Bay Area CA home sales surprise buyers and sellers first half of 2012
Because 2011 seemed to be a bit sluggish, we started 2012 with a pricing strategy to price homes ahead of the market in order to stimulate interest. The result surprised us all. Buoyed by low interest rates and low prices, buyers accelerated their search for property and found themselves competing for properties that a year ago they could have bought for less.
Take a look at this article about the latest reports confirming that Bay Area housing market shows signs of recovery. It seems the heat turned up around February 2012 when we started seeing multiple offers and over bidding. Signs are there for a seller’s market .
The article illustrates the upward trend in San Mateo, Santa Clara, Alameda and Contra Costa counties.
Properties listed from April 1, 2012 through June 14, 2012
I thought I’d look into it another way, by showing how quickly properties get into contract in certain cities in Alameda and Contra Costa Counties
City |
Pending contracts |
Pending Average Days on market |
Sold contracts |
Sold Average Days on Market |
ALAMEDA COUNTY |
||||
66 |
16 |
29 |
11 |
|
73 |
15 |
49 |
12 |
|
260 |
13 |
111 |
9 |
|
218 |
14 |
45 |
10 |
|
336 |
15 |
64 |
11 |
|
CONTRA COSTA COUNTY |
||||
97 |
15 |
34 |
8 |
|
34 |
15 |
20 |
12 |
|
28 |
14 |
17 |
8 |
|
139 |
11 |
47 |
6 |
|
120 |
15 |
59 |
8 |
So....do these cities have a sellers’ market?
So it looks like the average time it takes for a property to go into contract from the time it is activated on the MLS is around 15 days --- two weeks!
And how about those that sold or closed escrow so soon after getting into contract --- were they cash buyers? More than likely.
Bay Area CA home sales surprise buyers and sellers first half of 2012
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