residential real estate market...
TRANSCRIPT
Residential Real Estate MarketUpdate
Real Estate Market Drivers
Consumer Confidence
0
20
40
60
80
100
120
IND
EX
, 1
00
=1
98
5
SERIES: Consumer ConfidenceSOURCE: The Conference Board
SERIES: Consumer ConfidenceSOURCE: The Conference Board
Unemployment Rates
0%
2%
4%
6%
8%
10%
12%
14% CA US
SERIES: Unemployment RateSOURCE: U.S. Bureau of Labor Statistics, CA Employment Development Dept.SERIES: Unemployment Rate
SOURCE: U.S. Bureau of Labor Statistics, CA Employment Development Dept.
Job Growth
1.2%
1.6%
1.6%
1.7%
2.2%
2.3%
2.6%
2.6%
2.6%
2.8%
2.8%
2.9%
3.6%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
Ventura
Los Angeles
Bakersfield
Stockton
San Diego
Inland Empire
Fresno MSA
San Francisco
Oakland
Modesto
Orange
Sacramento
San Jose
SERIES: Total Nonfarm Employment SOURCE: CA Employment Development Division
Unemployment by CA Metro
3.2%
3.8%
4.1%
4.4%
4.7%
5.2%
5.4%
5.5%
6.2%
7.5%
7.5%
8.3%
9.2%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%
San Francisco
San Jose
Orange County
Oakland
San Diego
Los Angeles
Sacramento
Ventura
Inland Empire
Modesto
Stockton MSA
Fresno MSA
Bakersfield
SERIES: Total Nonfarm Employment SOURCE: CA Employment Development Division
CA Home Sales vs. CA Population
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
1982 1990 1998 2006 2014
Existing Home Sales Population
*Sales are seasonally adjusted and annualized
Existing Home Sales (SFH, Condo/Townhomes)
Population (000)
SERIES: Sales of Existing Homes, CA Population
SOURCE: CALIFORNIA ASSOCIATION OF
REALTORS®, Moody’s Analytics, Census Bureau
Inventory
0
50000
100000
150000
200000
250000
300000
350000
Single Family Multi-Family
65K “Missing” New Units
Household Growth:
165,000/yr.
SERIES: New Housing Permits
SOURCE: Construction Industry Research Board
Most Underbuilt Counties in California
381,300
174,833 162,740127,542 141,162
95,245 98,149 105,58666,054
44,772
88,134
35,426 44,92318,141
40,43414,901 18,108 31,255
6,349 10,8900
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
New Jobs vs. New Permits (2010-2015)
Jobs
Permits
SOURCE: California Employment Development Department, Construction Industry Research Board
Fewer Units Selling Since the Great Recession
SERIES: Percent of existing single-family homes being sold SOURCE: Census Bureau, American Community Survey, Moody’s Analytics, C.A.R.
Housing Turnover Rate (Single-Family Homes only)
4.2%
4.8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
CA US
SERIES: Percent of existing single-family homes being sold SOURCE: Census Bureau, American Community Survey, Moody’s Analytics, C.A.R.
10
0
2
4
6
8
10
12 All Sellers
Years Owned Before Selling: Historic Highs
SERIES: 2016 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Boomers Not Selling at Retirement
Do you plan to sell your current home when you retire?
