June 09 Home Sales Trend in Bay Area
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Starting this month I will be writing about the monthly Home Sales/Real Estate trends in Bay Area. Look out for this update between 15th and 20th of every month. The update will be for month before.
Data Quick reported that Home Sales in the Bay Area jumped to their highest levels in 3 years. The median price paid for a home also increased month-to-month for 3rd month in a row.A total of 8,644 new and resale houses and condos sold across the nine-county Bay Area in June. That was up 16.1 percent from 7,447 in May and up 20.4 percent from 7,178 in June 2008, according to San Diego-based MDA Data Quick. The table below breaks down the numbers:
|
Sales Volume |
Median Price |
|||||
| Blank cell |
June 08 |
June 09 |
% Change |
June 08 |
June 09 |
% Change |
|---|---|---|---|---|---|---|
|
Alameda |
1441 |
1753 |
21.7% |
$455,000 |
335,000 |
-26.40% |
|
Contra Costa |
1521 |
1817 |
18.9% |
$378,000 |
$250,000 |
-33.90% |
|
Santa Clara |
1626 |
2090 |
28.5% |
$612,000 |
$445,000 |
-27.30% |
|
San Francisco |
571 |
561 |
-1.8% |
$726,750 |
$635,000 |
-12.60% |
|
San Mateo |
565 |
622 |
10.1% |
$690,000 |
$565,500 |
-18.00% |
|
Bay Area |
7178 |
8644 |
20.4% |
$485,000 |
$352,000 |
-27.4% |
Source: MDA DataQuick Information Systems, www.DQNews.com
San Jose Mercury News reported that – The number of previously owned single family homes sold in Santa Clara County jumped 31 percent in June in another sign that the market has hit bottom, helped by the greater availability of mortgages.The median sale price of a previously owned single-family home in the county reached $485,000, up from $475,000 in May, the fifth consecutive monthly increase since home prices bottomed in January.
As reported in my earlier post, it’s the troika of Low Mortgage Rates, Perception that the prices have bottomed out and FHA financing that is driving the market.
Looking at the Demand/Supply data below, the market continues to be in favor of Sellers in most areas. We are entering the usual slower season of August-December. It would be interesting to see if things will slow down significantly given the strong performance of the this Spring buying season.
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