Bay Area home prices are starting to make their descent following a moderate summer of home price appreciation, according to a Pacific Union market report for August. While some of the area's most expensive areas like Silicon Valley and Mid-Peninsula saw prices move downward, second-home communities like Truckee, Lake Tahoe and Sonoma Valley saw gains of more than 20 percent. The Pacific Union report breaks down local trends by area, including the median sales price, months supply, average days on market and sales price as a percentage of the original listing price. Contra Costa County The median sales price in Contra Costa County is still around the same level as it has been, but on a monthly basis trends have dipped slightly to $1.16 million. The sales price as a percentage of the original price rose month-over-month from 98.9 percent to 99 percent, showing that listing prices are pretty on-point for buyers. The average days on market fell from 25 days to 23 da...
- Home prices began to slow in Silicon Valley and the Mid-Peninsula, while Lake Tahoe, Truckee and Sonoma Valley saw massive gains in home price appreciation.
- Sonoma Valley's median sales price increased 22 percent in August over last year.
- Silicon Valley home sellers may be passed the days of higher returns, as the sales price percentage of the original price tag has remained consistently below 100 percent since April.
Article image credited to nstanev / iStock.com
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