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DQNews Archived Article
Bay Area home sales
by Real Estate Analyst John Karevoll
October, 1997La Jolla, CA.— The sales pace for homes in the Bay Area quickened again in September as prices stayed at the new plateau reached during the summer, a real estate information service reported.
A total of 5,784 resale houses were sold in the nine-county Bay Area in September. That was down 7.5 percent from 6,251 in August, and up 28.4 percent from 4,503 for September last year, according to DataQuick Information Systems.
A decline from August to September is normal for the season. The year-over-year increase was the strongest of the year and last month's sales count was the highest for any September this decade.
"Prices in most Bay Area communities have gained back all that was lost during the recession, and then some. The current sales pace is very strong and September's surge was a bit unexpected. The market fundamentals are strong and broad-based, and the current sales rate will probably last the rest of the year and well on into 1998," said Mike Ela, DataQuick president.
September's median price for a resale house in the Bay Area was $260,000 where is has been since it jumped from $239,000 in March to $260,000 in April. The current median is 10.2 percent higher than $236,000 for September last year.
DataQuick monitors real estate purchasing and financing nationwide, and provides information to consumers, lending institutions, title companies and industry analysts.
Prices showed the sharpest increase in San Francisco, Santa Clara and Marin counties. Marin County's current median of $375,000 is the highest on record for any California county.
Resale houses
No Sold No Sold Pct. Median Median Pct. Sep-96 Sep-97 Chng. Sep-96 Sep-97 Chng. Alameda 877 1,105 26.0% $208K $227K 9.1% Contra Costa 769 1,065 38.5% $210K $225K 7.1% Marin 218 309 41.7% $315K $375K 19.0% Napa 66 107 62.1% $194K $195K 0.5% San Francisco 270 351 30.0% $270K $307K 13.7% San Mateo 530 618 16.6% $305K $328K 7.5% Santa Clara 1,125 1,327 18.0% $265K $307K 15.8% Solano 273 407 49.1% $133K $145K 9.0% Sonoma 375 495 32.0% $186K $203K 9.1% Bay Area Total 4,503 5,784 28.4% $236K $260K 10.2% Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534
Copyright © 1997 DataQuick Information Systems.
All rights reserved.
