Buy.Sell.Stay. June 2016 Market Report Wine Country
Š 2016 Intero Real Estate Services, Inc., a Berkshire Hathaway Affiliate and wholly owned subsidiary of HomeServices of America, Inc. All rights reserve. The logo is a registered trademark of Intero Real Estate Services, Inc. Information deemed reliable but not guaranteed. This is not intended as a solicitation if you are listed with another broker. Data Provided by Trendgraphix July 2016
Executive Insights The Summer Heat is Turning Up Summer is full of images of friends, family and fun. In regards to the real estate market, summer is traditionally the time of year that sees a huge level of activity, especially in the Bay Area. In June 2016, this tradition of increased summer housing activity continued and is showing no sign of cooling off any time soon. Picking up where the month of May left off, for-sale listings were up in every part of the Bay Area except San Francisco. In most areas, listings were up double-digit percentages as sellers were putting their houses on the market in droves. These increases are considerably lower than we saw in April when the summer-selling season was ramping up, but they’re significantly more than we saw last month. Even with the increased level of listings, we’re still smack dab in the middle of a seller’s market. June saw the most properties sold in the last three months. In fact there was 24.15% more Bay Area homes sold in June (2760) then there was in April (2223). This is keeping prices high and drying up inventory very quickly. It will be interesting to see if this trend continues into the later summer months of July and August. Even with this seller’s market producing closings at a steady clip, we did see an interesting move last month in relation to the days on market (DOM) for sellers. We saw a neutral trend in the DOM for six of the nine regions of the Bay Area with several area’s DOM up by 28-37% month-over-month. Now these numbers may be inflated due to an ultra-competitive market in May, but it’s something we’ll be keeping an eye on as listings continue to increase across the region. So June showed us that sellers are still in control of Bay Area real estate. A strong job market and more buyers than listings is keeping demand high and still getting sellers multiple offers at over asking price. Will this trend continue? More than likely it will, at least through the end of summer. Beyond that will be interesting as interest rates continue to stay low through the end of the year and we get closer to a change in the White House. We’ll keep you informed with our take and hopefully provide you with information that can help in your buying or selling process.
Market Highlights Wine Country
Total Homes for Sale
104
Luxury Homes for Sale*
12
*Homes for sale above $3 million.
Total Homes Sold
Average Days on Market
Average List Price
Average Sold Price
43
$1,630,000
61
$871,000
Inventory Wine Country
Total Number Of Homes:
For Sale
Sold
104
120
96 68
72
82
55
43 29
29
16-Apr
16-May
20
34
39 24
20
27
29
32
41
46
50
48
55
48
58
60
40
87
89
91
87
84
80
89
93
100
0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
16-Jan
16-Feb
16-Mar
16-Jun
It is a Seller’s Market Property Sales (Sold) June property sales were 43, down 21.8% from 55 in June of 2015 and 48.3% higher than the 29 sales last month. Current Inventory (For Sale) Versus last year, the total number of homes available this month is higher by 15 units of 16.9%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 19.5% compared to the previous month. Property Under Contract (Pended) There was a decrease of 16.7% in the pended properties in June, with 35 properties versus 42 last month. This month’s pended property sales were 14.6% lower than at this time last year.
Inventory By The Numbers Home Price Range
Homes For Sale
Year Over Year % Difference
< $500K
19
11.8%
$500K $1M
36
28.6%
$1M - $3M
37
32.1%
$3M - $5M
7
-36.4%
$5M - $10M
4
100%
$10M +
1
-66.7%
Pricing Wine Country
Average Prices in $,000:
2500
For Sale Price
Sold Price
$2,265 $2,070
$2,012
2000
$1,904
$2,059 $2,048
$2,025
$1,999
$1,962 $1,800
$1,774
$1,811 $1,621 $1,630
$1,630
1500
1000 $851
$960
$942
$1,205
$1,076
$983
$919
$860
$974
$1,029 $707
500
$852
$830
16-Mar
16-Apr
$914
$871
0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
The Average For Sale Price is Neutral The Average For Sale Price in June was $1,630,000, down 19% from $2,012,000 in June of 2015 and down 19.5% from $2,025,000 last month. The Average Sold Price is Neutral The Average Sold Price in June was $871,000, down 7.5% from $942,000 in June of 2015 and down 4.7% from $914,000 last month. The Median Sold Price is Appreciating The Median Sold Price in June was $681,000, up 11.6% from $610,000 in June of 2015 and up 0.1% from $680,000 last month.
16-Jan
16-Feb
16-May
16-Jun
Pricing By The Numbers
Average Price Per Square Foot.
$472
-7.2% Month over Month
On The Market Wine Country
Average Days On Market
80 70
67 61
60
58
53
56
71
72
65
68 61
59
61 52
50
46
50 40 30 20 10 0 15-Apr
15-May
15-Jun
15-Jul
15-Aug
15-Sep
15-Oct
15-Nov
15-Dec
The Days on Market Shows Neutral Trend The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2016 was 61, up 22% from 50 days last month and up 32.6% from 46 days in June of last year.
16-Jan
16-Feb
16-Mar
16-Apr
16-May
16-Jun
DOM By The Numbers Home Price Range
Days on Market
Year Over Year % Difference
< $500K
104
54%
$500K $1M
53
21%
$1M - $3M
65
18%
$3M - $5M
63
43%
$5M - $10M
0
N/A
$10M +
0
N/A