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Barry Zito slashed Marin home price– again

Wed, 10 Jul 2013 02:47:40 +0000

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On the market over 100 days now, Barry Zito’s home has made news before, first when it listed for $11,495,000 in 2012, then when it dropped $1M in price, and now again, slashed another $720K.

“Villa Della Pace” is actually quite gorgeous, a welcome departure from gaudy, over-the-top celebrity homes we all see too often. The home offers 4 bedrooms, 5.5 baths plus numerous entertainment room options, a pool with outdoor lounge area, plus panoramic views of Phoenix Lake and the hills of Marin County. Outside, find 2.2 acres of private land, embellished with stone terraces, lawns and gardens as well as an outdoor fireplace, cooking area, fountain, spa, and the aforementioned spectacular swimming pool.

Inside details like an extra-large custom stone shower, double sinks, and walk-in closet in the master suite continue the theme of tasteful but certainly “a taste for the good life” luxury.

On top of that, add Zito’s fame. Why aren’t rich Giants fans knocking down doors for the privilege of owning what was once the 2-time World Champ’s home (who incidentally purchased it in 2007 for $8,863,000)?

What do you say, readers? What will it take for Villa Della Pace to sell?

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/07/09/barry-zito-slashed-marin-home-price-again/

Inventory Shortage Means Fewer Home Sales, Higher Prices in Bay Area

Tue, 07 May 2013 02:37:35 +0000

A chronic shortage of homes on the market added up to fewer homes sold and sharply higher home prices across the entire nine-county San Francisco Bay Area in the first quarter of 2013, according to an analysis of MLS data by the research division of Better Homes and Gardens Mason-McDuffie Real Estate.

According to the company, sales of existing, single-family detached homes in the Bay Area fell to their lowest level in five years. Only 9,985 homes changed hands in the first quarter, down 25 percent from 13,391 homes sold in the fourth quarter of 2012 (a difference of 3,406 homes sold) and 16 percent below the 11,906 homes sold during last year’s first quarter. Contra Costa County reported the greatest number of homes sold with 2,182, followed by Alameda County (1,977 homes sold) and Santa Clara County (1,972 homes sold).

Despite the downturn in home sales, demand from homebuyers remained robust, and that led to higher home prices. The Bay Area as a whole reported a median sales price of $667,021 in the first quarter, up 10 percent from the previous quarter’s median price of $604,863 and 25 percent higher than the median sales price of $520,834 reported at the conclusion of last year’s first quarter.

All nine Bay Area counties reported double-digit, year-over-year increases in their median sales price for the second consecutive quarter. San Mateo County led the way with a 43 percent annualized increase, followed by Alameda County (+33%), Contra Costa County (+31%), and Santa Clara and Solano counties, which reported 30 percent year-over-year increases. San Mateo County recorded the region’s highest median sales price at $1,075,097, followed by the City and County of San Francisco at $1,052,626 and Marin County at $878,945. Solano County recorded the Bay Area’s lowest median sales price at $243,006.

Behind the decline in sales and increase in prices is the continued lack of inventory. As of the final day of the first quarter (March 31, 2013), only 4,098 existing, single-family detached homes were listed for sale in the entire nine-county Bay Area – an improvement from 3,370 homes on the market at the end of the fourth quarter of 2012 but nonetheless down 55 percent from 10,282 homes available for purchase on the final day of the first quarter of 2012.

Once listed, homes sold at a brisk pace. For the Bay Area as a whole, homes were on the market an average of 54 days before receiving a final purchase offer, down from 55 days in the fourth quarter of 2012 and 74 days in the first quarter of last year. Homes in Alameda County sold in an average of 29 days, while Napa County recorded the highest average with 94 days on the market.

Looking ahead, what’s the bottom line for Bay Area homebuyers and sellers?

Buyers need to bring their “A” game to the negotiating table, and that increasingly means being able to offer more than the listing price and waive appraisal and other contingencies that may add to the ultimate price. An experienced REALTOR® with extensive local market knowledge and negotiation skills is a must in a market where all-cash offers continue to be a factor.

