OVERVIEW

August is historically a calmer month in Bay Area real estate as many buyers, sellers and agents alike are off enjoying a last summer vacation as they prepare to head into fall. This year proved no exception with the market reflecting many typical seasonal trends.

Marin County and Sonoma County both saw their average home sale price dip by 10 percent from the previous month—indicative of the aforementioned seasonal trends. The same goes for sales volume dropping slightly in all seven counties we represent.

There were a few highlights. For one, the East Bay continues to see rising or steady home sale prices. This is due mainly to its level of affordability and access for buyers who have been priced out of the San Francisco home market. These same reasons also played into the continued surge in San Francisco condominium prices, which were up 20 percent from their August 2013 average sale price. In San Mateo County, the $1.385 million average sales price helped reclaim the Peninsula’s place as the most affluent county in the Bay Area.

As we look forward to September and October, it would not be the least bit surprising to see both sales volume and average sales price rise back up across the region.

ALAMEDA COUNTY

August 2014 :: McGuire Monthly Market UpdateAlameda County was an exception to the seasonal price dips that affected much of the Bay Area. Its $771,107 average home sales price was up only slightly from July, but was a 17 percent gain from August of 2013, which was considered to be a strong month last year. The strength of these numbers comes largely from the continued trend of East Bay homes being seen as a more-affordable solution to the high-priced San Francisco market. It’s no wonder that the average 22 DOM for these in-demand properties was the quickest turnaround rate seen among all seven counties we represent. The 953 homes sold this month was also the county’s second-highest sales volume total in the past year.

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