475,000
-20%
District 9
$
48,819,812
$
91,551,124
88%
59
82
39%
56
35
-38%
$
771,000
$
1,030,000
34%
District 10
$
72,530,151
$
78,109,475
8%
157
133
-15%
67
39
-42%
$
478,000
$
585,000
22%
3,212,500
3,100,000
Source: Terradatum, July 8, 2013. Data is for single-family homes in San Francisco districts.
San Francisco Snapshot: Condos, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
Median Price
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
-8%
41
31
-24%
65
32
-51%
$
725,000
$
Q2 '13 882,000
% change 22%
District 1
$
32,106,900
$
29,633,475
District 2
$
13,582,087
$
8,835,000
-35%
19
12
-37%
48
45
-6%
$
739,000
$
716,000
-3%
District 3
$
3,576,750
$
3,266,000
-9%
12
8
-33%
78
47
-40%
$
265,500
$
415,000
56%
District 4
$
7,264,550
$
10,139,000
40%
18
19
6%
116
64
-45%
$
403,000
$
460,000
14%
District 5
$
83,761,042
$
118,895,548
42%
91
115
26%
39
34
-13%
$
850,000
$
999,000
18%
District 6
$
52,962,128
$
74,471,601
41%
71
85
20%
62
39
-37%
$
675,000
$
825,000
22%
District 7
$
115,588,420
$
125,248,760
8%
99
99
0%
49
47
-4%
$
995,500
$
1,250,000
26%
District 8
$
118,546,333
$
136,788,889
15%
140
126
-10%
49
38
-22%
$
739,667
$
861,500
16%
District 9
$
166,574,503
$
225,250,149
35%
220
224
2%
67
33
-51%
$
665,000
$
832,500
25%
District 10
$
7,562,638
$
9,144,857
21%
26
22
-15%
128
111
-13%
$
293,084
$
437,250
49%
Source: Terradatum, July 8, 2013. Data is for condominiums in San Francisco districts.
San Francisco pacificunion.com | A Member of Real Living
San Francisco Price Range Snapshot: SFH, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Under $1 million
$
301,758,366
$
256,092,088
-15%
479
357
-25%
59
34
-42%
$
$1 million - $3 million
$
321,721,037
$
506,004,231
57%
210
314
50%
43
32
-26%
$ 1,405,500
$ 1,450,000
3%
Over $3 million $
188,889,425
$
204,445,100
8%
37
40
8%
40
35
-13%
$
$
-7%
650,000
4,200,000
$
726,000
3,900,000
12%
Source: Terradatum, July 8, 2013. Data is for single-family homes in San Francisco County.
San Francisco Price Range Snapshot: Condos, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Under $1 million
$
363,362,551
$
314,423,553
-13%
579
459
-21%
65
41
-37%
$
$1 million - $2 million
$
184,250,300
$
327,043,726
77%
140
246
76%
42
35
-17%
Over $2 million $
53,912,500
$
100,206,000
86%
18
36
100%
51
66
29%
Q2 '13
% change
710,000
11%
$ 1,281,500
$ 1,300,000
1%
$
$
640,000
2,781,250
$
2,442,500
-12%
Source: Terradatum, July 8, 2013. Data is for condominiums in San Francisco County.
Sonoma County Quarterly Real Estate Report Q2 2013
Rick Laws Senior Vice President, Sonoma County 707.547.3800 rick.laws@pacunion.com 3333 Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403
Sonoma County pacificunion.com | A Member of Real Living
Sonoma County: Q2 Results Second-quarter home sales in Pacific Unionâ&#x20AC;&#x2122;s Sonoma County region repeated a pattern familiar from previous quarters: an increased number of sales amid steadily rising prices and multiple offers. The difference in the latest quarter was the overwhelming number of equity sales instead of the short sales, foreclosures, and other distressedproperty sales that were commonplace in recent years. Rising prices have surfaced many underwater properties, returning equity to homeowners who weathered the real estate storm. Some homes still remain underwater, but every day the number dwindles as demand drives prices higher. The turning tide has prompted more owners to become sellers, but the velocity of demand for homes is so strong that many properties go into contract after only a few days on the market. Homes priced from $400,000 to $900,000 sold particularly well during the quarter. Demand was strong in all areas of the county. Looking Forward: The strong demand for homes is not expected to slow any time soon. Indeed, the prospect of rising interest rates may spur even more buyers into action. By locking in lower mortgage rates, homeowners will find that they have more spending power even as prices climb higher. Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the charts below includes all single-family homes and farms and ranches in Sonoma County.
