DQNews Archived Article

Bay Area Home Sales Increase

by Real Estate Analyst John Karevoll
January, 1996

La Jolla, CA.— Home sales in the Bay Area increased again in December, reflecting buyer interest in low mortgage interest rates, a real estate information service reported. A total of 4,246 resale houses were sold in the nine-county Bay Area last month, down 0.3 percent from November's 4,257 and up 1.8 percent from 4,172 in December a year ago (see chart), according to DataQuick Information Systems.

December's year-over-year increase was the fifth in a row, a clear turnaround from early 1995 when home sales were off 26.7 percent during the first half of the year. "All the elements are in place for continued strong sales. Interest rates are low and probably going lower, and Bay Area home prices hit a low last year and are coming slowly back up," said Mike Ela, DataQuick president.

The median price paid for a resale house in December was $225,000, down 0.9 percent from $227,000 in November and down 0.4 percent from $226,000 in December a year before. The overall median home price, which includes resale condos and newly-built homes in addition to resale houses, was up 0.9 percent from $219,000 in December 1994 to $221,000 last month.

DataQuick monitors real estate activity nationwide and provides information to consumers, lending institutions, title companies and industry analysts. For 1995 as a whole, sales were off and prices flat. A total of 49,164 resale houses were sold in the Bay Area last year, down 13.1 percent from 56,606 in 1994. The median price was $227,000 last year, down 0.4 percent from $228,000 the year before, DataQuick reported.

Single-family detached resales

	#Sold	#Sold	Pct.	Med($K)	Med($K)	Pct.
	Dec-94	Dec-95	Chng.	Dec-94	Dec-95	Chng.
Alameda	887	788	-11.2	$195	$199	2.1
Contra Costa	763	768	0.7	$210	$205	-2.4
Marin	201	201	0	$326	$350	7.4
Napa	60	75	25	$188	$170	-9.6
San Francisco	266	257	-3.4	$260	$247	-5
San Mateo	448	454	1.3	$292	$276	-5.5
Santa Clara	921	1,060	15.1	$245	$250	2
Solano	295	292	-1	$149	$140	-6
Sonoma	331	351	6	$187	$182	-2.7
Bay Area	4,172	4,246	1.8	$226	$225	-0.4

Source: DataQuick Information Systems

For more information call John Karevoll (909)867-9534

Copyright © 1996 DataQuick Information Systems.
All rights reserved.