Shared with permission from Compass
San Francisco Bay Area Reports
Pandemic, mass unemployment, terrible financial hardships for many residents and small businesses, new ways of working, office buildings empty, people move to less densely populated areas, dreadful fires, an anxious presidential election, interest rates to historic lows, stock markets to new highs, IPO mania breaks out again, vaccines begin to arrive – and, after an initial crash in activity, the real estate market went into hyper-drive (with interruptions due to fire), with median home sales prices hitting new peaks. The luxury home market in particular was extremely strong. 2020: a year of extremes.
Many factors affect home values besides city and bedroom count: quality of location within the city, architectural style and curb appeal, condition, views, amenities, extra rooms, parking, decks and yards, privacy, lot size, and so on. Small houses are sometimes valued more by lot value and plans to expand or rebuild.
There is a vast variety of homes within the region and within cities and how median sales prices apply to any particular property is unknown without a specific comparative market analysis.
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic that often disguises a wide range of prices in the underlying individual sales. Median sales prices are often affected by factors besides changes in fair market value. Based upon sales reported to MLS – not all sales are reported. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Late reported sales may alter numbers, though typically only to a slight degree.
It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. Many factors affect sales prices besides neighborhood/ bedroom count: quality of location within the neighborhood, condition, size, architecture, views, amenities, parking, outdoor space, etc.
These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in Sonoma and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.