Analyzing new data (preliminary May numbers) from the CA Employment Development Department indicates a significant shift in Bay Area employment numbers. As seen in the first chart below, looking at the 4 central Bay Area Counties, comparing the first 5 months of last year to the same period of this year, the change in the number of employed residents during each 5-month period went from an increase of 28,100 last year to a decline of 5,000 in this past December to May.
The June 2016 Marin County Real Estate Report
Link to our updated, interactive Marin County Home Price Map
Link to our updated SF & Bay Area Home Price Maps
As illustrated in the first chart above, in recent years with the latest high-tech boom, San Francisco median home prices accelerated above those of Marin, and that does not take into account that the average Marin house size is about 20% bigger than in the city. » Read more about: Marin Home Price Appreciation Continues Even as San Francisco Market Begins to Plateau »
Two of the biggest drivers of local real estate demand in recent years have been increasing employment and new wealth creation, both of which exploded in San Francisco and the Bay Area. Approximately 600,000 new Bay Area jobs and 100,000 SF jobs have been added in the past 6 years. IPOs, unicorns and surging stock valuations created thousands of millionaires, dozens of billionaires and trillions of dollars in new wealth. The S&P 500 roughly doubled in the 5 years to mid-2015.
Many of the charts included below are based on the San Francisco Planning Department’s excellent 75-page 2015 Housing Inventory report, released on May 27, 2016, which can be accessed using the link at the bottom of this article. We are very grateful for the enormous effort put into creating that report by Audrey Harris and other Planning Department personnel.
Numbers in different charts below will not always agree: This is due to the vagaries of how and when condos and other housing units are counted as filed,