Wednesday, July 20, 2005

June Bay Area Lowdown

Although volume is down 7.7% from last year's record pace, the Bay Area housing market is still looking solid. The June figures from Dataquick show that the median house price for the entire Bay Area has cracked the $600,000 mark.

In Alameda County, the new median price is $581,000, 18.8% higher than last June.

In Contra Costa County, the new median price is $558,000, 21.8% higher than last June.

From the article:

Robust demand, unchanging mortgage interest rates and a few more homes on the market are the likely factors behind the strong June numbers. We expect the rest of the summer to be like this," said Marshall Prentice, DataQuick president.

Indicators of market distress are still largely absent. Foreclosure rates are low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported.

The talk around the office is that although the market is still strong, we're definitely seeing a bit of a slowdown; especially in the higher price ranges. While many properties are still receiving multiple offers, it's not that uncommon for an offer date to come and go without getting one.

It's definitely a better climate for buyers than just a couple months ago when inventory was low and potential buyers often found their offers to be 1 of the 20 received. Talk about frustrating!