Median Sales Price $500,000 $450,000 $400,000
$385,000 $348,000
$350,000
$355,000
$348,500
$367,000
$375,000
Oct-12
Nov-12
$389,500 $365,000
$380,000
$435,000
$425,000
$439,000
Apr-13
May-13
Jun-13
$395,500
$300,000 $250,000 $200,000 $150,000 $100,000
Jun-12
Jul-12
Aug-12
Sep-12
Dec-12
Jan-13
Feb-13
Mar-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes and farms/ranches in Sonoma County.
Monthsâ&#x20AC;&#x2122; Supply of Inventory 3.1 2.6
2.7 2.5
2.6
2.5
2.6
2.3 2.0
2.1
2.1
2.0
1.9
1.8 1.6
1.6
1.7
1.1 0.6 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.
Sonoma County pacificunion.com | A Member of Real Living
Average Days on the Market 120 100
94
101
98 90
90
93
99
101
99
93 79
80
69
62
60 40 20 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes and farms/ranches sold in Sonoma County.
Â
Percentage of Properties Under Contract 40%
35.3%
35% 27.2%
30% 25%
27.0%
24.6%
25.3%
29.0%
27.4% 23.5%
36.1%
36.6%
Apr-13
May-13
35.7%
31.9%
23.3%
20% 15% 10% 5% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes and farms/ranches under contract in Sonoma County. Â
Sales Price as a Percentage of Original Price 99.3%
100% 99%
97.6%
98% 97% 94.8%
95% 94%
94.5%
94.3%
96.1%
95.9%
95.9%
96%
95.3%
94.9% 94.0%
93.6%
93.3%
93% 92% 91% 90%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.
Sonoma County pacificunion.com | A Member of Real Living
A Closer Look at Sonoma County
Sonoma County Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Healdsburg
$
52,881,718
$
39,111,520
-26%
62
52
-16%
101
61
-40%
$
480,000
$
630,000
31%
Petaluma
$
75,745,961
$
93,017,750
23%
183
176
-4%
100
61
-39%
$
379,000
$
468,500
24%
Rohnert Park
$
26,485,649
$
30,562,100
15%
90
80
-11%
88
53
-40%
$
287,450
$
380,450
32%
Santa Rosa
$ 234,799,572
$ 299,721,004
28%
612
604
-1%
97
64
-34%
$
309,500
$
410,000
32%
Sebastopol
$
47,110,614
$
52,447,371
11%
76
73
-4%
91
78
-14%
$
549,500
$
600,000
9%
Windsor
$
46,023,124
$
39,707,025
-14%
112
87
-22%
90
73
-19%
$
350,000
$
420,000
20%
Source: Terradatum, July 8, 2013. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma County Price Range Snapshot: Q2 2012 vs. Q2 2013 Sales Volume
Homes Sold
Avg. Days on Market
Median Price
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Q2 '12
Under $1 million
$ 528,231,728
$ 617,054,566
17%
1404
1349
-4%
96
67
-31%
$
$1 million and over
$ 147,864,315
$ 178,440,649
21%
80
97
21%
147
111
-24%
$ 1,500,000
335,000
Q2 '13
% change
420,000
25%
$ 1,370,000
-9%
$
Source: Terradatum, July 8, 2013. Data is for single-family homes and farms/ranches in selected Sonoma County cities.
