RISING HOME PRICES
With a 6 year streak of rising home prices in the Bay Area, and median prices jumping double digits in each of last eight months, buyer demand continues to outpace the supply of available homes.
Year to Year sales price records shows an 11% increase in Alameda County for a current median sale price of $810,000 and 8.4% price jump in Contra Costa for a median sale price of $591,000.
Median prices in the entire Bay Area jumped nearly 15% in the last year owing to a booming tech sector and the region’s job growth which is outpacing new construction.
More mid and high-end homes are on the market with a lower inventory of affordable homes.
It’s a challenging time for buyers who need to make sure their agent helps determine a winning offer strategy.
Sellers face the challenge of pricing realistically and must think about selling now, rather than holding in hopes of further pricing increases.
The economy has made nearly a full-recovery since 9 years ago ago when the housing downturn took its toll. Interest rates usually rise when the economy is robust as with the latest increase of March 21, 2018. It may be wise to move to lock in today’s rates.
Next Level East Bay Real Estate Representation!
PATTY ROGERS | The Grubb Co. | Broker Associate, BRE#00669968
Excerpts for this post from @theeastbaytimes | Bay Area Home Prices Continue Upward to Record Heights | By Louis Hansen | Bay Area News Group
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