The supply of single-family homes is flat or shrinking in dozens of East Bay cities. But buyer demand keeps driving sales and prices up, a new report shows.
The numbers for October, compiled by the Bay East Association of Realtors, show how the region is mirroring trends that are playing out across the Bay Area. In Fremont, for example, the home supply shrank 17 percent year-over-year in October, while sales rose 30 percent and the median sales price for a single-family house climbed 17 percent to $1,083,000.
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Fremont is one of a dozen East Bay cities where the median tops $1 million. Others include Pleasanton (where the median is $1,077,375, up 6 percent year-over-year), Moraga ($1,504,000, up 25 percent) and Walnut Creek ($1,100,000, up 10 percent).
“It’s pretty tight. Properties aren’t going up and just sitting there,” said Kevin Kieffer, a Keller Williams agent in Walnut Creek. “If they go up in prime condition, they’re going pending. The homes with work needed are the only ones we see sitting a bit longer.”
At the same time, the East Bay still has significant pockets of affordability, where the median price is $500,000 or less. Pittsburg, in eastern Contra Costa County, has the region’s lowest median price for a single-family home: $430,000. But even that was up 5 percent from a year earlier.
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All of this reinforces other analyses showing a steady shrinkage of affordable homes across the nine-county Bay Area. Last week, the CoreLogic real estate information service reported that only 25.5 percent of single-family homes in the nine-county region sold for $500,000 or less during the first nine months of 2017. In …
Source:: The Mercury News – Lifestyle