Market Update – December 2017
December 14, 2017
Peninsula Real Estate Market Report – December 2017
Summary: November sales data continues to support the trend we’ve been seeing with low inventory and rising prices. Median condo prices hit an all-time high of $930,000.
The proposed tax changes are very likely to affect future buyer behavior as they lose some purchasing power with the loss of full deductibility of state income taxes and property taxes. That loss of purchasing power will likely dampen sales price increases. Stay tuned…
Single Family Homes:
The median sale price was $1,475,000, close to the record high set last month, up 23% compared with November last year. The average percentage overbid dropped slightly to 108.3%. Median days on market (DOM) is at 13 days. Though there are usually fewer listings in November, sellers responded to the favorable market conditions, resulting in a 30% increase in new listings compared to November last year. The number of sales was up slightly. The current inventory of single-family homes is at an all-time low – 0.8 months, down 33% from last year.
Condos and Townhomes show similar trends. Median home prices hit a record high of $910,000, an increase of 12.5% from last year. Overbids are virtually unchanged from last month, at 106%. New listings for condos and townhouses are down by almost 49% from last month, 8% compared to the same period last year. Sales are down 18% from the prior month, but up 2% from last year. These trends drove inventory to an all-time low of 0.4 months, 64% lower than last year. Median days on market is now at 13.
MEDIAN SALES PRICE
Single Family Homes: +14.2% rolling 3-month average compared to same period last year
Condo: +12.8% rolling 3-month average compared to same period last year
MONTHS OF SUPPLY
Single Family Homes: -31.9% rolling 3-month average compared to same period last year
Condo: -54.8% rolling 3-month average compared to same period last year
NEW LISTINGS & NUMBER OF SALES
Single Family Homes: Listings -3.9%, Sales +0.8% rolling 6-month average compared to same period last year
Condo: Listings: -5.1%, Sales +8.8% rolling 6-month average compared to same period last year
MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes: +5.2% rolling 3-month average compared to same period last year.
Condo: +2.0% rolling 3-month average compared to same period last year
DAYS ON MARKET (DOM)
Single Family Homes: -26.7% (avg) -17.8% (med) rolling 3-month average compared to same period last year
Condo: -16% (avg) -14% (med) rolling 3-month average compared to same period last year
The information contained in this report is taken from a variety of sources including MLSListings, the City of San Francisco Planning Dept., the Federal Reserve Bank of San Francisco, the Bureau of Labor Statistics, The Conference Board and others. The data may have errors, omissions and be subject to revisions and is not warranted. It is deemed reliable but is not guaranteed. Questions may be directed to Keller Williams Peninsula Estates (650) 627-3700. CalBRE 01995149.
Categorized in: Market Conditions, Real Estate, San Mateo Community
This post was written by Rumana Jabeen