San Francisco Bay Area Real Estate Market Trends – March 2011
Best March in 4 years for San Francisco Bay Area Real Estate
A total of 7,051 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 41.3 percent from 4,991 in February and up 0.2 percent from 7,040 in March 2010, according to San Diego-based DataQuick. Last month sales count was the highest for a March since 8,317 homes sold in March 2007.
The median price paid for all new and resale houses and condos in the Bay Area was $360,000 last month, up 6.7 percent from $337,250 in February and down 5.3 percent from $380,000 in March 2010.
What is selling in Bay Area?
Distressed sales still account for almost half of all sales in the SF Bay Area. Foreclosure resales homes that had been foreclosed on in the prior 12 months rose in March to 31.5 percent of the Bay Area resale market.Short sales transactions where the sale price fell short of what was owed on the property made up an estimated 17.6 percent of Bay Area resales last month.
Home sales over $500,000 accounted for 33.7% of all sales, down from the past decade monthly average of 47.0 percent.
Who is Buying in Bay Area?
Last month absentee buyers mostly investors purchased 22.1 percent of all Bay Area homes sold.
Buyers who appeared to have paid all cash continues to be at elevated levels compared to average over last 2 decades. In March it was 27.8 percent of all home sales.
Bay Area Mortgage Trends:
FHA loans, mostly used by First Time Home Buyers, accounted for 22.4 percent of all home purchase mortgages in March. This type of financing continues to be popular mainly because of low down payment = 3.5% Also the Adjustable Rate Mortgage (ARM) share jumped to its highest point since August 2008 to 14.0 percent of the Bay Area home purchase loans in March.
Conforming Jumbo Loans (Loan Amount over $417,000) and Jumbo loans (loan amounts over $729,750)together accounted for 30.3 percent of last month home purchase loans.
Remember that the Real Estate Trends could be very different for your property and/or neighborhood than the overall Bay Area market. So if you are buying, selling or refinancing and would like to know how’s the market in your area reach us at firstname.lastname@example.org. Or subscribe to our monthly Real Estate Market Report.