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Bay Area Home Sales & Prices Jump, Again

The Bay Area’s hot economy and the limited number of properties for sale have pushed the median price for Santa Clara County homes to a record high, $879,000, and the rest of the region is not far behind.

Median sale prices in Alameda County climbed to $665,000 in March, a hair below the 2007 peak of $669,500, according to data released Friday by real estate information service CoreLogic. After hitting a new peak of $1,060,000 in February, prices in San Mateo County dipped slightly to $995,000 but that mile-high figure still represented nearly a 5 percent increase over the year before. Contra Costa County prices climbed as well, to $470,000, a 10.6 percent increase.

It’s a sellers’ market everywhere, but Silicon Valley is leading the pack.

“It feels like a standard Silicon Valley spring: challenging,” said James Yang, a Palo Alto-based agent with the Sereno Group. “It’s been consistently crazy for the last four or five years — multiple offers, bidding over the list price, a consistent pattern. If there are 10 offers on one home, those nine others are going to continue to shop. And if you got beat out at $2.5 million, there’s kind of an understanding of where you need to be the next time.”

March sales increased by 19.5 percent from a year ago in Santa Clara County and by 24 percent in Contra Costa County. But the sales volume dipped by 3 percent in Alameda and 2.1 percent in San Mateo Counties. Taken as a whole, the nine-county Bay Area saw a 10.3 percent increase in sales.

Please see the main article Bay Area Home Sales and Prices JumpMercury News: Richard Scheinin – 04/17/15

 

Media from the original Article:

bay-area-home-prices

source: Corel Logic Data Quick – Bay Area News Group

The above is a reference article from a 3rd party, Synoptic Real Estate Group is not the original author, and doesn’t take ownership of any of the articles contents, the original author is credited at the base of the article.
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