Well, in case you’ve lost track or have been out of town, home prices have continued to rise. In fact, in some cases, new highs have been reached. Marin, for example, equaled its all-time high median price. That figure is $1.2 Million. For more info, read on!
BAY AREA, THREE LOCAL COUNTIES SEE ALL-TIME HOME PRICE HIGHS IN APRIL
The Bay Area’s exceptionally tight supply of homes for sale caused sales to plummet in April and drove prices up to a new record high.
Citing data from CoreLogic, The Mercury News reports that the median sales price for an existing single-family home in the Bay Area rose to $800,000 in April, surpassing the previous high of $752,000 set in June of last year. Three Bay Area counties also saw record-high home prices: San Mateo ($1,400,000), Santa Clara ($1,050,500), and Alameda ($805,000).
Rising prices and eroding affordability conspired to slow Bay Area home sales in April, which were down by 9.4 percent year over year. There were a total of 4,990 single-family home sales across the region last month, making for the slowest April in nine years.
Several other real estate industry sources — including the California Association of Realtors and Pacific Union Chief Economist Selma Hepp — also noted a slow April for Bay Area real estate markets. CAR says that pending home sales in the nine-county region declined by more than 17 percent in April, an indicator that the traditionally busy spring selling season may be weaker than usual.
What does this have to do with you? Well, if you’re a buyer, clearly it’s time to get out and make your purchase. Wait and it’ll cost you more–both in total price and monthly mortgage payments.
If a Seller you be, Get your home ready; do any repairs or upgrades you’ve been putting off, and call your Realtor and Sell!
If you have any questions on either potential plan, give us a call! With a combined fifty plus years in Marin real estate, we have the answers to guide you. You know the numbers: Peter: (415) 279-6466; Jane: (415) 531-4091.