As of early August, the average, weekly mortgage rate for a 30-year fixed rate loan fell below 5% for the first time since April, and stock markets have seen large rebounds since early July – but these and other indicators have been subject to sudden and often dramatic volatility, and their future directions can’t betaken for granted.
Across the Bay Area, markets have continued to slow and cool. As illustrated in this report, dramatic changes in demand, inventory, overbidding, price reductions, and year-over-year appreciation rates have usually occurred.
Changes vary in degree by location and market segment, but the direction of the shifts is near universal.
A. San Francisco
August Stats 2022
Many factors affect values, but particularly in larger projects, the floor a unit is on – and the views it offers – is a major one. 1990 to 2021, the average annual inflation rate was approximately 2.5% (as per WorldData.info).
Approximately 88% of these sales were condos, 9% TICs, 2% co-ops, and 1% townhouses. San Francisco is the only Bay Area County in which condo sales outnumber house sales.
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B. San Mateo County
August Stats 2022
The median condo sales price in the county was $875,000, and the median townhouse price, $1,416,000.
Comparing July 2022 with July 2021, the number of active listings on a given day of the month was up about 31%. The number of price reductions was up about 138%
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C. Santa Clara County
August Stats 2022
Comparing July 2022 with July 2021, the number of active listings on a given day of the month was up about 41%. The number of listings accepting offers was down about 44%. Since peaking in March 2022, the average overbid percentage has dropped by 16 points.
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D. Stanford Circle
August Stats 2022
This region is the most expensive home market in the Bay Area. Comparing July 2022 with July 2021, the number of new listings was down about 21%. The number of listings accepting offers was down about 36%. The number of homes sales was down about 42%. The number of $5million + home sales was down approximately 47%.
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E. Tri-Valley South Alameda
August Stats 2022
Out of the 58 homes sold for $3million+, 25 were in Pleasanton, 13 in Fremont, 10in San Ramon, 5 in Livermore,4 in Dublin, and 1 in Newark. Comparing July 2022 with July 2021, the number of home sales was down about 42%.
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F. North Contra Costa
August Stats 2022
The luxury home market typically ebbs and flows by season: Peaking in spring, hitting its low point in mid-winter.
In the latest month, 56% of sales closed over final list price, down from 87% in April. Sales in 1 month mostly reflect market dynamics in the previous month. Seasonal ebbs and flows are typical.
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E. Oakland-Berkeley
August Stats 2022
Comparing July 2022 with July 2021, the number of new listings was down about 19%. The number of new listings typically climbs rapidly through spring, drops in mid-summer, spikes back up in early autumn, and plunges in mid-winter.
While comparing July 2022 with July 2021, the number of listings accepting offers was down about 22%.
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