Home sales across the nine-county Bay Area in July fell 4% year-over-year while the median sales price remained $1.3 million. County medians ranged from $862,500 in Contra Costa to $2.1 million in San Mateo, with San Francisco at $1.6 million and Santa Clara at $1.9 million. Buyer demand still exceeds available listings, and desirable homes continue to attract multiple offers. Inventory rose regionwide, lengthening the median time on market from 16 to 24 days year-over-year. Sellers who price too high risk having their homes sit longer as buyers take more time to compare options.
Though home sales throughout the Bay Area slowed this summer, prices remain stubbornly high. New data from the California Association of Realtors shows that home sales across the nine-county Bay Area in July declined 4% from last year, while the median sales price stayed flat, at $1.3 million. The median price was $862,500 in Contra Costa County, $1.25 million in Alameda County, $1.6 million in San Francisco, $1.9 million in Santa Clara County, and $2.1 million in San Mateo County.
The reason is that there are plenty more buyers looking than homes for sale available. Homes in desirable neighborhoods are still fetching multiple offers, agents say. Marie Tesch worked with an agent from TurboHome to stage her Walnut Creek townhouse, and paint the place a fresh new color, before listing it on the market. "You definitely don't want to just throw a house on the market right now - the most important thing is to make it look turn-key," said Tesch, a former real estate agent herself. "The buyer has to feel like they're not going to do anything."
Sellers who try to price high may be stuck with a home that sits on the market, agents say. Inventory is up 26% from last year across the nine-county region - and up by 64% in Alameda County - meaning that sellers have more competition, and buyers are taking more time to look. The median time on market was 24 days in July - up from 16 days a year earlier.
Collection
[
|
...
]