Sonoma Valley Quarterly Real Estate Report Q2 2013
Jill Silvas Branch Executive, Sonoma Valley 707.939.9500 jill.silvas@pacunion.com 640 Broadway Street | Sonoma, CA 95476
Sonoma Valley pacificunion.com | A Member of Real Living
Sonoma Valley: Q2 Results In a word, the second quarter in Pacific Union’s Sonoma Valley region was “unbelievable” – our best quarter in at least five years. Home sales and prices climbed higher and consumer confidence was through the roof, making for satisfied buyers and sellers. Virtually every home listed below $2 million sold relatively quickly, and multiple offers were the rule at most price points. The level of investment buyers seemed to decline, as shoppers bought more homes as full-time or second residences. All-cash purchases continued to comprise a significant share of sales. The supply of available homes started to pick up in the second quarter, but buyers continue to outnumber sellers by a wide margin. As in the rest of the Bay Area, real estate in the region remained a seller’s market. Looking Forward: The summer will be busy in the Sonoma Valley, with a large number of second-quarter transactions scheduled to close in July and August. Home prices will likely continue to rise, although the pace may slow somewhat. The prospect of rising interest rates over the coming year could spur some homebuyers to jump on the bandwagon now, locking in low rates and making for another feverish quarter. On the other hand, it also might prompt nervous buyers to pause as they try to assess the emerging market. Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the charts below refer to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.
Median Sales Price $700,000 $605,000 $600,000 $505,000 $500,000
$475,000
$457,500
$458,500 $391,250
$400,000
$459,000
$463,750 $397,000
$382,875
$560,000
$494,550
$401,000
$300,000
$200,000
$100,000
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
Months’ Supply of Inventory 3.9
4.1
3.8
3.6 2.8
3.1 2.6
2.5
2.9
2.8 2.5
2.4
2.8
3.0
2.5 2.0
2.1
1.8
1.6 1.1 0.6 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.
Sonoma Valley pacificunion.com | A Member of Real Living
Average Days on the Market 160
141
140 120 100
118
110
122
90
84
80
80
107
101
96
60
61
61
Apr-13
May-13
54
40 20 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.
Â
Percentage of Properties Under Contract 40% 32.2%
35% 26.6%
30% 22.9%
25% 20%
23.6% 17.5%
18.4%
17.1%
20.3%
27.0%
27.4%
Feb-13
Mar-13
35.6% 31.5%
20.7%
15% 10% 5% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley. Â
Sales Price as a Percentage of Original Price 100% 97.5%
97.5%
98% 95.7%
96%
94.7%
93.9%
94% 92% 90%
98.3%
90.2%
90.1%
91.6%
91.2%
91.2%
90.3%
89.9%
88% 86% 84%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.
Sonoma Valley pacificunion.com | A Member of Real Living
A Closer Look at Sonoma Valley
Sonoma Valley Snapshot: Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Glen Ellen
$
17,739,368
$
12,125,270
-32%
16
13
-19%
136
63
-54%
$
595,000
$
745,000
25%
Kenwood
$
11,010,500
$
11,891,000
8%
9
10
11%
188
83
-56%
$ 1,375,000
$
890,000
-35%
Sonoma
$
82,630,819
$ 120,820,758
46%
151
147
-3%
110
56
-49%
$
$
545,000
45%
375,000
Source: Terradatum, July 8, 2013. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.
Tahoe/Truckee Quarterly Real Estate Report Q2 2013
Sally Gardner Branch Executive, Tahoe/Truckee Tahoe City 530.581.1882 | Truckee 530.587.7098 sally.gardner@pacunion.com
Tahoe/Truckee pacificunion.com | A Member of Real Living
Tahoe/Truckee: Q2 Results The end of June closed an exceptional quarter on Pacific Union’s Tahoe/Truckee region, marked by strong sales growth and rising prices. High-end homes in Martis Camp sold well, particularly those priced from $5 million to $10 million. In Tahoe Donner, everything from $200,000 condominiums to $1.5 million homes went into contract quickly. The Dollar Point community on the West Shore of Lake Tahoe was also quite active. Generally, homes priced at $500,000 and below or $1.1 million and higher sold quickly. Properties in the region sold within 3 percent above and below asking prices. Taking a cue from the Bay Area’s playbook, virtually all homes received multiple offers. Looking Forward: The third quarter is typically a busy time in the region, with buyers hoping to close a deal on a second home in time for the Thanksgiving or Christmas holidays and the magic of winter skiing in the Sierras. The coming quarter could be especially strong, however, with sales up 25 percent or more from previous third quarters. Prices will likely continue rising, although at a slower pace as the market moves from the overheated seller’s market of recent months to more stable conditions. The prospect of rising interest rates could fuel additional activity, particularly in the market for homes priced below $500,000. Defining Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the charts below includes single-family homes and condominiums in these communities.
