Corcoran MarketTracker Corcoran
As we mentioned last month, the California Association of Realtors (CAR) has been predicting a market correction for a while. They warn that we are in the 9th year of a 7 year cycle. We can safely say that we are in correction-territory now for certain locations and property types. The good news is, a healthy correction belies any talk of a dramatic drop in values. While 2018 saw a rise and fall in median sales price (MSP), prices are still up over 2017. And, with increasing activity in the tech sector, we will likely see increased demand—and therefore increased pressure on prices—again next year.

Single Family Homes
The MSP of single family homes peaked in February of 2018, and has steadily declined by 11.17% since then. That said, the MSP is still up 17.05% over the last 2 years. While there has been some talk of inventory increasing, our data show continued record lows; since February of 2017, inventory of single-family homes is down 11.38%. The number of new listings reveals the same pattern: new listings of single family homes are down 26.74%.

Despite the rain this year, February pending sales were consistent with the last 3 Februaries. Days on market peaked in January, but also returned to typical February numbers. The percent of list price received decreased by approximately 2.5%. (This number was consistent between single family homes and condos.)

The MSP of condos peaked a little earlier than that of single family homes, reaching an apex in March of 2018. It has since decreased by 10.87%. Condo inventory is down 15.37% since February of 2017, and, similar to single family homes, the number of days on market is also down (43.81%). New condo sales have dropped since February of 2017 but only very slightly.

Over and Under 3 Million
It is safe to say that the $3 million market behaves differently than the under $3 million group. The numbers for the over $3 million properties bounce around quite a bit, and the month of sale substantially affects appreciation. The good news for the under $3 million home buyers is that they have experienced significantly more appreciation and less variation from month to month.

Though not shown here, it is interesting to note that there has been no decrease in the percentage of total sales made up by $3 million homes bought and sold over the last 2 years. In fact, the percentage of $3 million homes sold has increased over time. Despite almost double the days on market, the upper end is alive and well!

Sold for $1,350,000
663 Lakeview Avenue, San Francisco
3BR // 2BA // Listed for $1,095,000
Sold for $1,225,000
2012 Avignon Place, Half Moon Bay
3BR // 2BA // Listed for $1,200,000
Sold for $2,240,000
31 Fairmount Street, San Francisco
4BR // 3BA // Listed for $2,100,000
Sold for $1,720,000
829 Regal Road, Berkeley
4BR // 2.5BA // Listed for $1,659,000

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Melinda Lee
LIC# 01344377
Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.