DQNews Archived Article

Bay Area home sales continue on upward climb

by Real Estate Analyst John Karevoll
December, 1996

La Jolla, CA.— November's Bay Area home sales continued at the strongest level of the 1990s as prices continued to edge upward, a real estate information service reported.

A total of 4,425 resale houses were sold in the nine-county Bay Area in November. That was down 13.7 percent from 5,125 for October and up 3.9 percent from 4,257 for November a year ago, according to DataQuick Information Systems.

A decline in sales from October to November is normal for the season. Home sales have increased on a year-over-year basis for 15 of the last 16 months and so far this year 53,577 resale houses have been sold in the Bay Area, up 19.3 percent from 44,918.

"The strength of the market broad-based. We're seeing increases in sales counts in all home categories from entry-level homes on up into the move-up and prestige markets. Prices are going up at a moderate pace also," said Donald L. Cohn, DataQuick CEO.

November's median price was $229,000, down 0.9 percent from October's $231,000 and up 0.9 percent from $227,000 from November a year ago. The October-to-November decline is normal for the season. There has been a year-over-year increase in median sales price every month this year.

The year-to-date median price for resale houses is $235,000, up 3.5 percent from $227,000 for the same period last year. When adjusted for seasonal factors and for shifts in market mix, current Bay Area home prices have regained most, but not all, of the price declines experienced during the early 1990s.

DataQuick monitors real estate purchasing and financing nationwide, and provides information to consumers, lending institutions, title companies and industry analysts.

Sales in other home categories were also up in November. Sales of resale condos and of newly-built homes have also been going up for over a year, DataQuick reported.

Resale houses

	# Sold	# Sold	Pct.	Med($K)	Med($K)	Pct.
	Nov-95	Nov-96	Chng.	Nov-95	Nov-96	Chng.
Alameda	807	863	6.9	$198	$207	4.5
Contra Costa	683	756	10.7	$190	$197	3.7
Marin	185	199	7.6	$337	$343	1.8
Napa	80	70	-12.5	$170	$175	2.9
San Francisco	260	283	8.8	$265	$269	1.5
San Mateo	456	528	15.8	$290	$284	-2.1
Santa Clara	1,108	1,031	-6.9	$257	$258	0.4
Solano	295	300	1.7	$147	$137	-6.8
Sonoma	383	395	3.1	$185	$185	0
Bay Area	4,257	4,425	3.9	$227	$229	0.9

Source: DataQuick Information Systems

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

Copyright © 1996 DataQuick Information Systems.
All rights reserved.