Bay Area

Quick Take

• San Francisco continues commanding performance, with single-family property values advancing more than 21% annually, while substantial portions of North Bay markets witnessed meaningful value retreats in February.

• Availability levels maintain severely constrained conditions throughout the entire Bay Area, with annual reductions spanning from 12% in Silicon Valley to nearly 48% in North Bay markets.

• Single-family properties are transacting at an exceptionally expeditious momentum, with listings in Santa Clara County moving in merely 8 days and San Francisco listings transacting in just 12 days.

• The Bay Area overwhelmingly maintains seller-favorable status heading into the spring transaction season, though the condominium sector is providing buyers moderately more flexibility in certain counties.

San Francisco accelerates while values retreat in North Bay markets

February delivered a broad spectrum of value movement throughout the Bay Area, demonstrating just how geographically specific residential trends can be. San Francisco commanded performance with an exceptional 21.41% annual increase in single-family property median transaction value, with the median property transacting for $1,942,500. Condominiums in San Francisco also recorded an outstanding month, climbing 11.87% to $1,225,000. In East Bay markets, Alameda County's median single-family property value returned to the $1,300,000 threshold, essentially unchanged annually, while Contra Costa County witnessed a moderate 3.23% retreat to $810,000.

Silicon Valley presented inconsistent outcomes, with Santa Clara County registering a modest 0.63% advance to $2,000,000, while San Mateo County declined 8.24% to $1,950,000. North Bay regions experienced the most extensive weakness, as Napa County single-family properties fell 20.86% to $840,500 and Marin County declined 5.74% to $1,602,500. Throughout the region, the condominium sector perpetuated challenges, with retreats in most counties, though Contra Costa County provided a significant exception, registering a 17.68% annual increase.

The Bay Area's availability shortage demonstrates no indications of mitigation

Availability levels throughout the Bay Area maintain positions substantially beneath where they stood a year ago, and the circumstance has only intensified as we advance into the spring transaction season. North Bay markets are experiencing the most substantial compression, with single-family property availability declining a remarkable 47.88% annually and condominium availability declining 38.71%. San Francisco trails closely, with single-family availability declining 37.45% and condominium availability declining 38.81%, producing fewer than 550 properties available for transaction in the entire municipality.

East Bay markets have witnessed single-family availability decline by 21.24% and condominium availability contract by 14.40%. Silicon Valley completes the scenario with single-family availability declining 12.11% and condominium availability declining 7.05%. New listings are commencing recovery in certain areas as the spring market initiates, but they maintain positions substantially beneath last year's momentum in most markets. This persistent scarcity of available properties is sustaining upward pressure on values in numerous areas and establishing a demanding environment for buyers who are prepared to advance.

Single-family properties are transacting rapidly, but the condominium sector presents a contrasting scenario

The transaction momentum for single-family properties throughout the Bay Area is exceptionally remarkable. In Santa Clara County, the typical property is transacting in merely 8 days, while San Mateo County properties are moving in 11 days. San Francisco single-family properties are transacting in just 12 days, and East Bay listings are completing in under two weeks in both Alameda and Contra Costa Counties. These figures emphasize just how competitive the single-family sector remains. The condominium sector, nevertheless, continues demonstrating indications of a substantially slower momentum.

Santa Cruz County condominiums are requiring an average of 84 days to transact, a substantial 546.15% increase compared to February 2025. San Mateo County condominiums are requiring 64.29% additional market duration annually, and Santa Clara County condominiums are advancing 21.43%. In North Bay markets, Marin County condominiums witnessed marketing duration escalate by 231.25% on an annual basis. The divergence between single-family properties and condominiums remains among the most characteristic elements of the current Bay Area market.

Sellers maintain control as the spring market intensifies

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.

The single-family property market maintains decisively seller-favorable territory throughout virtually the entire Bay Area. San Francisco registers merely 0.8 months of supply, while Santa Clara County and San Mateo County each maintain 1.1 months. Marin County maintains 1.2 months of supply, declining an exceptional 68.42% annually. Alameda County registers 1.4 months, Contra Costa County at 1.7 months, Sonoma County at 1.8 months, and Solano County at 2 months. Even Santa Cruz County, which has historically sustained more balanced conditions, has compressed to just 2 months of supply.

The condominium sector demonstrates moderately more equilibrium, with several counties positioning around the three-month parameter. Alameda County maintains 3.3 months of condominium supply, Contra Costa County maintains 3.2 months, and Sonoma County maintains 2.9 months. Nevertheless, Napa County maintains buyer-favorable status at 4 months of condominium supply, and Santa Cruz County registers 3.6 months. As we advance deeper into the spring transaction season, sellers throughout most of the Bay Area maintain decisively advantageous positioning.