The California Association of Realtors released their January 2017 real estate market update. Next week, they’ll be releasing more detailed San Francisco county data. Before we get into the details, though, the headline says it all: San Francisco County had the highest price per square foot in all of California this past January, coming in at an average of $841/sq. ft.
“California’s housing market continues to be defined by the higher-priced, coastal markets and the less expensive, inland areas that still offer access to major employment centers,” said C.A.R. President Geoff McIntosh. “For example, eroding affordability and tight housing inventory are pushing buyers away from the core Bay Area markets of San Francisco, San Mateo, and Santa Clara and into less expensive bedroom communities, such as Contra Costa, Napa, and Solano. In Southern California, an influx of buyers from coastal employment areas into the Inland Empire drove healthy year-over-year sales in Riverside and San Bernardino.”
Other key take-aways for San Francisco home owners and home shoppers:
- New listings in pricey Bay Area counties, such as Marin, San Francisco, San Mateo, and Santa Clara rose significantly from December, a possible indication of sellers cashing out robust price appreciation experienced over the past few years.
- The average price per square foot** for an existing, single-family home statewide was $240 in January, $242 in December, and $228 in January 2016.
- San Francisco County had the highest price per square foot in January at $841/sq. ft., followed by San Mateo ($723/sq. ft.), and Santa Clara ($567/sq. ft.).
- Counties with the lowest price per square foot in January included Del Norte ($124/sq. ft.), Kings ($125/sq. ft.), and Kern ($127/sq. ft.).
- After mortgage rates surged in the final few weeks of 2016, the 30-year, fixed-mortgage interest rate averaged 4.15 percent in January, down from 4.2 percent in December but was up from 3.87 percent in January 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates edged up in January to an average of 3.24 percent, from 3.23 percent in December and 2.98 percent in January 2016.
- On a related note, here’s what’s listed in the San Francisco MLS for around $1,000,000 today.