REALTOR®: Bay Area doing well in home sales and appreciation compared to rest of the state
Wednesday, April 4, 2007
A recent report by the California Association of Realtors® (C.A.R.) reveals sales of existing, single-family detached homes in the state decreased 9.6 percent in February compared with the same period a year ago, while the median price of an existing home increased 5.7 percent. The San Francisco Bay Area real estate market, however, continues to perform well – inventory is down and both home sales and median home price are still up compared with the same period last year.
Closed escrow sales of existing, single-family detached homes in California totaled 464,560 in February, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide, home resale activity decreased from the 513,740 sales pace recorded in February 2006.
“Statewide, the number of homes for sale increased slightly in February and remain just above the long-run average,” said C.A.R. Vice President Leslie Appleton-Young. “The unsold inventory index stood at 8.8 months in February, compared with 8.3 months in January, with the San Francisco Bay Area continuing to experience leaner inventory levels compared with Southern California and the state as a whole.”
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 37 percent, or 129 out of 349 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information.
The February 2007 median home price for the Bay Area was $744,250, up 3.5 percent from the previous month and up 2.3 percent from the same period the prior year. February 2007 sales of existing, single-family detached homes in the San Francisco Bay Area increased 6.9 percent from that of the previous month and 0.1 percent from the same period a year ago.
Santa Clara County’s real estate market continues to do well compared with other areas in the state. Although February 2007 sales of existing, single-family detached homes in the region were down 5.3 percent from the prior year, they were up 8.2 percent from the previous month. The median price for all homes (new and existing, condos and single-family) in February 2007 was $685,000, up 2.3 percent from $669,500 the prior year. The cities of Mountain View, Milpitas, Gilroy and San Jose saw the median home price rise. The median price for a Mountain View home was $758,000, up 19.7 percent from $633,250 in February 2006; the median price for a Milpitas home was $649,000, up 9.5 percent from $592,500; the median price for a Gilroy home was $696,000, up 5.2 percent from $661,750; and the median price for a San Jose home was $659,000, up 1.4 percent from $650,000.
Also in February 2007, Los Gatos and Cupertino ranked among the top cities with the highest median home prices, while Mountain View was among the top cities with the greatest median home price increase. In February, the median home price in Los Gatos was $982,500, and Cupertino, $776,500. The median home price in Mountain View increased 19.7 percent in February compared to the same period a year ago.
Statewide, the 10 cities and communities with the highest median home prices in California during February 2007 were: Manhattan Beach, $1,880,000; Laguna Beach, $1,655,000; Newport Beach, $1,412,500; Los Gatos, $982,500; Danville, $951,750; Santa Barbara, $932,270; San Clemente, $824,000; Arcadia, $815,000; Dana Point, $790,000; Cupertino, $776,500.
Statewide, the 10 cities and communities with the greatest median home price increases in February 2007 compared with the same period a year ago were: Culver City, 34 percent; Diamond Bar, 26.5 percent; Moorpark, 25 percent; Lake Forest, 22.2 percent; Mountain View, 19.7 percent; Laguna Beach, 18.6 percent; Baldwin Park, 16.1 percent; Newport Beach, 15.3 percent; Pasadena, 13.4 percent; Fontana, 13.1 percent.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.