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California home sales tick higher in March as median price aches eight-month high, C.A.R. reports


LOS ANGELES, April 17, 2018 /PRNewswire-USNewswire/ -- California's housing market continued its momentum as seasonally adjusted, existing home sales rose both month to month and year to year in March, while the statewide median price accelerated to an eight-month high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.  

CALIFORNIA ASSOCIATION OF REALTORS (PRNewsFoto/C.A.R.)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,990 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

March's sales figure was up 0.3 percent from the 422,910 level in February and up 1.6 percent compared with home sales in March 2017 of a revised 417,380. The year-to-year increase was slightly stronger than the six-month average sales growth of -0.1 percent recorded between September 2017 to February 2018.

"The housing market performed solidly throughout the state in March, especially in the San Francisco Bay Area, which led the way with six of nine counties posting sales increases and the median price surging by double-digits in seven of nine counties," said C.A.R. President Steve White. "On the other hand, sales in the Southern California region have cooled for the past five months, even in the more affordable Riverside and San Bernardino areas."   

Home prices maintained their strong growth across California, with the statewide median price jumping 8.1 percent in March to reach $564,830, up from a revised $522,440 in February and rising 8.9 percent from a revised $518,600 in March 2017. The March 2018 California median home price was the highest since August 2017, and the year-over-year gain was the largest since January 2016.

The marked price increase was partly due to a shift in sales to high cost regions and robust price growth within the high cost areas such as San Francisco, Marin, San Mateo, and Santa Clara counties. The year-over-year price gain has been growing at or above 7 percent for nine of the past ten months.

"While the decline in the number of active listings has slowed dramatically since the beginning of the year, inventory still remains tight, which is driving home prices higher," said C.A.R. Senior Vice President and Chief Economist Leslie-Appleton-Young. "Housing demand remains strong and competition is fierce, especially in San Francisco, San Mateo, and Santa Clara, where home prices are being pushed to record levels and buyers are paying as much as 17 percent over asking price in some markets."

Other key points from C.A.R.'s March 2018 resale housing report include:

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

March 2018 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)


March 2018

Median Sale Price of Existing

Single-Family Homes


Sales

State/Region/County

March
2018

Feb.

