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Bay Area CA home sales surprise buyers and sellers first half of 2012

By
Real Estate Agent with Alain Pinel BRE 01367196

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

       

Alameda

66

16

29

11

Berkeley

73

15

49

12

Fremont

260

13

111

9

Hayward

218

14

45

10

Oakland

336

15

64

11

CONTRA COSTA COUNTY

       

Danville

97

15

34

8

Lafayette

34

15

20

12

Moraga

28

14

17

8

San Ramon

139

11

47

6

Walnut Creek

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

 

Comments (9)

Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Being from the bay area, yes we are experiencing a changing market.  It is good to see.  I hope those people who were thinking of walking away will now stay and help return us to a more normal, healthy market.  Quite frankly, I think the tech sector is starting to drive the whole recovery and is leading it nationally.

Jun 14, 2012 07:34 PM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Pacita, excellent post.  Love the graphs!  Great to hear the West Coast is doing so well.

Jun 14, 2012 07:48 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Pacita, This is some great Info for all in your area,keep up the good work,and good luck in 2012, E

Jun 14, 2012 07:57 PM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Pacita -

Good news is always a welcomed thing!  We too are on the upswing and have been since January.  Thankful and blessed to be a busy worker bee on this end of the line!

Have a great weekend in all you do.

John

Jun 14, 2012 10:46 PM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Gary --- what I'm seeing is that sellers are also emboldened by the turn of events and are thinking prices are back where they were at the height of the market. Dangerous thinking!

Bob --- how is it in your neck of the woods?

Ed and Tracy --- yes, we're happy to be rebounding. We're not there yet, but just glad to see the sunlight

John --- I didn't notice the upswing until right around February and since then, it exploded!

Jun 15, 2012 01:33 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Pacita, I agree with you Prices are not back, just that there is more activity and smaler inventory. Our market has been smoking for the past two months in all price points!

Jun 15, 2012 08:56 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Pacita my wife grew up in San Mateo, and those property values have sure gone up since we got married in 1974.  Great job on the Market Report.

Jun 15, 2012 09:39 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

As the marketi continues its wonderful recovery....we are going to hear lots of whispers of "Wish I would have....."

Jun 15, 2012 01:28 PM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Endre -- I'm beginning to see over-pricing...sellers are so excited to hear of multiple offers that they think it's okay to over-price. NOT!

George -- thanks. We're glad to see some signs of recovery

Sally and David -- I already have met such buyers who now think they should have bought last year, or at least by January. By February, they were losing out to competitive bids.

Jun 18, 2012 01:21 PM