Yes, 36%
No, 64%
SERIES: 2016 Baby Boomer SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Tri-Valley Inventory – 2008 to 2016
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2008 2009 2010 2011 2012 2013 2014 2015 2016
Danville San Ramon Dublin Livermore Pleasanton
Avg. listings per year:Livermore: 1,000
Danville: 1,100San Ramon: 730Dublin: 475Pleasanton: 850
SOURCE: Bay East Association of REALTORS®
1,498
366 -
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
2008 2009 2010 2011 2012 2013 2014 2015 2016
Fremont Newark Union City
Tri-Cities Inventory – 2008 to 2016
Avg. listings per year:Fremont: 1,300Newark: 270Union City: 360
SOURCE: Bay East Association of REALTORS®
1,284
625
140 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2009 2010 2011 2012 2013 2014 2015 2016
Castro Valley Hayward San Leandro San Lorenzo
Central County Inventory – 2009 to 2016
Avg. listings per year:Castro Valley: 600Hayward: 1,280San Leandro: 700San Lorenzo: 190
SOURCE: Bay East Association of REALTORS®
Sales Prices
Bay Area Out-Migration
SERIES: Net Domestic MigrationSOURCE: California Department of Finance, E6 Population Estimates
-21,793
-6,254 -5,737
-3,048
203 2711,768 1,862
6,375
-25,000
-20,000
-15,000
-10,000
-5,000
0
5,000
10,000
Santa Clara San Mateo Alameda San
Francisco
Marin Napa Sonoma Solano Contra
Costa
Out-Migration by County, 2015 & 2016
Housing Affordability Drives Out-Migration
SERIES: Net Domestic Migration & Median Home PricesSOURCE: California Department of Finance, E6 Population Estimates; & CALIFORNIA ASSOCIATION OF REALTORS®
$1,010,000
$1,216,750
$800,000
$1,360,500
$1,050,000
$637,500 $578,000
$380,000
$569,000
-25,000
-20,000
-15,000
-10,000
-5,000
0
5,000
10,000
Santa Clara San Mateo Alameda San
Francisco
Marin Napa Sonoma Solano Contra
Costa
Out-Migration by County, 2015 & 2016
Tri-Valley Median Sales Prices – 2001 to 2016
$718,725
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Danville San Ramon Dublin Pleasanton Livermore
SOURCE: Bay East Association of REALTORS®
Livermore SFR Sales by Price Range – 2016
0
9
54
195
305
185
93
74
124
15
6
0 50 100 150 200 250 300 350
< 300k
$300k-399k
$400k-499k
$500k-599k
$600k-699k
$700k-799k
$800k-899k
$900k-999k
$1m-1.49m
$1.5m-1.99m
$2m +
Median Sales Price: $718,725
SOURCE: Bay East Association of REALTORS®
$948,750
$732,250
$778,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fremont Newark Union City
Tri-Cities Median Sales Prices – 2001 to 2016
SOURCE: Bay East Association of REALTORS®
$748,222
$583,125
$543,630
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Castro Valley Hayward San Leandro San Lorenzo
Central County Median Sales Prices – 2001 to 2016
SOURCE: Bay East Association of REALTORS®
Condo / Townhome Sales Prices – 2001 to 2016
$632,750
$541,750
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Dublin Pleasanton Livermore
SOURCE: Bay East Association of REALTORS®
Median Sales Price Change – 2002 to 2016
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Danville Dublin Livermore Pleasanton San Ramon
Median Sales Price Change – 2002 to 2016
12%
7%
22%
19%
-4%
-2%
-14%
-5%
8%
-6%
-2%
24%
12%
7%6%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Livermore
Condo / Townhome Price Change – 2002 to 2016
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Dublin Livermore Pleasanton
SOURCE: Bay East Association of REALTORS®
Condo / Townhome Price Change – 2002 to 2016
10%7%
18%20%
-1%
-6%
-26% -24%
-10%
7%
15%
40%
15%12%
8%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Livermore
SOURCE: Bay East Association of REALTORS®
Sales Prices: Livermore vs. East Bay
Rank Community Median Sales Price
1 Alamo $1,630,000
5 Danville $1,215,750
6 Berkeley $1,127,500
7 Pleasanton $1,036,375
8 San Ramon $1,026,250
9 Walnut Creek $999,500
10 Dublin $954,215
11 Fremont $948,750
12 Alameda $934,500
14 El Cerrito $798,725
15 Union City $778,000
16 Castro Valley $748,222
18 Oakland $735,188
19 Newark $732,250
20 Livermore $718,725
Sales Activity
Tri-Valley Sales – 2008 to 2016
362 460
1,029
453
604 609 651 624 655 632 614
868 959
-
200
400
600
800
1,000
1,200
1,400
1,600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Danville San Ramon Dublin Pleasanton Livermore
SOURCE: Bay East Association of REALTORS®
1,526
1,248
330245
451344
0
500
1000
1500
2000
2500
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fremont Newark Union City
Tri-Cities Sales – 2008 to 2016
SOURCE: Bay East Association of REALTORS®
547 420
1,239
925 892
573
282 162 -
500
1,000
1,500
2,000
2,500
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Castro Valley Hayward San Leandro San Lorenzo
Central County Sales – 2008 to 2016
SOURCE: Bay East Association of REALTORS®
Tri-Valley Condo Sales – 2008 to 2016
238
308283
322 324346 337
0
100
200
300
400
500
600
700
800
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Dublin Livermore Pleasanton
SOURCE: Bay East Association of REALTORS®
Conclusions
For more information
David StarkPublic Affairs Director
Bay East Association of REALTORS®
Telephone: (925) 730–4068
Email: [email protected]