All Bay Area Condo Markets Experienced Pricing Increases In 2017
Condo pricing increased in the high single digits across just about every Bay Area condo market last year, according to a report from Climb Real Estate.
Historically low inventory of condos has kept demand high, according to Climb Real Estate founder and CEO Chris Lim. While single-family homes have remained desirable for families with children or pets, condos offer several benefits for Bay Area residents, he said.
“Condominium living has increasing appeal to Bay Area residents as time comes at a premium,” Lim said. “New condominium communities provide an array of amenities right at your fingertips, offering ease and convenience to the resident.”
He said Lumina, which is nearly sold out, offers a plethora of amenities such as a heated pool, two fitness centers, a children’s room, a business center, two rooftop terraces, a club lounge, a screening room and a private dining room.
Median sales prices increased the most in the South Bay, rising 10.6% to $730K in 2017. Compared to other Bay Area markets, few condos have been built in the South Bay in recent years.
Condos spent the shortest amount of time in the market in the South Bay, averaging 15 days. Condos in Sunnyvale sold within 10 days. Los Altos Hills and Los Altos had the highest median sales price for South Bay condos at about $1.5M.
San Francisco median condo pricing rose 9% to $1.25M and condos spent an average of 37 days on the market.
In Alameda County, pricing rose 8.4% to a median price of $580K, and condos spent an average of 20 days on the market. Berkeley reported the highest median condo sales price in the county at $750K, while condos spent only 15 days on the market in Newark.
In Contra Costa County, condo prices increased 7.5%, and condos spent 24 days on the market. Orinda reported the highest price for condos in the county at $975K, and the shortest time on the market at 13 days.
Pricing for Peninsula condos rose 9.3% to $820K and spent 20 days on the market on average. Condos in Redwood Shores sold the quickest on the Peninsula, with only 13 days on the market. Menlo Park reported the highest median sales price for condos at $1.35M.
Climb Real Estate sold over 1,000 condos in 2017.