Bay Area real estate agents got some great news last week. According to analytics firm DataQuick, home sales in their market grew to the highest year over year level in six years.
According to DataQuick, the San Francisco Bay Area had 7,675 new and resale home sales in the nine-county market during April, compared to 7,694 the previous month and 6,789 a year earlier.
These numbers represented the highest April level since 2006 when 9,129 homes were sold.
“It appears that the market is taking a step in the direction of normalization, but only a step,” said John Walsh, DataQuick president. “We’re still watching technical indicators more than top-line sales counts and median prices. The mortgage market is critical, as is market mix and the receding importance of foreclosure resales.”
The median sales price also edged up to $390,000 April. Over last year, the median price increased 8.3% from $360,000 in April of last year.
Foreclosure re-sales accounted for 21.7% of re-sales in April, which is the lowest amount on record since January of 2008.
Finally a bit of good news as we move into the summer selling season. More home sales and fewer foreclosed sales could spell good things for the Bay area market.
For other agents across California, are you seeing the same sort of results? How does this summer feel compared to last summer?