Bay Area Statistics December 2010

By
Real Estate Sales Representative with Re/Max Walnut creek

Bay Area Statistics December 2010

The Bay Area ended 2010 with prices flat to down a bit and sales slow. Distress sales and bargain hunting are still trends, while move-up buying is on hold. Some of the specific numbers include:

- The total number of homes sold was 7,178, which was down 8.3% from December 2009, but up 17.5% from

November 2010. The up-tick from November to December is typical.

 -The median price was $375,000, which was down 1.3% from both November 2010 and December 2009.

- 33.2% of all sales were for homes of $500,000 or more, which was down from a revised 36.3% in November 2010.

- Foreclosure resales rose for the fifth consecutive month to 30.8% of the market.

- FHA loans accounted for 23.7% of all home purchase mortgages.

- Sales of higher-cost homes are still affected as ARMs and jumbo loans are much more difficult to obtain. Only 9.1% of home purchase loans were ARMs in December 2010, while jumbo loans accounted for 31.3% of purchase lending.

These are both down from November 2010.

- Absentee buyers purchased 18.7% of the homes sold.

- Buyers who appeared to have paid all cash accounted for 24.3% of all sales.

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