Pacific
Union has written several stories recently about the surprising strength of the
Bay Area’s real estate markets in the normally slow autumn months. Our optimism
is confirmed by the latest sales figures from the California
Association of Realtors, which show that Bay Area home sales rose 13
percent from September to October – in
marked contrast with the statewide average, which fell 3 percent for
single-family homes.
Homes in San
Francisco's Bernal Heights, San Francisco and San Mateo counties posted the
highest sales gains, both up 30 percent in a month’s time.
Alameda and Solano counties also saw robust sales, both up
24 percent, followed by Marin County (up 14 percent), Sonoma County (up 9
percent), and Santa Clara County (up 2 percent). Sales were down 4 percent in
Contra Costa County and 2 percent in Napa County.
Comparing October sales data with year-ago figures also
shows the Bay Area’s resiliency: While statewide October sales dropped 11
percent from 2012 to 2013, they held steady (up 0.1 percent) in the Bay Area.
Meanwhile, the rapid rise of home prices
eased a bit in the nine-county Bay Area, with the median price slipping 1
percent from the previous month but rising 15 percent from a year earlier.
Statewide, the median price fell 0.3 percent from September to October but rose
25 percent over a year’s time.
Marin County was home to the highest median sales price in
the state in October, at $959,740, followed by San Mateo County ($910,000), and
San Francisco ($844,510).
Median sales prices elsewhere in the Bay Area: Santa Clara
County ($770,000), Contra Costa County ($740,200), Alameda County ($618,930),
Napa County ($497,730), Sonoma County ($469,900), and Solano County ($294,920).
Statewide, the median sales price in October for a
single-family home was $427,290.
The CAR figures dovetail with Pacific Union’s own October
Real Estate Update, released two weeks ago, which tracks a variety of
statistics from more-narrowly focused regions. Our report also noted
more-moderate increases in home prices and tightening inventory.
An earlier story, examining data from the CoreLogic
Case-Shiller Indexes, noted that three Bay Area regions finished among the top
10 in the United States in terms of yearly price
increases.
If you are considering to jump into the real estate market
in The East Bay area, please let me know how I can assist you with your buying
and selling needs.
Saraya and Simon Motley
Pacific Union and Christie’s International Real Estate
Serving Alameda & Contra Costa Counties
510.459.4338/direct . 925.385.8503/direct
925.403.7802/eFax
CalBRE License #01265873
Article Courtesy of Pacific Union
(Image: Flickr/James Gaither)
