The number of homes for sale in Napa County declined year-over-year, kicking off 2019 with a 24% decrease. Median sales prices dropped and inventory rose. More homes were on the market, but some buyers are still waiting for home prices to go down before purchasing. Both Napa and Sonoma counties had small declines in the overall median sales prices, which are connected to the 2017 wildfires. Furthermore, mortgage rates and stock market volatility created an additional headwind in the overall market.
For the fifth consecutive year in Monterey County, sellers tended to receive less than their asking price in 2018, indicating a better market for buyers.
In the last quarter of 2018, the number of new listings dropped significantly, while the average new listings in 2018 remained similar to 2017.
Median sales price continued to rise, paralleling other counties in this area. In 2018, the number of units sold in the fourth quarter was the lowest of the year, also down 19% compared to the same quarter last year.
The median sales price was up 6% in Sonoma County in 2018 compared to the previous year. Sonoma County experienced a buyers’ market, where sellers were not receiving more than their asking price, allowing buyers good opportunities to negotiate. The number of sold units dropped 5% in 2018, and the number of properties on the market increased by 30%, giving buyers more options when shopping for a home.
The upward trend of median sales price continued countywide in Santa Clara, however, the last quarter of 2018 had the lowest median sales price of the year, also down 2% from the same quarter of 2017. The number of sold units in 2018 dropped compared to the five past years, indication that the market is cooling off in this area and giving buyers more negotiating chances.
In the last quarter of 2018, Santa Clara County experienced a buyers’ market, with sold prices lower than the asking prices. However, the overall upward trend during the year indicates that Santa Clara is still a sellers’ market countywide, less advantageous for those looking to buy.
The total number of new listings dropped in the fourth quarter of the year compared to the third quarter. This number is still high though, compared to 2017, providing buyers with more choices and lessening the sense of urgency and competitive bidding.
The number of properties on the market rose, indication that buyers had more options when shopping compared to the last year.
In Contra Costa County in 2018, the number of units sold decreased 6% year over year. Fewer sales could indicate an opportunity for buyers to negotiate better terms. The median sales price was up 7% year-over-year, which is the same trend in most Bay Area counties. Contra Costa County single-family home values went up in 2018, paralleling other nearby counties. The number of new listings trended upward, which is another factor that gives buyers more opportunities.
As 2018 drew to a close in Marin County, the median sales price had risen 8% year-over-year, indicating a healthy seller’s market with continued ample competition among buyers.
Compared to 2017, the average number of days on the market was down 6%. However, the decrease in the number of sold properties slowed down the local inventory-turnover rate. The number of active listings was slightly up in 2018, showing a slightly loosening of the market, which gave buyers more options when shopping for a home than they had seen in the past few previous years.
For the fifth consecutive year in Monterey County, sellers tended to receive less than their asking price in 2018, indicating a better market for buyers. The number of new listings in 2018 was very similar to that of 2017. Median sales price is continuing to rise, following the trend of other nearby counties in this area.
The median sales price in Napa County rose 5% year-over-year, similar to other counties of this area. However, sellers did not tend to receive higher than their asking price. The average days on market decreased 3% compared to the same quarter of 2017 and decreased 14% year-over-year. The number of sold properties dropped 4% year-over-year, reflecting an increase in inventory level.
Median sales price rose 5% year-over-year in Napa County in 2018, similar to other counties in the area. However, sellers were not receiving higher than their asking prices. The average days on the market decreased by 14% compared to 2017. Number of sold properties dropped 4% year-over-year, reflecting the increase in inventory level.
In San Francisco County, the upward trend of median sales price continued year-over-year in 2018, with only a few neighborhoods experiencing a median sales price below $1 million. Sales prices peaked in the second quarter of 2018, and the median sales prices rose 8% year-over-year countywide. San Francisco County is still a sellers’ market, and sellers are generally receiving more than their asking price. Compared to the last year, the number of sold properties increased 1%.