News

Bay Area real estate prices highest in four years

Median sale prices jump in Santa Clara and San Mateo counties

Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released Wednesday, Aug. 15.

In the nine-county Bay Area, 8,461 homes were sold last month -- a 22.9 percent increase from the same time last year, according to a report by the real estate information service DataQuick.

The average figure for July, based on data recorded since 1988, is 9,371 home sales. The median price for a new home or condo was $421,000, which is a 1 percent increase from $417,000 in June and a 12.6 percent jump from July 2011. July's median price was the highest recorded since it was $447,000 in August 2008.

The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick. Median sale prices in Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Solano, Marin, Napa and Sonoma counties all increased in the past year, with Napa County seeing the biggest price increase at a 32.6 percent jump. Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.

The highest home prices in the region this summer are in San Francisco with $714,000 listed as the median cost, while the lowest can be found in Solano County at $188,000.

— Bay City News Service

Comments

 +   Like this comment
Posted by Jacko
a resident of Leland Manor/Garland Drive
on Aug 16, 2012 at 5:27 pm

Er no.
Those sales were from more than 30 days ago. Escrow end date.
Now they are slightly dipping. Flatlining and down 5 percent. Look at the stats on Redfin.


 +   Like this comment
Posted by palo alto mom
a resident of Duveneck/St. Francis
on Aug 16, 2012 at 7:29 pm

Jacko - per an article from the Weekly on Friday "The average Days on the Market (DOM) in Palo Alto are as follows: $5 million-plus = 6 DOM; $3 to 5 million = 23 DOM; $2 to 3 million = 21 DOM; and $2 million and under 9-13 DOM. These statistics are derived from the average of 152 homes sold from March through June of this year in Palo Alto. Approximately 20 percent of the homes sold never hit the Multiple Listing Service (MLS)."

The key being houses that never make it to MLS or pay to have their tax stamp on the back of the form so they do not make it to the paper and Redfin.

Appropriately priced houses in Palo Alto are flying off the shelf. If the average DOM of an over 5 mil house is 6 days, I think our market is hot.


 +   Like this comment
Posted by jb
a resident of Leland Manor/Garland Drive
on Aug 16, 2012 at 7:47 pm

Palo Alto's market has ALWAYS been hot. We bought in 1977 and people were coming into showings waving fistfuls of cash and buying for 15 - 20% above asking right under our noses.


 +   Like this comment
Posted by Whew!!
a resident of Midtown
on Aug 17, 2012 at 12:41 pm

There is a house for sale on my street so realtors have been coming by to check it out. I have had three of them knock on my front door to ask if I want to sell my house. I tell each of them the same thing, they'll have to wait 'till I'm dead!!! I can't afford to move because I can't afford the taxes on a new house!!!

Boy, is it ever getting competitive out there. The wolves are ready to pounce if you plan on selling. But watch it, different realtors charge different commissions for different services. You really have to shop around, don't fall for a realtor just because you know him or her. It's like everything in life seller beware, do your homework!!


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