DQNews Archived Article

Bay Area home sales and prices jump again

by Real Estate Analyst John Karevoll
June, 1997

La Jolla, CA.— May home sales in the Bay Area jumped to their highest level in six years as April's new price plateau held firm, a real estate information service reported.

A total of 6,333 resale houses were sold in the nine-county Bay Area in May. That was up 7.5 percent from 5,891 the month before and up 7.7 percent from 5,880 for May a year ago, according to DataQuick Information Systems.

May's sales count was the second-highest of the 1990s, exceeded only by 6,540 in May 1991 when there was a brief post-Gulf War sales flurry. 1997's year-to-date count of 24,539 is the highest of the decade.

"The Bay Area's housing market has by and large gained back all it lost during the recession. We expect the current sales growth to level off a bit while the market absorbs the price increases. Right now the rest of the state is watching the Bay Area with raw envy," said Mike Ela, DataQuick president.

The median price paid for a Bay Area resale house was $258,000 in May, down 0.8 percent from $260,000 the month before and up 7.5 percent from $240,000 for May last year.

The April median was the highest on record, and was caused in part by a sales surge of expensive homes, which continued on into May. When adjusted for the shift in market mix, Bay Area home values are rising at a 4.0 percent annual rate.

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

Resale houses

	No Sold	No Sold	Pct.	Med($K)	Med($K)	Pct.
	May-96	May-97	Chng.	May-96	May-97	Chng.
Alameda	1,037	1,250	20.5	$200	$219	9.5
Contra Costa	959	1,094	14.1	$220	$225	2.3
Marin	286	356	24.5	$352	$357	1.4
Napa	95	110	15.8	$167	$170	1.8
San Francisco	370	388	4.9	$270	$289	7
San Mateo	654	708	8.3	$294	$324	10.2
Santa Clara	1,625	1,525	-6.2	$270	$302	11.9
Solano	399	369	-7.5	$139	$149	7.2
Sonoma	455	533	17.1	$196	$210	7.1
Bay Area	5,880	6,333	7.7	$240	$258	7.5

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1997 DataQuick Information Systems.
All rights reserved.

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