A great artist named Burt Bacharach once wrote a song entitled, "A House is not a Home" which conveys a message of love and joy.
“And a house is not a home
When there's no one there to hold you tight,
And no one there you can kiss good night. “
“And a house is not a home
When the two of us are far apart
And one of us has a broken heart.”
However, to a Realtor, there is no perceptible distinction between a House and a Home.
The structure is considered merely as such without delving into the subjective moods of the occupants, and their relationship with each other whether harmonious or not. The Realtor is called upon by the client – either by a Seller wanting the highest price for the property or by a Buyer desiring the most affordable property. In this light, I am presenting the market trends in the East Bay for the locations appearing on this map below -
for the months of July 2012, July 2013, and July 2014 as culled from the Housing Statistics provided by the Bay East Association of Realtors or by the Multiple Listing Services. http://www.bayeast.org/buysell_housingstats.html
To those who procrastinate in buying a home and hoping for prices to dip into the levels as that of the depression of 2008 are in for a big surprise - the price level has been marching upward for the last three years in the East Bay Area. This positive trend brings enormous joy to the home owners, investors and anyone who has financial interest in real estate. This trend is supported by the high Average Sales Price and Median Price in several locations.
First, please let me give you short definitions and examples of Average price and Median price. Average price is adding up all the sale prices and then dividing the sum by the total number of sales. Example, five homes were sold for $50,000; $100,000; $200,000; $250,000 and $300,000. To get the Average Sales Price, add all the five sales prices and then divide the sum by the number of sales i.e. $900,000 total sales price divided by 5 sales is equal to $180,000.
Median price is where half of the sales are below and half are above the price. In the example, the two highest sales prices of $250,000 and $300,000 are above $200,000 and the two lowest prices of $100,000 and $50,000 are below $200,000. Consequently, $200,000 is the Median Sales Price.
The Average Sales Price for each location are as follows:
|
|
AVG SALES PRICE JULY 2014 |
AVG SALES PRICE JULY 2013 |
AVG SALES PRICE JULY 2012 |
|
Danville |
$1,318,347 |
$1,087,197 |
$969,018 |
|
Pleasanton |
$1,124,044 |
$1,135,296 |
$917,805 |
|
Fremont |
$957,032 |
$896,561 |
$669,240 |
|
San Ramon |
$990.131 |
$892,273 |
$738,802 |
|
Dublin |
$865,262 |
$759,170 |
$677,779 |
|
Alameda |
$841,382 |
$728,918 |
$601,854 |
|
Union City |
$712, 301 |
$601,810 |
$482,808 |
|
Livermore |
$701,444 |
$662,680 |
$548,730 |
|
Castro Valley |
$660,527 |
$646,718 |
$494,888 |
|
Newark |
$607,714 |
$557,013 |
$391,678 |
|
San Leandro |
$500,231 |
$459,456 |
$345,448 |
|
Hayward |
$493,643 |
$445,110 |
$338,387 |
|
San Lorenzo |
$467,794 |
$416,222 |
$313,161 |
While the Median Sales Price for the same locations are as follows:
|
|
MEDIAN PRICE JULY 2014 |
MEDIAN PRICE JULY 2013 |
MEDIAN PRICE JULY 2012 |
|
Danville |
$1,149,000 |
$985,000 |
$850,000 |
|
Pleasanton |
$925,000 |
$930,000 |
$765,000 |
|
Fremont |
$824,000 |
$768,000 |
$602,000 |
|
San Ramon |
$925,000 |
$892,500 |
$715,000 |
|
Dublin |
$802,500 |
$708,750 |
$665,000 |
|
Alameda |
$812,000 |
$725,000 |
$593,944 |
|
Union City |
$701,500 |
$580,000 |
$454,900 |
|
Livermore |
$653,000 |
$563,013 |
$500,000 |
|
Castro Valley |
$640,000 |
$616,500 |
$497,500 |
|
Newark |
$591,500 |
$528,750 |
$380,000 |
|
San Leandro |
$495,000 |
$450,000 |
$330,000 |
|
Hayward |
$455,000 |
$415,000 |
$289,000 |
|
San Lorenzo |
$460,000 |
$425,000 |
$300,000 |
A glimpse of the two charts show a pervasive and continuous upward trend in both Average Sales Price and Median Sales Price for the last three years. Without doubt, now is the time to sell or buy.
Call me and I can help!
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