The market has been pretty quiet among many Bay Area cities over the last few months of 2015, including San Leandro. Home sales declined in all nine Bay Area counties in the first month of 2015 which was the the result of limited affordability, according to a report released by the California Association of Realtors. Additionally the sales drop-off in the Bay Area was attributed to intense demand and inventory shortages, which have driven up prices. The report also stated that the Bay Area was the only region in the state where the average home seller could expect to take in about 100 percent of original asking price. This is obviously great for sellers but buyers are in a state of limbo. With that, homes haven’t been moving as quickly as they were in 2014.
In San Leandro, the median sale price in February was up year over year by 9%, from $416,000 to $455,000. Prices are definitely being driven up by the level of inventory. Speaking of inventory, the number of properties for sale in the month of February was 108, compared to 113 last February and roughly 114 in January of this year. The number of new properties decreased year over year as well as month to month, nothing too drastic but a decrease at that. The number of sold properties saw a 0% year over year difference and a 24% month over month decrease. Lastly, the average days a home sat on the market drastically increased year over year by 40%, from 24 to 34. February was a pretty uneventful month, let’s hope March is better!
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