“Given the likelihood that inventory will continue to be an issue in the months to come, homeowners with mortgages that are “above water” (or nearly so) may find now is a good time to list their home,” says Keith Robinson, COO. “While prices are rising, it is important that sellers price their home competitively. Again, working with an experienced REALTOR® who can help price the property for sale and vet the offers that follow is critical.”

For more information, visit www.bhghome.com.

Article source: http://rismedia.com/2013-05-06/inventory-shortage-means-fewer-home-sales-higher-prices-in-bay-area/

Inventory Shortage Means Fewer Home Sales, Higher Prices In Bay Area

Mon, 06 May 2013 08:31:42 +0000

Pleasanton, CA. May 1, 2013. A chronic shortage of homes on the market added up to fewer homes sold and sharply higher home prices across the entire nine-county San Francisco Bay Area in the first quarter of 2013, according to an analysis of MLS data by the research division of Better Homes and Gardens Mason-McDuffie Real Estate.

Sales of existing, single-family detached homes in the Bay Area fell to their lowest level in five years. Only 9,985 homes changed hands in the first quarter, down 25 percent from 13,391 homes sold in the fourth quarter of 2012 (a difference of 3,406 homes sold) and 16 percent below the 11,906 homes sold during last year’s first quarter. Contra Costa County reported the greatest number of homes sold with 2,182, followed by Alameda County (1,977 homes sold) and Santa Clara County (1,972 homes sold).

Looking ahead, what’s the bottom line for Bay Area homebuyers and sellers?

Buyers need to bring their “A” game to the negotiating table, and that increasingly means being able to offer more than the listing price and waive appraisal and other contingencies that may add to the ultimate price. An experienced REALTOR^® with extensive local market knowledge and negotiation skills is a must in a market where all-cash offers continue to be a factor.

“Given the likelihood that inventory will continue to be an issue in the months to come, homeowners with mortgages that are “above water” (or nearly so) may find now is a good time to list their home,” said Keith Robinson, COO. “While prices are rising, it is important that sellers price their home competitively. Again, working with an experienced REALTOR® who can help price the property for sale and vet the offers that follow is critical.”

First Quarter 2013 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

First Quarter 2013 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

* Days on market is the number of days a property was listed on the market until it went under

contract at its final listing price. This may not reflect previous listings.

**The median home price for the entire Bay Area is the mean of median home prices of each of the nine Bay Area counties. Each county’s median home price is the mean of median home prices of each of the cities within that county.

Data are sourced from multiple listing services and are deemed reliable but not guaranteed.

All percentages rounded to nearest whole number. Bay Area refers to sales within Alameda County, Contra Costa County, Marin County, Napa County, San Francisco County, San Mateo County, Santa Clara County, Solano County and Sonoma County.

## About Better Homes and Gardens Mason-McDuffie Real Estate

Our heritage began with the founding of Mason-McDuffie Real Estate in 1887. In 2010, the company was named the 19th largest real estate services firm in the nation (REALTrends 500), and Number One in the San Francisco East Bay (SF Business Times). The company provides comprehensive solutions to home buyers and sellers, and handled 6,500 transactions in 2012, generating $2.8 billion in sales volume. Better Homes and Gardens Mason-McDuffie Real Estate includes joint ventures with partners Highland Partners in Piedmont and Montclair, Wine Country Group Realtors in the North Bay, and Tri-Valley Realty in Pleasanton-Hopyard and Ruby Hill, and Bahay Co. in Concord. Better Homes and Gardens Mason-McDuffie Real Estate is locally owned and has more than 1,100 real estate professionals with 30 offices in eight counties in the Bay Area and the Tahoe/Truckee region. For more information, go to www.bhghome.com

Article source: http://www.sfgate.com/business/press-releases/article/Inventory-Shortage-Means-Fewer-Home-Sales-4486549.php

Inventory Shortage Means Fewer Home Sales, Higher Prices In Bay Area

Sat, 04 May 2013 02:08:17 +0000

Looking ahead, what’s the bottom line for Bay Area homebuyers and sellers?

