December 2016 Market Conditions

December 2016 Market Conditions

Entering the heart of the holiday season, the number of sales and sales prices were mixed in the single family home and condominium markets. 

Single family home median sales prices dipped in November to $1,372,500 from October’s all time high of $1,407,500, but are still up $110,000, or 8.7%, from November, 2015. 

In condominium sales, median sold prices have been fluctuating between $1,000,000 and $1,150,000 for the past two years, and closed November at $1,044,500, just above the $1,023,500 where they started in January. Year-on-year, there is a 6.9%, or $78,000, decrease in the median sold price. 

Inventory levels in November took their typical seasonal nosedive, dropping to just 1.7 months of inventory for single family homes and 2.1 months for condos. 

Finally, the median percent of list price received for single family homes was the lowest it’s been since January 2015: 106.8%. This could indicate that prices are peaking in the single family home market.

Please feel free to contact me to discuss the market or if you have any specific real estate needs.


KC Cormack Headshot
Author:
Phone: 415-690-3346
Dated: December 23rd 2016
Views: 678
About KC: Originally from Southern California, KC moved to San Francisco in 1990. After entering the real esta...

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