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Real Estate October 2022 Report

Bay Area median sales prices retreated dramatically from their spring peaks, and SF was hit harder than most area markets. Changing market conditions prompted by shifts in interest rates, inflation, stock markets, and consumer confidence. After a big drop in demand in early-mid summer, conditions have mostly stabilized. It is important not to make sweeping conclusions about the US housing market based upon a single quarter’s worth of data. The economy and real estate market are still in a period of adjustment, and it is too early to draw firm conclusions about their long-term health.

A. San Francisco
October Stats 2022

As of 10/1/22, 69% of these listings were condos, co-ops, townhouses and TICs, and 31% were houses. Q3 2022 sales volume declined by approximately 29% from Q3 2021, but it is similar to sales volumes in Q3 2018 and 2019.

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B. Santa Clara County
October Stats 2022

The region saw high to very high year-over-year appreciation rates from late 2020 through the 1st half of 2022, but as common across most Bay Area markets, y-o-y appreciation plunged in Q3 2022.

Comparing Sept 2022 with Sept 2021, the number of new listings was down about 31%.

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C. San Mateo County
October Stats 2022

Beginning with Q1 2020 and ending with Q3 2022, the quarterly median house sales prices for 5 larger markets (or combined markets with similar values) in the county.

Comparing Sept 2022 with Sept 2021, the number of new listings was down about 13%.

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D. Stanford Circle
October Stats 2022

The quarterly median house sales prices for 4 larger markets (or combined markets) in the region. Atherton (Q3 2022median price: $7,600,000) and Los Altos Hills ($4,390,000) – do not have enough quarterly sales for reliable median price trend analysis.

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E. Tri-Valley South Alameda
October Stats 2022

Reflecting the combined markets of Alameda County south of Oakland +San Ramon in Contra Costa County, the Q3 2022 down 4% year over
year and price flat year over year.

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F. North Contra Costa
October Stats 2022

In the latest month, 38% of sales closed over final list price, down from 87% in April. After hitting extremely high year-over-year appreciation rates in late 2020 and 2021, year-over-year appreciation plunged to -1% in recent quarters.

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