Single Family Homes – Median Sales Price $550,000 $500,000
$509,000
$488,750 $465,000
$449,000
$465,000
$450,000
$475,000 $450,000
$527,000
$519,000
$469,250
$430,000
$432,500 $399,000
$400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for single-family homes in the Tahoe/Truckee region.
Condominiums – Median Sales Price $400,000
$380,000 $360,000
$350,000
$300,000
$250,000
$228,000
$244,000
$320,000
$311,950
$307,500
$288,000
$295,000
Oct-12
Nov-12
$321,500
$340,000
$290,000
$235,000
$200,000
$150,000
$100,000
Jun-12
Jul-12
Aug-12
Sep-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Median sales price for condominiums in the Tahoe/Truckee region.
Tahoe/Truckee pacificunion.com | A Member of Real Living
Single Family Homes – Months’ Supply of Inventory 10.1
9.5
9.1 7.7
8.1 7.1
6.4
6.6
6.8
6.5
6.1 5.1
4.0
4.1
4.4
4.7
5.6
5.5
May-13
Jun-13
4.5 3.0
3.1 2.1 1.1 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for single-family homes in the Tahoe/Truckee region.
Condominiums – Months’ Supply of Inventory 20.1
18.9
18.1 16.1
14.5
14.1 11.2
12.1 10.1
9.6 7.8
8.1
7.0 5.5
6.1
9.0
8.5
7.0
6.4
6.4
6.1
4.1 2.1 0.1
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Months' supply of inventory for condominiums in the Tahoe/Truckee region.
Single Family Homes – Average Days on the Market 250 198
200 164 137
150 113 87
100
102
117
115
109
102
90 72
65
50
0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for single-family homes sold in the Tahoe/Truckee region.
Tahoe/Truckee pacificunion.com | A Member of Real Living
Condominiums – Average Days on the Market 300 251
250 200
165
150
144
130
156
162
154
173
163
164
180
94
89
100 50 0
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Average days on market for condominiums sold in the Tahoe/Truckee region.
Single Family Homes – Percentage of Properties Under Contract 25% 20.7% 20%
21.1%
17.7%
15%
12.8%
13.3%
14.9%
15.9% 14.8% 10.7%
10.8%
15.5%
16.3%
May-13
Jun-13
12.9%
10%
5%
0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Source: Terradatum, July 8, 2013. Percentage of single-family homes under contract in the Tahoe/Truckee region.
Condominiums – Percentage of Properties Under Contract 14% 11.3%
12% 10%
11.2%
12.6%
11.8%
11.8%
11.5%
10.7%
10.4% 9.1%
9.6%
10.0%
Apr-13
May-13
8.5% 7.4%
8% 6% 4% 2% 0%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Jun-13
Source: Terradatum, July 8, 2013. Percentage of condominiums under contract in the Tahoe/Truckee region.
Tahoe/Truckee pacificunion.com | A Member of Real Living
Single Family Homes â&#x20AC;&#x201C; Sales Price as a Percentage of Original Price 98%
95.5%
96%
93.4%
94% 92%
92.2%
91.0%
90%
87.5%
88%
94.9%
86.6%
87.0%
87.6%
89.9%
89.0%
86%
83.5%
84%
83.3%
82% 80% 78% 76%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for single-family homes under contract in the Tahoe/Truckee region.
