Couldn’t Be a Better Time Than Now
The median price paid for all new and resale houses and condos sold in the Bay Area last month was $358,000, according to DataQuick. That’s up 10.2 percent from February, and down fractionally from $360,000 in March 2011. The decline on a year over year basis was the smallest since October 2010.
The luxury end of the market also turned in a strong performance in March:
- In Marin County, both sales and the median sale price of million-dollar homes rose. A total of 48 high-end properties changed hands, up from 44 in February and 33 in January. The median sale price of a luxury home also soared 15.3 percent from the previous month to $1,525,000.
- In Silicon Valley, 110 homes sold for more than $1.5 million in March, nearly double the 58 transactions in February and up from 86 in March 2011. Of the total sales, there were 50 multi-million-dollar transactions compared to 36 sales over $2 million during the same period a year ago.
- In the East Bay, luxury sales soared 23 percent from a year ago and more than doubled February’s totals. Some 111 million-dollar properties changed hands, up from 49 in February and 90 in March 2011.
- And in San Francisco, a total of 55 homes sold for more than $2 million during the first quarter of 2012 compared to 50 sales during the same period a year ago. At the same time, the median sale price rose 2.7 percent from last year to $2.8 million.
The market will continue to face some headwinds in terms of the economy, distressed properties and even mortgage financing. And it’s likely that the economies of Europe and China will continue to factor in to our recovery. But it’s clear that locally, we are headed in the right direction regarding housing. Our biggest challenge isn’t a lack of demand; it’s not enough homes to sell. So if you’ve been thinking about listing your home, there couldn’t be a better time than now.