Another Bay Area home sells for $1M over asking. Is this the new normal?

The 4,365-square-foot home includes remodeled oak floors, a office, new kitchen, gym and a two-bedroom, one-bath second unit in the expansive yard. 

This is not the first time this year that disparity has been seen in the ultra-competitive Bay Area real estate market.

In March, a Berkeley home achieved the same feat. That sale was even more extraordinary as the mid-century home on Harvard Circle in the Berkeley Hills was listed at $1.3 million and nearly doubled its price, selling for $2.3 million after receiving 29 offers in 11 days. 

While the Berkeley sale was particularly sensational, it’s not uncommon, real estate professionals say. 

“People are not surprised when a home goes $1 million over,” Josh Dickinson, the founder of real estate agency Zip Code East Bay told SFGATE. “When my clients see a house for $1.9 million they’re almost conditioned to think it’ll go over $3 million in Piedmont or North Berkeley.”

Further afield in Citrus Heights, 15 minutes outside Sacramento, a home received an incredible 122 offers in one weekend in March. 

According to Redfin, Mountain View home prices were up 12.8% in April 2021 compared with last year, selling for a median price of $1.9 million. In Berkeley, home prices were up 18.3% compared with last year, selling for a median price of $1.5 million, while in San Francisco home prices were up 0.9%, selling for a median price of $1.4 million. 

Jim and Jimmy Nappo were the listing agents representing the Mountain View sale. 

SFGATE local editor Tessa McLean contributed to this story.