Citing increased demand, strained inventory, record-low mortgage rates and robust investor interest, a real estate information service reported this month that San Mateo County continued its year-over-year rise in this fall.
DataQuick reported that the median home price in San Mateo County rose to $618,000 in November, up 13.9 percent percent from $542,500 a year earlier. A total of 612 homes were sold in November, up 19.3 percent from 513 in November 2011.
The rise of the median home price in San Mateo County had some individual cities showing remarkable spikes, according to DataQuick's city data for October. In Belmont, for instance, the median home price jumped from $775,000 in October 2011 to $976,250 in October 2012, a nearly 26 percent jump.
San Mateo/Foster City, Palo Alto, Daly City and Burlingame all had double-digital, year-over-year percentage increases in their median home price. In Pescadero, average home prices jumped an astounding 76 percent, from $625,000 in October 2011 to $1.1 million a year later. Three homes were sold in the tiny coastside town in October 2012.
The month of strong sales and rising sale prices in San Mateo County was on part with most of the Bay Area housing market, which "continued its march toward normalcy in November," DataQuick reported.
A total of 7,296 new and resale homes were sold in the nine-county Bay Area last month. That was up 15.5 percent from 6,317 for November 2011, according to DataQuick.
“Current trends are likely to stay with us well into spring, at least,” John Walsh, DataQuick president, said in a statement. "One of the variables that could really impact the market would be supply—how many homes are put up for sale. There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that."
The median price paid for a home in the Bay Area was $438,000 in November. That was up 5.3 percent from $416,000 in October and up 20.5 percent from $363,500 in November a year ago. Last month’s median was the highest since August 2008, when it was $447,000.
Here's a Bay Area breakdown of home sales and median price:All Homes#Sold #Sold % ChangeMedianMedian% ChangeNov. 2011Nov. 2012Nov. 2011Nov. 2012Marin239 272 13.8% $629,000 $682,000 8.4%Alameda1,334 1,525 23.7% $340,000 $415,000 22.1%Contra Costa1,225 1,394 13.8% $255,000 $322,000 26.3%Napa 99 133 34.3% $297,000 $360,000 21.2%Santa Clara 1,478 1,707 15.5% $452,000 $550,000 13%San Francisco422 524 24.2% $644,500 $728,000 25.1%San Mateo513 612 19.3% $542,500 $618,000 13.9%Solano522 584 11.9% $190,000 $221,500 16.6%Sonoma 485 545 12.4% $285,000 $349,000 22.5%Bay Area6,317 7,296 15.5% $363,500 $438,000 20.5%
Last month distressed property sales—the combination of foreclosure resales and “short sales”—made up 35.0 percent of the resale market. Foreclosure resales—homes that had been foreclosed on in the prior 12 months—accounted for 11.5 percent of resales in November.
Absentee buyers, mostly investors, purchased 24.4 percent of all Bay Area homes in November, up from 23.7 percent in October, and up from 21.7 percent a year ago.
Here's a breakdown of home sales and median price on the Coast:Coastside
sold Oct. 2012 Median Price
Oct. 2012% Change
from Oct. 2011
Half Moon Bay
$636,000 6.44% Pescadero 3
$1,100,000 76% Montara 6
$698,000 12.3% Pacifica
Tell us in comments: How are rising home prices affecting you?