Sales Of Homes For $500K & Less Plummet In SF Bay Area

This is a reprint of an article I just read.

BAY AREA, CA – Two studies released Friday show the number of homes for sale in the San Francisco Bay Area for half a million dollars or less is falling, according to the studies by CoreLogic and Metrostudy.

CoreLogic research analyst Andrew LePage said that the number of deals last month for less than $500,0000 dropped 28 percent in a year and the number of deals for less $300,000 plummeted 41.5 percent.

A report by Metrostudy shows that only 12 percent of new homes are priced under $500,000 because prices in suburbs are rising.

“Many first-time buyers face a daunting challenge in one of the nation’s priciest housing markets,” LePage said in a statement.

Greg Gross, Metrostudy regional director for Northern California, said in a statement, “The story in this market continues to be affordability.”

Last month, the median price for new and used homes in the Bay Area was $739,000, down from $740,000 in August 2017. The median price last month is up 13.7 percent from $650,000 a year ago as buyers bought in areas with higher-priced homes, according to LePage.

The all-time high median price is $775,000 set in June of this year.

Last month’s sales of new and used homes dropped 7.5 percent from 7,934 to 7,338 in a year. Last month’s sales were also 11.7 percent lower than the historical average for September.

Historical data for the report start in 1988.

El Cerrito Statistics since January 2017:

Median is a 3bedroom/2bath house with 1,541sqft on a 5,120sqft lot selling for $900,000 at $584/sqft.

The lowest sale so far in 2017 is a small 1/1 home on El Dorado that sold for $325,000.

The highest sale is on Madera Circle.  Home was a large 6bedrooms/6baths with 7,419sqft of living space and sold for $2,218,500.

For specific neighborhoods please contact me via email, text or phone call and I will be happy to share with you a market analysis of your neighborhood.

Best regards,

Catherine Krueger, Realtor

510-813-0970 cell phone

This entry was posted in housing affordability, Real Estate, Uncategorized. Bookmark the permalink.

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