DQNews Archived Article

Strong Year-End for Bay Area Home Sales

by Real Estate Analyst John Karevoll
January, 1999

La Jolla, CA.— Sales counts and prices in the nine-county Bay Area increased again in December, bringing the year to a record-breaking close, a real estate information service reported.

A total of 6,930 resale houses were sold in the nine-county Bay Area in December. That was up 36.1 percent from 5,093 for November, and up 18.5 percent from 5,841 for December a year ago, according to DataQuick Products Division.

The December sales count brought last year's total to 73,071, up 11.3 percent from 65,665 for 1997 and making 1998 the strongest year ever, exceeding 70,326 for 1989.

"It was apparent last summer that Bay Area home sales were on track to break the previous sales record. Prices also reached new highs last year," said Mike Ela, leader of DataQuick Products Division.

The Bay Area median for resale houses was $279,000 in December, up 1.8 percent from $274,000 for November and up 8.6 percent from $257,000 for December a year ago.

The median for the whole year was $274,000, up 7.9 percent from $254,000 for the year before, and the highest annual median on record. The percent increase understates appreciation rates because of shifts in sales activity to more affordable areas. Home values are actually going up by around ten percent.

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

Resale houses

	No Sold	No Sold	Pct.	Median	Median	Pct.
	Dec-97	Dec-98	Chng.	Dec-97	Dec-98	Chng.
Alameda	1,131	1,398	23.60%	$220K	$241K	9.50%
Contra Costa	1,039	1,202	15.70%	$203K	$223K	9.90%
Marin	286	351	22.70%	$349K	$370K	6.00%
Napa	88	134	52.30%	$192K	$197K	2.60%
San Francisco	375	423	12.80%	$318K	$330K	3.80%
San Mateo	609	671	10.20%	$345K	$365K	5.80%
Santa Clara	1,417	1,632	15.20%	$310K	$352K	13.50%
Solano	378	505	33.60%	$148K	$153K	3.40%
Sonoma	518	614	18.50%	$198K	$220K	11.10%
Bay Area	5,841	6,930	18.60%	$257K	$279K	8.60%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1999 DataQuick Information Systems.
All rights reserved.

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