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Sales hit 15-year high in Bay Area
| Sales hit 15-year high in Bay Area for third-straight month By Alan Zibel, BUSINESS WRITER Friday, November 21, 2003 - In a continuing sign of strength in the Bay Area housing market, more houses and condominiums were sold last month than in any other October in the past 15 years, a real estate information service said Thursday. It was the third-straight month in which the number of homes sold in the Bay Area has hit 15-year highs, according to statistics compiled by La Jolla-based DataQuick Information Systems. In the nine-county Bay Area, 11,728 houses and condominiums sold in October, an increase of nearly 24 percent over the same time last year. The average sale price was $446,000, a 9.3 increase over last year, but short of a peak of $447,000 reached in August. DataQuick analyst John Karevoll said prices and sales figures remain strong in all cities and in homes of all prices. "The numbers are incredibly uniform, which would indicate that we would have these trends for quite a while," he said. Many in the real estate industry say prospective home buyers believe that with the national economy recovering, mortgage rates could rise next year. They are rushing to lock in affordable monthly mortgage payments while they still can. "I'm just finding that there's so much demand, and there is little inventory," said Steve Dhillon, a Realtor who focuses on properties in Union City. "There's a sense of urgency now. Rates may creep up next year. It doesn't make sense to wait." Dhillon said many three-bedroom houses in Union City are selling for around $500,000, and he's a bit puzzled that so many people, particularly those who work in the still-suffering high tech field, can afford to buy. "The stocks are all beat up, so where's the money coming from?" he said. "It's amazing." But buyers do want to make sure, he said, that if one member of a couple loses his or her job, they will still be able to make their monthly mortgage payment. Laurie Capitelli, sales manager and partner at Berkeley's Red Oak Realty, said the last four months have been the strongest months for sales that the company has had in its 27-year history. "There's just still an oversupply of buyers," he said. "Money is cheap." Local counties had these results: Alameda County: 2,528 houses and condominiums were sold in October, up more than 34 percent from last year. The median sales price in October was $420,000, a 6.6 percent increase from a year ago and up from $419,000 in September. Contra Costa County: 2,278 houses and condominiums were sold in October, up 4.7 percent from last year. The median sales price in October was $390,000, a 10.8 percent increase from last year but a decline from $399,00 in September. San Mateo County: 916 houses and condominiums were sold in October, up nearly 30 percent from last year. The median sales price in October was $547,000, a 5 percent increase from last year, but a decline from $563,000 in September. DataQuick also reported that the monthly mortgage on a median-priced home in the Bay Area was $2,035 in October, up from $1,921 a year ago, but down from a peak of $2,124 in May of 2000. Alan Zibel may be reached at (510) 208-6414 or azibel@angnewspapers.com . |
