News


Bay Area median home prices, sales up in May

Homes selling for 7.5 percent more than they were a year ago

The median sale price for Bay Area homes rose for the second consecutive month in May, driven by a high number of sales and increased activity at the higher ends of the market, according to figures released Friday.

Total home sales in the nine-county Bay Area were up 14.8 percent in May to 8,810 from the previous month and up 26.1 percent from the same month last year, according to real-estate information service DataQuick.

Sales for May reached a six-year high but were still 8.8 percent below the average recorded for May by DataQuick since 1988. They reached a

record low in 2008, when only 6,216 homes were sold in May in the nine-county Bay Area, and a record high only a few years earlier in 2004, at 13,567.

"It's not exactly a stampede, but people are starting to move off the housing market sidelines in numbers we haven't seen in quite a while,"

DataQuick President John Walsh said.

The median price in the Bay Area rose to $400,000 in May, up 2.6 percent from April and up 7.5 percent from May 2011. May was only the second month since 2010 that median prices have risen year over year.

The median home price in the Bay Area reached a low of $290,000 in March 2009 and a peak of $665,000 in June and July of 2007.

One factor in the increase in median prices is a change in the mix of what is selling, Walsh said. Foreclosures are a smaller percentage of sales and higher-priced properties are moving in larger numbers than in recent years.

Median home prices rose in San Francisco, Alameda, Contra Costa, Santa Clara and Solano counties but fell in Marin, Napa, San Mateo and

Sonoma counties, according to DataQuick. The highest median price in May was $701,000 in San Francisco, and the lowest was $190,000 in Solano County.

— Bay City News Service

Comments

Posted by William Teller, a resident of Another Pleasanton neighborhood
on Jun 19, 2012 at 7:10 pm

A lot of it has to do with ... flight from the East Bay to the Tri-Valley. Due to the political "leadership" of poverty ... and catering to the entitlement class, the East Bay's demographics are rapidly changing increasing crime, lowering school achievement, and lowering property values. With historic low interest rates and some of the best prices in the past 8 years, now is the time to head for greener ... pastures. (This post has been edited to remove comments/words deemed inappropriate by Pleasanton Weekly Online staff)


Posted by Genuine American, a resident of Another Pleasanton neighborhood
on Jun 20, 2012 at 7:11 am

Tell it like it is William Teller! We need to intice more upstanding white folk into our basket of freedom here in Ptown. If not, low income housing and the scowndrels it brings will expand unabated. (I'm using this name because some body else is now using my real name. What ever happened to the days when a self respecting half white half Mexican could get on this sight and wacks eloquent?)


Posted by William Teller, a resident of Another Pleasanton neighborhood
on Jun 20, 2012 at 2:20 pm

Genuine American-I have no issue with Latino's-most of which are hard working and have strong family values-even if the economic "value" they provide is more than offset by the social services (e.g, my tax dollars) they consume. I have no problem with the curry, dim sum and kabob eating crowd who value hard work and education who are moving in. What I do have a problem with is a generational entitlement class of "gibs me dat" who add no economic value and destroy everything in their path including infrastructure, culture and people's lives. The growth of this class in our neighboring East Bay cities is evident, and our current governor would like to spread this to the tri-valley when people are moving in droves to get away from it. Vaya con Dios y vaya con gringos, me amigo!


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