Real Estate Blog

Bay Area home sales up for fifth straight month

By Jeremy C. Owens jowens@mercurynews.com
Posted: 12/14/2011 10:25:34 AM PST
Updated: 12/14/2011 10:29:31 AM PST

 

 Bay Area homes sold at a faster rate in November than in the same month in 2010, the fifth consecutive month that 2011 has surpassed 2010’s totals, a real estate information service reported Wednesday.

San Diego-based DataQuick says that 6,317 homes and condominiums sold in November, an increase of 3.4 percent from November 2010 but a 2 percent decrease from October. The median price paid for the homes was $363,500, which was down 4.3 percent from November 2010. Foreclosure resales and short sales accounted for almost half of the homes sold, 47.8 percent.

Only three Bay Area counties saw a year-over-year decrease in November home sales — Solano (-5.3 percent), Napa (-4.8 percent) and Contra Costa (-1.1 percent). The biggest increases were in the North Bay, where Sonoma County experienced a 16.9 percent bump as the median price fell 9.5 percent and Marin County’s sales jumped 14.9 percent amid a smaller 3.2 percent drop in median price.

The most homes sold in the Bay Area were in Santa Clara County, where 1,478 domiciles were sold in November, a 4.3 percent increase, at a median price of $452,000, 1.5 percent less than November 2010. Alameda County was second with 1,334 sales, a 5 percent increase.

While sales fell 2 percent overall from October’s numbers, that is a smaller decline than historical averages. Typically, home sales dip 7.7 percent between those two months.

Sales for Alameda, San Francisco and San Mateo counties were estimates due to late data availability, DataQuick noted.