CALIFORNIA HOUSING

MARKET UPDATE

Monthly Sales and Price Statistics

March 2016

SALES OF EXISTING DETACHED HOMES

California, Mar. 2016 Sales: 414,220 Units, +6.9% YTD, +5.7% YTY
700,000
600,000
500,000

Mar-15:
392,660

Mar16:
415,220

400,000
300,000
200,000
100,000
-

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

*Sales are seasonally adjusted and annualized

CALIFORNIA SALES
(JAN 2000 PRESENT)
Year-over-Year % Chg

6 per. Mov. Avg. (Year-over-Year % Chg)

140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes, Not Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

BAY AREA SALES (EXISTING SFH)

YoY % chg.

Bay Area

30%
20%
10%
0%
-10%
-20%
-30%

SERIES: Sales, Not Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

6 per. Mov. Avg. (Bay Area)

CENTRAL VALLEY SALES (EXISTING SFH)

YoY % chg.

Central Valley

25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%

SERIES: Sales, Not Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

6 per. Mov. Avg. (Central Valley)

SOUTHERN CALIFORNIA (EXISTING SFH)

YoY % chg.

So CA

25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%

SERIES: Sales, Not Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

6 per. Mov. Avg. (So CA)

SALES SHARE BY PRICE RANGE

Mar-15

Mar-16

30%

20%

18%18%
14%
11%

20%
19%
17% 17%
14% 14%

10%

9% 9%

8% 9%
3% 3%

0%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SALES OF CONDO UNITS

California, Mar. 2016: 3,685 Units, +2.2% YTD, +1.1% YTY
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

SERIES: Sales of Condo Units

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

MEDIAN PRICE OF EXISTING DETACHED HOMES

California, Mar. 2016: $483,280, +8.9% MTM, +4.0% YTY
$700,000

P: May-07
$594,530

$600,000

Mar-16:
Mar-15:
$483,280
$464,640

$500,000
$400,000

T: Feb-09
$245,230
-59% from
peak

$300,000
$200,000
$100,000
$-

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

HOME PRICE APPRECIATIONS HAVE

MODERATED SINCE MID 2013
YTY% Chg. in Price
50%

Condo

40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%

SERIES: Sales of SFH and Condo Units

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

Single-Family Homes

CA MEDIAN PRICE (EXISTING SFH)

Month-to-Month % Chg
15%
10%
5%
0%
-5%
-10%
-15%

SERIES: Median Price, Not Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

PRICE PER SQUARE FOOT

Mar. 2016: $227, Up 4.1% MTM, Even 0% YTY
PRICE PER SQ. FT.
$400
$350
$300
$250
$200
$150
$100
$50
$0

SERIES: Median Price Per Square Feet

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

Mar-15: Mar-16:
$227
$227

SALES PRICE -TO-LIST PRICE RATIO

Mar. 2016: 98.8%, Up 0.6% MTM, Up 0.3% YTY
Sales-to-List Price Ratio
102%
100%
98%
96%
94%
92%
90%
88%
86%

SERIES: Sales-to-List Ratio

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

Mar-15:
98.5%

Mar-16:
98.8%

INVENTORY CONTINUED TO
DECLINE FROM LAST YEAR
Mar. 2015: 3.6 Months; Mar. 2016: 3.8 Months
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in
question. The remaining inventory for the month is defined as the number of properties that were Active, Pending, and
Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

INVENTORY DROPPED SIGNIFICANTLY

IN THE BAY AREA SINCE 2009 BUT REMAINED TIGHT
9.0

Bay Area

So CA

Central Valley

8.0
7.0
6.0
5.0
4.0

4.4
4.1

3.0

3.2

2.0
1.0
0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in
question. The remaining inventory for the month is defined as the number of properties that were Active, Pending, and
Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DEMAND INCREASED IN FEBRUARY

BUT SUPPLY CONTINUED TO DECLINE
Mar. 2016
Year-to-Year % Chg

Sales

Active Listings

10%

7%
3%

1%

0%
-3%

-10%

-8%

-9%

-20%
San Francisco Bay Area

Southern California

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

Central Valley