Condominiums â&#x20AC;&#x201C; Sales Price as a Percentage of Original Price 98%
95.5%
96% 92.7%
94%
92.3%
92%
92.3%
91.3%
90% 88% 86%
94.4%
94.4%
88.7% 86.1%
91.9%
91.9%
87.9%
84.7%
84% 82% 80% 78%
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Source: Terradatum, July 8, 2013. Sales price as % of original price (including adjustments) for condominiums under contract in the Tahoe/Truckee region.
Tahoe/Truckee pacificunion.com | A Member of Real Living
A Closer Look at Tahoe/Truckee Tahoe/Truckee: Single-Family Homes, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Alpine Meadows
$
3,132,000
$
1,735,000
-45%
6
3
-50%
59
42
-29%
$
553,500
$
625,000
13%
Donner Lake
$
5,700,000
$
3,669,500
-36%
11
7
-36%
127
61
-52%
$
415,000
$
460,000
11%
Donner Summit
$
4,009,000
$
5,635,000
41%
13
14
8%
122
114
-7%
$
220,000
$
330,000
50%
Martis Valley
$
3,300,000
$
9,190,875
179%
1
2
100%
65
155
138%
$ 3,300,000
$ 4,595,438
39%
North Lake Tahoe
$
14,230,366
$
25,031,300
76%
33
38
15%
109
66
-39%
$
331,500
$
429,200
29%
Northstar
$
4,907,000
$
5,022,200
2%
8
6
-25%
167
132
-21%
$
640,000
$
768,600
20%
Squaw Valley
$
1,975,500
$
9,398,250
376%
3
8
167%
186
123
-34%
$
560,000
$
848,500
52%
Tahoe City
$
13,716,000
$
16,445,000
20%
17
15
-12%
117
112
-4%
$
665,000
$
592,500
-11%
Tahoe Donner
$
32,137,346
$
42,883,881
33%
58
71
22%
86
72
-16%
$
492,500
$
555,000
13%
Truckee
$
19,635,450
$
34,867,769
78%
52
73
40%
104
31
-70%
$
323,475
$
400,000
24%
West Shore
$
27,834,166
$
19,284,950
-31%
28
29
4%
98
100
2%
$
502,000
$
525,000
5%
Source: Terradatum, July 8, 2013. Data is for single-family homes in the Tahoe/Truckee region.
Tahoe/Truckee: Condos, Q2 2012 vs. Q2 2013 Sales Volume Q2 '12
Q2 '13
Homes Sold
Avg. Days on Market
% change
Q2 '12
Q2 '13
% change
Q2 '12
Q2 '13
% change
Median Price Q2 '12
Q2 '13
% change
Alpine Meadows
$
201,000
$
219,000
9%
1
1
0%
214
88
n/a
$
201,000
$
219,000
n/a
Donner Lake
$
485,000
$
841,000
73%
1
3
200%
74
590
697%
$
485,000
$
202,000
-58%
Donner Summit
$
n/a
-
-
n/a
-
-
n/a
$
North Lake Tahoe
$
6,560,825
$
4,355,500
-34%
17
14
-18%
184
135
-27%
$
269,100
$
266,750
-1%
NorthStar
$
4,580,188
$
11,979,000
162%
12
14
17%
216
183
-15%
$
325,000
$
402,500
24%
Squaw Valley
$
4,850,600
$
5,079,200
5%
14
11
-21%
205
211
3%
$
287,500
$
410,000
43%
Tahoe City
$
3,661,000
$
3,670,000
0%
6
5
-17%
160
207
29%
$
563,500
$
765,000
36%
Tahoe Donner
$
2,205,900
$
2,419,300
10%
11
10
-9%
114
26
-77%
$
170,000
$
247,700
46%
Truckee
$
3,056,500
$
1,539,000
-50%
8
4
-50%
139
83
-40%
$
344,750
$
375,500
9%
West Shore
$
5,620,000
$
n/a
3
0
-100%
124
-
n/a
$ 1,770,000
$
-
$
-
-
-
$
-
-
n/a
n/a
Source: Terradatum, July 8, 2013. Data is for condominiums in the Tahoe/Truckee region.
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