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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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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Q22013 quarterlyreport ezine  

Pacific Union, Real Estate, Luxury, magazine, Quarterly report

Q22013 quarterlyreport ezine  

Pacific Union, Real Estate, Luxury, magazine, Quarterly report