Housing market report for December 2021: Bay Area

Flyhomes

4 years ago

December 2021 highlights

Most metrics in the Bay Area showed signs of the market leveling off. Competition slowed as homes spent more time on the market while inventory increased. Sellers responded accepted offers that were, on average, closer to their lower list prices.

List prices dipped to a year-end low At an average of $1,197,000, list prices in the greater Bay Area reached a low for the year in December.
Sale prices reflected an increase of housing inventory and a competition slow-down The Bay Area can depend on sale prices averaging higher than list prices by as much as 19% or 20%. At the end of the year, that ratio slid to 14%, likely because homes spent an average of 27 days on the market—the second-longest amount of time spent on the market for the year.
The number of days that homes in the East Bay spent on the market were the highest of the year Days on market is an important metric buyers can use to understand just how competitive their market is. December was the least competitive month of the year in the East Bay, as homes were on the market for 19 days—the longest time of the year.
Metrics in the South Bay changed the least month over month Key measurements of the market’s competitiveness remained the most stable from one month to the next in the South Bay. The amount of days homes stayed on the market remained seven from November to December. List prices fell by a small 1% from $1,366,500 to $1,348,800.
The Peninsula remained the most expensive and competitive area Homes on the Peninsula spent only one extra day on the market than they did the previous month, even though list prices climbed 1.3%. Homes here were sold for a median price of $2,000,000, an average of 2% higher than the area’s list price of $1,800,000.

See previous months’ highlights

Competition report

Our research team analyzed the competition in select local areas.