California Real Estate Rebounding Nicely

California Real Estate is rebounding nicely, and the San Francisco Bay Area is no exception. 

The median price buyers paid for a home in March 2013 was $313,000 - up almost 25% from March 2012, where the median price was $251,000. This past March was the thirteenth consecutive month that California’s median home prices rise rose year to date. Home prices in the Bay Area are up 33% from last March.

The good news is that 63% of sales in March were non-distressed, meaning that they were neither short sales or foreclosures. In fact, foreclosures made up only 15.2% do sales in March 2013 - less than half the number the previous year. Short sales were also down slightly, making up only 21.5% of sales.

The Bay Area is still suffering through a crunch in available inventory. With so few homes on the market, the demand for what is available is fueling the price increases. 

In Contra Costa County, the median price in March was just under $722,000, up 18.6% from the previous year. Alameda County was up 13% with a median sales price of $578,310.

It continues to be a seller’s market. Agents in the know are pushing listing prices 5-10% over current value and still receiving multiple offers. Buyers continue to willfully participating in the frenzy in fear of higher interest rates.

For more information on buying, selling, or investing in the current market, contact The Hagley Group at 925-867-4663. We’re here to help.