Adding to this was a large uptick in overall sales volume totaling 10,017 in Q2, up 60 percent from Q1, and a slight 2 percent jump from the previous year. Bay Area homes also began to move a bit quicker than in quarters past with the average days on the market (DOM) coming in at 26, a pace that was 6 percent quicker than Q2 2016.
The Mid-Peninsula led the way with the largest average sales price gain for Q2 2017, with its $1.797 million average up 3 percent year-over-year and 15 percent quarter-over-quarter. There were a total of 1,301 home sales recorded in San Mateo County this quarter, with the most notable hike occurring in the $1-2 million range. That particular price range saw a 14 percent increase in overall sales volume compared to where it stood during this same time last year. The East Bay’s average sales price also jumped 8 percent from the previous year, clocking in at $905,374 for Q2 2017, and nearly a 14 percent increase from Q1. It’s no surprise that the region’s attractive range of price points and available inventory continued to lure in buyers—recording the largest number of total sales for the quarter at 5,853 closings. Sales volume for homes priced in the $500,000 to $1 million category experienced a 4 percent rise from the previous year. Both Alameda County and Contra Costa County posted its highest average sales price on record in Q2 at $980,295 and $837,130, respectively.
Of all four regions of the Bay Area, San Francisco’s single-family home sector had the highest average sales price in Q2 at $1.896 million. This figure was nearly 8 percent higher than where it stood in both the previous year and previous quarter. San Francisco’s condominium sector also experienced a 6 percent gain in average sales price from Q2 2016, coming in at $1.334 million this quarter. Both markets displayed healthy year-over-year sales volume gains of 6 and 11 percent, respectively—as well as reduced average DOM times. The North Bay posted an average sales price of $1.050 million in Q2, up just shy of 5 percent from the $1.001 million recorded in Q2 2016—with Marin, Napa, and Sonoma County all experiencing year-over-year gains. In Napa County, the average sales price of $914,645 was up 3 percent from the previous year. Marin County, where inventory has been minimal over the past few years, posted a record-setting $1.658 million average sales price for a 4 percent gain year-over-year. Sonoma County’s average sales price of $740,338 was the largest jump from Q2 2016 at 5 percent.
The Bay Area netted $11.178 billion in total sales this quarter for its 10,017 total number of homes sold. The East Bay provided 58 percent of all sales and 47 percent of the cash share. The North Bay claimed 22 percent of all sales and 21 percent of total cash share. The Mid-Peninsula contributed 13 percent of all sales and 21 percent of total cash share. San Francisco added 6 percent of all sales and 11 percent of total cash share. None of these numbers were abnormal, although the East Bay continues to lead the way in both the number of units sold and overall cash share for the Bay Area.