DQNews Archived Article

February Bay Area Home Sales

by Real Estate Analyst John Karevoll
March, 1999

La Jolla, CA.— Despite lousy weather and off-season purchase patterns, home sales in the Bay Area showed no signs of slowing down in February as prices also continued their four-year rise, a real estate information service reported.

A total of 4,365 resale houses were sold in the nine-county Bay Area last month. That was up 3.5 percent from 4,217 for January and up 8.9 percent from 4,007 for February a year ago, according to Acxiom Corporation’s DataQuick Products Division.

Sales normally decline from January to February. The sales count was the strongest for any February since 1989 when 4,440 resale houses were sold.

"These are strong numbers for what is normally the slowest month of the year. But they're not surprising considering the low interest rates and the continued strong economic growth. We are still nowhere near a 'frenzy' like there was ten years ago. Buyers are not overextending their finances," said Mike Ela, leader of Acxiom’s DataQuick Products Division.

Last month's median was $281,000. That was up 2.2 percent from $275,000 for January, and up 8.9 percent from $258,000 for February last year. The $281,000 is the same at the peak that was reached during last June.

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

The median for resale condos reached $202,000 last month, an all-time high. That was up 2.2 percent from $175,000 for January and up 9.8 percent from $184,000 for the same month last year.

Resale Houses

	No Sold	No Sold	Pct.	Median	Median	Pct.
	Feb-98	Feb-99	Chng.	Feb-98	Feb-99	Chng.
Alameda	751	802	6.80%	$222K	$238K	7.20%
Contra Costa	730	689	-5.60%	$215K	$220K	2.30%
Marin	209	226	8.10%	$365K	$385K	5.50%
Napa	77	92	19.50%	$190K	$185K	-2.60%
San Francisco	213	243	14.10%	$290K	$340K	17.20%
San Mateo	399	448	12.30%	$350K	$392K	12.00%
Santa Clara	995	1,086	9.10%	$310K	$346K	11.60%
Solano	277	391	41.20%	$145K	$153K	5.50%
Sonoma	356	388	9.00%	$192K	$225K	17.20%
Bay Area	4,007	4,365	8.90%	$258K	$281K	8.90%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1999 DataQuick Information Systems.
All rights reserved.

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