2018


March
2017


Price MTM% Chg

Price YTY% Chg


 Sales MTM% Chg

 Sales YTY% Chg

Calif. single-family home

$564,831

$522,440


$518,600

r

8.1%

8.9%

r

0.3%

1.6%

Calif. condo/townhome

$460,500

$454,500

r

$425,000

r

1.3%

8.4%

r

40.4%

-6.4%

Los Angeles Metro Area

$515,000

$498,000

r

$472,080

r

3.4%

9.1%

r

39.0%

-5.9%

Inland Empire

$351,450

$350,000

r

$335,000

r

0.4%

4.9%

r

33.9%

-5.7%

San Francisco Bay Area

$980,000

$875,000

r

$830,000

r

12.0%

18.1%

r

56.6%

3.1%












San Francisco Bay Area











Alameda

$955,000

$832,000


$833,750


14.8%

14.5%

r

64.0%

5.2%

Contra Costa

$655,000

$610,000


$585,000


7.4%

12.0%

r

60.2%

0.8%

Marin

$1,392,500

$1,371,000


$1,250,000


1.6%

11.4%

r

83.5%

10.6%

Napa

$675,000

$713,500


$675,000


-5.4%

0.0%

r

27.1%

-23.9%

San Francisco

$1,680,000

$1,730,000


$1,350,000


-2.9%

24.4%

r

89.1%

12.4%

San Mateo

$1,615,000

$1,610,000


$1,350,000


0.3%

19.6%

r

55.8%

6.4%

Santa Clara

$1,454,500

$1,383,500


$1,130,000


5.1%

28.7%

r

59.0%

6.9%

Solano

$445,000

$430,000


$400,000


3.5%

11.3%

r

35.3%

-2.2%

Sonoma

$685,000

$689,000


$635,000


-0.6%

7.9%

r

37.7%

-0.6%

Southern California











Los Angeles

$528,980

$527,280


$465,810


0.3%

13.6%

r

39.6%

-7.6%

Orange

$824,450

$805,380


$760,000


2.4%

8.5%

r

45.1%

-3.2%

Riverside

$398,000

$396,250


$375,000


0.4%

6.1%

r

35.0%

-9.0%

San Bernardino

$280,000

$278,000


$260,000

r

0.7%

7.7%

r

32.1%

0.4%

San Diego

$625,400

$605,000


$571,000


3.4%

9.5%

r

32.7%

-10.4%

Ventura

$638,500

$609,000


$627,000


4.8%

1.8%

r

57.8%

-2.9%

Central Coast











Monterey

$625,000

$590,000


$562,450


5.9%

11.1%

r

39.5%

14.2%

San Luis Obispo

$610,000

$605,000


$547,500


0.8%

11.4%

r

73.2%

0.7%

Santa Barbara

$698,000

$755,000


$810,000


-7.5%

-13.8%

r

42.2%

15.1%

Santa Cruz

$910,000

$800,000


$814,500


13.8%

11.7%

r

51.1%

18.8%

Central Valley











Fresno

$264,950

$266,440

r

$247,250

r

-0.6%

7.2%

r

35.5%

8.5%

Glenn

$244,500

$219,600


$211,000


11.3%

15.9%

r

45.5%

14.3%

Kern

$232,500

$237,000


$225,000


-1.9%

3.3%

r

37.0%

-6.1%

Kings

$238,000

$215,000


$215,000


10.7%

10.7%

r

60.9%

18.4%

Madera

$265,000

$255,000


$239,000

r

3.9%

10.9%

r

47.4%

-28.9%

Merced

$257,500

$267,850


$229,500


-3.9%

12.2%

r

25.5%

23.2%

Placer

$475,500

$472,370


$440,000


0.7%

8.1%

r

52.3%

4.9%

Sacramento

$365,000

$350,000


$326,750


4.3%

11.7%

r

22.9%

-0.4%

San Benito

$586,670

$545,000


$525,000


7.6%

11.7%

r

57.1%

27.9%

San Joaquin

$370,000

$365,000


$320,000


1.4%

15.6%

r

42.1%

1.0%

Stanislaus

$308,000

$300,000


$271,450


2.7%

13.5%

r

45.3%

-8.8%

Tulare

$232,500

$225,000


$210,000


3.3%

10.7%

r

34.9%

9.3%

Other Calif. Counties











Amador

$340,000

$318,500


$314,900


6.8%

8.0%

r

34.2%

4.1%

Butte

$315,000

$297,000


$287,500


6.1%

9.6%

r

42.6%

-0.6%

Calaveras

$325,000

$311,500


$292,000


4.3%

11.3%

r

15.1%

12.5%

Del Norte

$200,000

$216,500


$130,000


-7.6%

53.8%

r

5.6%

72.7%

El Dorado

$510,000

$468,000


$450,000


9.0%

13.3%

r

45.5%

15.1%

Humboldt

$313,500

$291,700


$295,000


7.5%

6.3%

r

37.5%

6.8%

Lake

$280,000

$234,500


$215,000


19.4%

30.2%

r

32.0%

-9.6%

Lassen

$135,000

$280,000


$182,000


-51.8%

-25.8%

r

123.1%

45.0%

Mariposa

$279,500

$357,000


$285,000


-21.7%

-1.9%

r

-20.0%

-11.1%

Mendocino

$379,000

$420,000


$395,000


-9.8%

-4.1%

r

3.6%

-29.3%

Mono

$780,000

$830,000


$1,022,500


-6.0%

-23.7%

r

-22.2%

-30.0%

Nevada

$430,000

$400,000


$383,750


7.5%

12.1%

r

34.4%

19.4%

Plumas

$353,000

$261,500


$565,000


35.0%

-37.5%

r

0.0%

27.3%

Shasta

$242,500

$255,000


$239,000


-4.9%

1.5%

r

19.1%

-9.7%

Siskiyou

$226,350

$200,000


$184,000


13.2%

23.0%

r

21.2%

2.6%

Sutter

$281,000

$283,500


$258,000


-0.9%

8.9%

r

10.3%

34.4%

Tehama

$222,500

$189,000


$201,000


17.7%

10.7%

r

3.0%

-15.0%

Tuolumne

$292,500

$274,000


$270,500


6.8%

8.1%

r

117.5%

35.9%

Yolo

$422,500

$397,500


$393,000


6.3%

7.5%

r

53.5%

10.0%

Yuba

$277,900

$269,000


$254,900


3.3%

9.0%

r

26.2%

-3.8%

r = revised

NA = not available

 

March 2018 County Unsold Inventory and Time on Market

(Regional and condo sales data not seasonally adjusted)


