Bay Area Real Estate Market Survey
One cannot draw many conclusions regarding the 2018 market by looking at January data, whose low volume of sales mostly reflects offers accepted in December. However, so far, it appears that the dynamic of low inventory and strong buyer demand is continuing in 2018. Typically, many more listings start pouring onto the market in February and March, and once spring selling season data starts coming in, we'll have a clearer picture of how the year is shaping up. The data point I find most interesting, and one that explains why prices are as they are, discusses the decline in active listings. This chart shows that there has been a 40% decline in properties for sale over the past five years. The decline in active listings available to purchase has played a significant role in pressurizing the market in recent years, especially as buyer demand has increased over the same period during which supply has dropped. This is the classic supply and demand paradigm.
If you do have the funds to make a purchase, the following charts will let you know where your money will go the furthest.
Bay Area Q4 2017 Median House Sales Prices
Bay Area 2017 Median Condo Sales Prices
Year-over-Year Home Price Appreciation Rates Comparing 2017 Median Sales Prices to 2016 Prices
Average Dollar per Square Foot Values