DQNews Archived Article

Bay Area Home Sales

by Real Estate Analyst John Karevoll
July, 1998

La Jolla, CA.— The number of homes sold in the Bay Area reached a new high for the decade in May, edging past 1989's peaks and nearing 1988's all-time highs, a real estate information service reported.

A total of 7,710 resale houses were sold in the nine-county Bay Area in June. That was up 10.8 percent from 6,961 for May, and up 30.3 percent from 5,916 for June last year, according to DataQuick's Products Division.

Sales have been going up steadily for more than two-and-a-half years and June's sales count was the highest since 7,827 houses were sold in September 1988. The all-time high was in June 1988 when 7,984 resale houses were sold. The June sales counts for Contra Costa and Sonoma counties were all-time highs.

"The increase in sales was stronger than we anticipated, and we expect the number of closings to level off somewhat. These sales counts are straining the real estate industry's infrastructure and lenders, escrow companies, appraisers and title companies are stretched thin these days," said Mike Ela, DataQuick president.

The median price paid for a resale house in the Bay Area was $279,000 in June. That was down from May's record $280,000 and it was up 8.6 percent from $257,000 for June last year.

DataQuick's Products Division monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The May-to-June price decline is not considered significant. Year-over-year price increases were in the double digits last year and early this year. While homes in expensive Bay Area neighborhoods continue to appreciate faster than homes in affordable neighborhoods, the gap is decreasing, DataQuick reported.

Resale houses

	No Sold	No Sold	Pct.	Median	Median	Pct.
	Jun-97	Jun-98	Chng.	Jun-97	Jun-98	Chng.
Alameda	1,205	1,370	13.70%	$219K	$250K	14.20%
Contra Costa	1,087	1,529	40.70%	$224K	$230K	2.70%
Marin	312	401	28.50%	$357K	$375K	5.00%
Napa	98	127	29.60%	$170K	$188K	10.60%
San Francisco	350	414	18.30%	$297K	$320K	7.70%
San Mateo	658	778	18.20%	$339K	$380K	12.10%
Santa Clara	1,380	1,784	29.30%	$299K	$335K	12.00%
Solano	349	539	54.40%	$141K	$160K	13.50%
Sonoma	477	768	61.00%	$197K	$223K	13.20%
Bay Area	5,916	7,710	30.30%	$257K	$279K	8.60%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1998 DataQuick Information Systems.
All rights reserved.

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