More Bay Area housing weirdness: Sales increase in some counties despite shrinking supply of homes

A worker installs scaffolding around the Merchants parking garage located across from the Tribune tower in Oakland, Calif., Thursday, Nov. 16, 2017, The old garage built in 1954 will be demolished to build a 40-story residential tower. A historic marker will be saved and will be added to the new building when it is completed. (Ray Chavez/Bay Area News Group)
The quantity of homes available for sale statewide – and specifically inside the Bay Regioncontinues to be stubbornly very low, in accordance to a new report in the California Association of Realtors (C.A.R.) In Oct, all nine Bay Place counties noticed double-digit declines while in the quantity of lively listings as opposed which has a 12 months before.

Which is quite shocking, and a person result’s predictable. With purchasers preventing more than the shrinking supply of obtainable homes, charges went up all over again. The median sale cost of a single-family residence inside the area was $892,720, up 11.1 percent from Oct 2016, association says.

Significantly less predictable is this: The amount of homes offered essentially greater throughout the nine counties, despite the dwindling variety of listings. It did not increase by much – just 0.5 per cent year-over-year. But nonetheless, the point that the region eked out any sales obtain in any respect speaks for the fierce amount of competitiveness below; customers are burning by means of no matter what inventory exists.

In some counties, the sales attain was even increased.

In Alameda County, wherever the median price of a single-family residence rose eleven.3 % year-over-year to $862,450, sales surged twelve.two p.c. In Contra Costa County, in which the median rose fourteen.eight percent to $615,000, sales rose per cent. In San Francisco, wherever the median climbed thirteen.3 % to $1,594,000, sales were being up two.7 %.

Granted, these raises are relative, making upon a chronically very low quantity of transactions. But once more, regardless of what is receiving detailed is having sold, speedily. In Alameda County, one example is, homes used 13 median times on industry, as compared to 15 a year earlier.

In certain counties, customers may by now have burned many of the extra fat far from present inventories. As an illustration, in Santa Clara County, wherever the median rate rose 18.6 % to $1,242,five hundred, sales fell per cent. Homes commonly bought there in nine times. In San Mateo County, where the median climbed twelve.8 per cent to $1,522,five hundred, sales dropped 2.three p.c, with homes expending 11 days on market.

Statewide, October sales had been down 3.4 percent from October 2016. Year-to-date sales are p.c ahead of final year’s tempo, in accordance for the affiliation, even so the annual sales tempo is dropping due to the fact the very first quarter.

“As we enter the autumn homebuying period, we’re viewing indications in the marketplace slowing as eroding affordability and persistently small housing stock cut into property sales,” claimed 2018 C.A.R. President Steve White.

Statewide, the median cost of just one family home in October was $546,430, up % from 1 yr previously.

Here’s a further tidbit. San Francisco experienced the state’s greatest rate per-square-foot in October: $946. Up coming maximum was San Mateo County ($888), followed by Santa Clara County ($703). The top per-square-foot bargains ended up for being experienced in a trio of Central Valley counties: Kern ($133, least expensive during the point out), Glenn ($134) and Kings ($137).