Golden State is Hot – Not Just in the NBA but Also in Residential Home Sales
The weather may not be heating up like it should be this time of year, but home prices are continuing to! It’s already June and we are still reeling from an amazing month in April and the numbers are in to support it. April was another record month with home prices hitting some of their highest points. In fact, in California, the median home price hit its highest point in more than seven years in April, and sales volume rose for a third consecutive month. It’s all good news in residential real estate!
A California Association of Realtors report released last week indicates that our spring home selling season is off to a very strong start.
In April in the San Francisco Bay Area, according to the report, San Mateo County holds the second highest median sold home price of single-family homes at $1,280,000, a hair lower than the leading county – San Francisco County at $1,300,000.
San Mateo County is the leader, however, when it comes to average days on the market. The median time on the market for a single-family home in San Mateo County is 17 days, but most are going way faster – and that’s if they hit the open market.
In its most recent home sales and price report, the California Association of Realtors reported that the median price for a single-family home in the Bay Area was $844,810 in April, up 4.4 percent from March and 9.4 percent from April 2014.
CAR says that a lack of homes on the market caused Bay Area homes to sell for an average of 7.1 percent more than original price in April, up from the 5.2 percent premiums recorded a year earlier. What we are seeing is in large part due to the limited number of homes on the market therefore continuing to drive up the prices. The Bay Area remains the only region in the Golden State where the average seller can almost always expect to pocket more than asking price.
In our new brokerage alone, we are so pleased to announce that our recent listings have sold for way over what our sellers have expected.
Just take Bob Bredel's listing at 635 Park Ave., which sold in eight days for $1,580,000, or a whopping $331,000 above the list price!
Or Laura Bertolacci's beautiful listing at 105 Highland Ave. in San Carlos, which sold this month for $1,580,000, or $88,000 above the asking price.
And our lovely listing 230 Exeter Ave. in San Carlos, which sold for $2.2 million, which was $231,000 above the asking price!
While we wait for May numbers to come in, we can only gasp at what’s to come… In our Golden State – it’s not just the Warriors that remain hot! So does our home market. So, we need to remind you all – if you’re feeling it – the time is now.