Bay Area home sales improve, price drop slows

DataQuick reports market nearing price bottom

Recent reports show Bay Area home buyers were more active in March than the previous two months as prices continue to drop.

However, the drop in the median price for a home, from $295,000 in February to $290,000 in March, was significantly less than in previous months, indicating that the market might be near its price bottom, according to MDA DataQuick, a San Diego-based real estate information service.

The number of new and resale houses and condominiums that closed escrow in the Bay Area's nine counties in March was 6,325, up 25.7 percent from February's total of 5,032, and up 29.1 percent from the number sold in March 2008.

But this March's numbers were barely half of the peak sales total for the month, which were 12,645 in 2004, according to DataQuick, which has kept statistics since 1988.

The median price - the point where half of the homes sold for more money and half sold for less - fell only 1.7 percent from February, but was down 45.9 percent from $536,000 in March 2008.

The drop in the median price overstates the decline in the value of the typical Bay Area home as statistics show sluggishness in sales of high-end homes, according to DataQuick.

John Walsh, MDA DataQuick president, said in a statement that "many of those areas are essentially in hibernation, with scant sales."


Like this comment
Posted by Chas
a resident of Danbury Park
on Apr 29, 2009 at 10:04 am

Maybe the jackasses at BofA that appraise homes for refinances could read this article. This just in: Pleasanton is slightly nicer than Antioch, and our prices havent fallen by fifty percent!

Like this comment
Posted by Frusrtrated!
a resident of Valley Trails
on Apr 29, 2009 at 2:19 pm

Add Wells Fargo to that list! Didn't they just post a record profit!!!

Like this comment
Posted by Resident
a resident of Another Pleasanton neighborhood
on Apr 30, 2009 at 7:01 am

Be very careful when trying to refinance. Wells Fargo demands a non-refundable fee, I wonder why? DO NOT write that check to Wells Fargo until you find out all you need to know and get a good feel about how they do the appraisals.

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