March 2018

Unsold Inventory Index

Median Time on Market

State/Region/County

March
2018

Feb.
2018


March
2017


March
2018

Feb.
2018


March
2017


Calif. single-family home

2.9

3.9


3.0


16.0

22.0

r

23.0

r

Calif. condo/townhome

2.3

3.1


2.3

r

12.0

14.0

r

17.0

r

Los Angeles Metro Area

3.4

4.5


3.3


22.0

28.0

r

36.0

r

Inland Empire

3.7

4.7


3.6


29.0

37.0

r

43.0

r

San Francisco Bay Area

1.9

2.6


2.2


12.0

13.0

r

14.0

r












San Francisco Bay Area











Alameda

1.5

2.3


1.9


11.0

12.0


12.0

r

Contra Costa

1.9

2.7


2.1


10.0

12.0


12.0

r

Marin

2.8

4.3


3.7


20.5

22.0


24.0

r

Napa

4.1

4.9


3.4


34.0

49.0


47.0

r

San Francisco

1.6

2.8


2.0


14.0

13.0


15.0

r

San Mateo

1.6

2.1


2.0


11.0

10.0


11.5

r

Santa Clara

1.5

2.0


2.0


8.0

8.0


9.0

r

Solano

2.3

3.0


2.4


29.0

34.0


38.0

r

Sonoma

2.6

3.2


2.8


29.0

33.0


38.0

r

Southern California











Los Angeles

4.0

3.6

r

4.1

r

17.0

22.0


30.0

r

Orange

3.2

4.3


3.4


14.0

21.0


32.0

r

Riverside

3.6

4.8


3.6


28.0

35.0


44.0

r

San Bernardino

3.7

4.6


3.3

r

31.0

39.0


40.0

r

San Diego

2.9

3.5


2.7


12.0

13.0


13.0

r

Ventura

4.5

6.3


NA


41.0

43.0


49.0

r

Central Coast











Monterey

3.8

5.0


4.2


21.0

27.5


24.0

r

San Luis Obispo

3.8

6.1


3.6


23.0

25.0


25.5

r

Santa Barbara

3.9

5.1


4.8


30.0

24.0


31.0

r

Santa Cruz

2.9

4.0


3.6


12.0

15.0


12.5

r

Central Valley











Fresno

2.7

3.5

r

3.4

r

13.0

14.0

r

18.0

r

Glenn

5.1

6.5


6.4


39.5

65.0


52.5

r

Kern

3.2

4.1


3.1


20.0

27.0


26.0

r

Kings

2.8

4.2


3.2


25.0

25.0


25.0

r

Madera

4.5

6.4


4.1

r

31.5

29.0


29.0

r

Merced

3.1

3.9


3.1


23.5

38.5


26.5

r

Placer

2.4

3.4


2.6


11.0

19.0


13.5

r

Sacramento

2.1

2.5


2.1


11.0

13.0


10.0

r

San Benito

2.7

4.3


3.3


27.0

36.0


33.0

r

San Joaquin

2.2

2.8


2.6


14.0

20.0


17.0

r

Stanislaus

2.4

3.4


2.4


12.0

21.0


19.0

r

Tulare

3.3

4.4


4.1


29.0

28.0


29.0

r

Other Calif. Counties











Amador

3.9

4.9


4.6


52.0

94.5


56.0


Butte

2.9

3.7


2.9


15.5

36.5


15.0

r

Calaveras

4.7

5.1


5.1


46.0

74.5


71.5

r

Del Norte

5.8

5.4


11.4


112.0

105.5


138.0

r

El Dorado

3.3

4.4


3.7


24.0

38.0


39.0

r

Humboldt

5.1

6.5


3.8


24.0

52.0


14.0

r

Lake

6.4

7.8


4.8


41.5

35.5


57.0

r

Lassen

4.5

10.4


6.0


91.0

140.0


129.0

r

Mariposa

8.9

6.8


7.6


15.0

124.0


24.0

r

Mendocino

11.8

10.8


7.3


51.0

104.0


130.0

r

Mono

10.1

6.6


8.9


194.0

224.0


187.5

r

Nevada

3.1

3.9


3.4


21.0

49.5


35.5

r

Plumas

14.5

12.4


20.9


185.5

193.0


185.0

r

Shasta

4.7

5.2


3.9


24.0

43.5


30.0

r

Siskiyou

5.5

6.6


5.8


43.5

52.0


85.0

r

Sutter

2.2

2.2


3.0


18.0

33.5


21.5

r

Tehama

6.1

5.3


4.8


68.0

110.0


86.5

r

Tuolumne

3.3

6.8


5.0


36.0

57.5


69.5

r

Yolo

2.5

3.5


3.0


10.5

14.0


14.0

r

Yuba

2.7

3.4


2.5


29.0

39.0


24.0

r

r = revised

NA = not available

 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS


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