Bay Area

Market Overview

• San Francisco single-family property values registered their most robust annual gain of 2026, advancing more than 26%, while East Bay condominium markets experienced a dramatic resurgence with their strongest performance in years.

• Availability levels have achieved critical thresholds in several markets, with San Francisco single-family property listings declining nearly 60% annually and Silicon Valley contracting more than 26%.

• Single-family properties are transacting within two weeks or less throughout the region, with buyers moving decisively amid exceptionally constrained supply.

• The Bay Area overwhelmingly maintains seller-favorable conditions for single-family properties, with San Francisco registering merely 0.7 months of supply, while the condominium sector continues providing buyers greater positioning in several counties.

Values are advancing throughout most of the Bay Area, with San Francisco at the forefront

June delivered broad-based value appreciation to substantial portions of the Bay Area, highlighted by San Francisco's remarkable 26.47% annual surge in single-family property median transaction value to $2,150,000. Competition in San Francisco has achieved extraordinary intensity, with the typical single-family property transacting for more than 26% over the original asking value. In Silicon Valley, San Mateo County registered an impressive 7.50% advance to $2,150,000, and Santa Cruz County edged upward 1.12% to $1,350,000, though Santa Clara County declined 8.57% to $1,920,000.

North Bay markets witnessed robust gains in three of four counties, with Marin County climbing 8.63% to $1,825,000, Sonoma County advancing 2.94% to $875,000, and Solano County gaining 2.63% to $585,000, while Napa County perpetuated challenges with a 12.38% retreat. East Bay markets sustained positive developments, with Alameda and Contra Costa County single-family properties advancing 1.52% and 1.67%, respectively. Perhaps the most significant development this month is the striking recovery in East Bay condominium markets, where Alameda County condominiums surged 8.35% annually and Contra Costa County condominiums gained 5.76%, a substantial reversal from the double-digit retreats observed just several months prior.

The Bay Area's availability shortage has achieved its most acute level yet

Availability levels throughout the Bay Area have contracted to some of the minimal levels documented in recent memory. San Francisco is confronting the most extreme scarcity, with single-family availability declining a remarkable 59.09% annually, producing merely 135 single-family properties available for transaction in the entire municipality. Condominium availability in San Francisco has also been reduced substantially, declining 44.25% to just 378 units, indicating barely 500 total properties on the market citywide.

Silicon Valley's availability has also plummeted, with single-family properties declining 26.15% and condominiums declining 11.75%. North Bay markets are contracting 32.66% for single-family properties and 12.75% for condominiums, while East Bay markets have witnessed single-family availability decline by 26.79% and condominium availability contract by 10.36%. New listings maintain positions substantially beneath last year's momentum in most markets, with North Bay declining 23.22% and Silicon Valley declining 9.59%. Nevertheless, transaction activity has surged in several areas, with North Bay single-family transactions jumping 11.34% annually and Silicon Valley completed listings advancing 6.91%, confirming that demand continues absorbing whatever supply enters the market.

Single-family properties are transacting more rapidly than ever, and the condominium sector is building momentum

The combination of exceptionally thin availability and robust demand has produced among the most expeditious markets the Bay Area has documented in years. San Francisco single-family properties are transacting in merely 12 days, a 14.29% improvement annually, while San Mateo and Santa Clara County properties are also moving in just 12 days each. East Bay single-family properties are transacting in 13 and 14 days in Alameda and Contra Costa Counties, respectively, with both counties registering meaningful annual improvements.

Marin County single-family properties are moving in just 18 days, 28% more expeditiously than this period last year, while Sonoma County properties are transacting in 32 days and Solano County in 30 days. The condominium sector is also demonstrating encouraging indications of acceleration. San Francisco condominiums are now moving in 23 days, declining 28.13% annually, and San Mateo County condominiums are transacting 10.26% more rapidly. In North Bay markets, Sonoma and Solano County condominiums are moving 22.50% and 26.42% more expeditiously, respectively. Nevertheless, pockets of deliberate pacing persist, as Santa Clara and Santa Cruz County condominiums are requiring 40.91% and 44.74% longer to transact than they were a year ago.

San Francisco anchors among the most constrained seller-favorable markets the Bay Area has ever documented

When determining whether a market is a buyers' market or a sellers' market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller's market, whereas markets with more than three months of MSI are considered buyers' markets.

San Francisco has established among the most extreme seller-favorable markets in the state, with merely 0.7 months of single-family property supply and 1.8 months of condominium supply, indicating every available single-family property would be transacted in just three weeks at the current momentum. Both figures have declined more than 50% annually. Throughout Silicon Valley, San Mateo County registers merely 1.3 months of single-family supply, declining 38.10%, while Santa Clara County maintains 1.6 months and Santa Cruz County maintains 3.3 months. East Bay markets maintain robust seller-favorable conditions for single-family properties, with Alameda County at 1.9 months and Contra Costa County at 2.4 months, both declining roughly 26% annually. In North Bay markets, Marin County maintains merely 2 months of supply, declining 57.45%, while Solano County registers 2.8 months and Sonoma County 3.4 months. Napa County remains the singular buyer-favorable market at 6.8 months.

The condominium sector continues supporting buyers in several areas, with Alameda County at 4.4 months, Contra Costa County at 4.3 months, Napa County at 6.6 months, Solano County at 4.8 months, and Sonoma County at 4.5 months, though these figures have been progressing downward as the condominium market gradually compresses. As the summer transaction season reaches full momentum, sellers throughout the single-family property market maintain virtually complete positioning advantage.