February Market Update: Bay Area

Key takeaway for the month: Fewer single-family homes sold under list price (with Sunnyvale as an exception) in February and median days on market remain low.

So what: Competition is still the norm in the Bay! Buyers should be prepared to act fast and see list price as a starting point.

Quick highlights

  • In San Francisco, both single-family homes and condos saw median sale prices rise by more than 10% month-over-month. The percentage of both types of homes that sold under list price decreased, by 39% for single-family homes and 53% for condos.
  • The South Bay also saw fewer homes selling under list price than in January, except for single-family homes in Sunnyvale, which saw an increase of nearly 44% in this area.
  • Homes in the East Bay continued to sell quickly, with median days on market down month-over-month for all home types in Oakland. Berkeley saw a different outcome, with days on market flat for single-family homes and up 15% for condos.

Competition is strong

For the second month, our Research Team looked into a sample of sales. 

Competition was tight in February, with 96% of homes in these zip codes receiving multiple offers at an average of 7 offers per home. 

The researched homes are a sample of the resale market for single-family houses and townhomes, excluding new construction, listed for $1,200,00 – $1,800,000 in Santa Clara, Sunnyvale, and Mountain View. 

Curious about competition in other areas? Check out the full stats below.

South Bay

San Jose
-February closed with single-family homes at a median sale price of $1,187,500 (up 7.7% month-over-month), condos at $589,000 (up 1.3%), and townhomes at $852,500 (up 7.2%).
-Median list prices were up across the board, with the biggest increase at 14.9% month-over-month for condos.
-Fewer homes sold under list across the board, with just under 22% of both single-family homes and townhomes meeting the mark, and almost 44% of condos.

Santa Clara
– February closed with single-family homes at a median sale price of $1,430,000 (up 1.0% month-over-month), condos at $730,000 (down 12.1%), and townhomes at $1,182,000 (down 0.4%).
– Median list prices were up for single-family homes month-over-month (8.1%) and townhomes (5.1%), and flat for condos.
– Fewer homes sold under list across the board. Most notably, 89.5% fewer single-family homes met this mark.

Sunnyvale
-February closed with single-family homes at a median sale price of $1,862,000 (up 21.7% month-over-month), condos at $1,028,000 (up 20.9%), and townhomes at $1,285,000 (down 3.2%).
-Median list prices were up for single-family homes month-over-month (6.5%) and townhomes (11.7%), and down for condos (36.1%).
-Homes sold faster across the board month-over-month, by as much as 61.5% for townhomes.

East Bay

Oakland
-February closed with single-family homes at a median sale price of $758,000 (up 6.8% month-over-month), condos at $665,000 (up 11.8%), and townhomes at $787,500 (down 12.0%).
-Median list prices were up for every type of home, with single-family homes and townhomes both landing at $749,000.
-Homes sold faster: Median days on market were down across the board month-over-month.
-Also across the board, more homes were actively listed than in January, including a total of 202 single-family homes.

Berkeley
-February closed with single-family homes at a median sale price of $1,342,500 (up 7.4% month-over-month) and condos at $757,000 (up 4.8%).
-Median list prices were down for single-family-homes (12.1% month-over-month) and up for condos (18.5%)
-Fewer homes sold under list month-over-month for both single-family homes (down 77.5%) and condos (down 100%).

San Francisco

-February closed with single-family homes at a median sale price of $1,610,000 (up 10.1% month-over-month) and condos at $1,300,000 (up 10.7%).
-Median list prices were up for single-family-homes (14.0% month-over-month) and flat for condos.
-Homes sold faster: Median days on market were down for both single-family homes and condos month-over-month.
-Fewer homes sold under list month-over-month for both single-family homes (down 39.0%) and condos (down 53.0%).


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