After another feverish spring market, the Marin County median house price hit a new quarterly peak in Q2 2017, $82,000 above the high hit in Q2 2016. This dynamic was prevalent around the Bay Area. And as illustrated in the chart below, luxury home sales also hit a new peak, rising 17% above the number …
After hitting new monthly highs in May, San Francisco houses and condos hit new quarterly peaks in Q2 2017. However, median house price appreciation, $100,000 above its previous high, has been more dramatic over the past 2 years than median condo price appreciation, which has mostly plateaued due to the surge in new-project condos coming on market. As illustrated above, it is not unusual for median prices to peak for the year in Q2, and a significant part of this dynamic,
Before jumping into the specific financial metrics pertaining to the market itself, below is a review of some of the major economic context issues which underpin the market: rent rates, new construction and employment.
Bay Area Rent Rate Trends
San Francisco still has the highest rents in the nation (the light blue columns in the first chart above), exceeding even Manhattan (in second place, delineated by the dark blue line),