April 2015 Real Estate Update

Demand for Northern California real estate remained heavy in April, with the median home sales price reaching yearly highs in the majority of Pacific Union’s Bay Area regions. And buyers weren’t wasting any time, particularly in Contra Costa County, the East Bay, Silicon Valley, and the Mid-Peninsula, where homes sold in three weeks or less.

Click on the image accompanying each of our regions below for an expanded look at local real estate activity in April.

CONTRA COSTA COUNTY

The median sales price in Pacific Union’s Contra Costa County region rose just a bit from the previous month to finish April at $1.1 million. Properties sold for an average of 2.5 percent above original price, the highest such premiums recorded in the past year.1

The months’ supply of inventory (MSI) dipped for the second straight month, landing at 1.3. On average, homes sold in 19 days, nearly identical to the pace of sales one year ago.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the adjoining chart includes single-family homes in these communities.

EAST BAY

Home prices in Pacific Union’s East Bay region moved closer to the $1 million mark in April, with the median sales price increasing to $946,500. Homes in the region appear to be more coveted than ever, with eager buyers paying an average of 16 percent more than original price in order to close a deal.2

Properties sold in 16 days, the quickest pace in the past year, while the MSI fell to 0.9.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the adjoining chart includes single-family homes in these communities.

(info provided by Pacunion.com)