Pacific Union Market Insight

Pacific Union Market Insight

The newest edition of Pacific Union Economic Straight Talk from Pacific Unions Economist, Selma Hepp
The Impact of Market and Economic Volatility on Bay Area Luxury Home Sales

Executive Summary

  • The luxury housing market has seen a slowdown this spring compared with last spring.

  • Silicon Valley was the only Bay Area region with more luxury home sales this spring than last.

  • Compared with April and May of 2015, luxury homes are generally taking longer to sell in San Francisco and Silicon Valley. However, more homes are selling above asking price in San Francisco, while fewer in Silicon Valley are fetching premiums.

  • The relatively more affordable East Bay continues to see strong trends in the luxury market.

  • The North Bay’s luxury market experienced a notable slowdown.

  • Supply conditions suggest that further softening is possible, but this is more likely in the North Bay than in the East Bay. San Francisco and Silicon Valley should remain solid.

  • After 24 months of heated trends, the luxury markets appear to be normalizing.

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