Buyers need to bring their “A” game to the negotiating table, and that increasingly means being able to offer more than the listing price and waive appraisal and other contingencies that may add to the ultimate price. An experienced REALTOR^® with extensive local market knowledge and negotiation skills is a must in a market where all-cash offers continue to be a factor.

“Given the likelihood that inventory will continue to be an issue in the months to come, homeowners with mortgages that are “above water” (or nearly so) may find now is a good time to list their home,” said Keith Robinson, COO. “While prices are rising, it is important that sellers price their home competitively. Again, working with an experienced REALTOR® who can help price the property for sale and vet the offers that follow is critical.”

First Quarter 2013 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

First Quarter 2013 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

* Days on market is the number of days a property was listed on the market until it went under

contract at its final listing price. This may not reflect previous listings.

Data are sourced from multiple listing services and are deemed reliable but not guaranteed.

## About Better Homes and Gardens Mason-McDuffie Real Estate

Article source: http://www.sfgate.com/business/press-releases/article/Inventory-Shortage-Means-Fewer-Home-Sales-4486549.php

Marin Home Prices Rose More Than 20 Percent in February

Tue, 19 Mar 2013 17:21:36 +0000

Home prices continued to rebound in Marin in February, though home sales did not increase when compared to last month and February 2012, a real estate information service reported.

The median home price in Marin also rose to $650,000 last month, a 21.4 percent increase over February 2012 and a $10,000 jump from the median sale price in the county in January.

Marin fell in line with regional and statewide real estate trends last month, which saw fewer homes sales than in February 2012, according to figures provided by DataQuick, a San Diego-based analysis service.

Sales are generally flat from January to February, according to DataQuick’s analysts.

Marin saw a slight decline in the number of homes sold between February 2013 (201 homes) and February 2012 (203 homes). But more homes were sold in Marin County in February than in January of this year, when 181 houses traded hands.

The median price of a home sold in the nine-county San Francisco Bay Area skyrocketed nearly 25 percent when comparing February 2013 to February 2012, the data showed. The median has had a double-digit year-over-year increase the last nine months, and the past four months have seen gains above 20 percent.

Other interesting real estate market facts this month? DataQuick supplied these:

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,460. That was down from $1,479 in January, and up from $1,243 a year ago.
The most active lenders to Bay Area home buyers last month were Wells Fargo with 15.0 percent of the market, Stearns Lending with 4.0 percent, and RPM Mortgage with 3.7 percent.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 13.6 percent in the Bay Area in February. That’s the lowest since November 2007.

“…[W]ith a recovering economy, prices still closer to the bottom than to the top, with ultra-low mortgage interest rates and tight supply, the stage is set for price gains,” said John Walsh, DataQuick president. “This spring is going to be interesting.”

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Article source: http://larkspurcortemadera.patch.com/articles/marin-home-prices-rose-more-than-20-percent-in-february-323dc8ba

Zephyr Real Estate Is Number One Brand in San Francisco

Mon, 25 Feb 2013 18:58:57 +0000

SAN FRANCISCO, CA, Feb 25, 2013 (MARKETWIRE via COMTEX) –
Zephyr Real Estate, San Francisco’s largest independent real estate
firm, achieved a sales volume of $1.5 billion in 2012, making it the
City’s number one real estate brand. Zephyr has consistently been in
the forefront in sales volume, technological innovation, and service
to the community.

Luxury sales now comprise almost one-third of total transactions,
which is up from 15 percent from a mere two years ago. Zephyr is also
home to some of the most productive agents in San Francisco with the
top 10 agents averaging more than $35 million in sales.

The San Francisco Association of REALTORS has mapped the City into 10
districts. Zephyr’s dominance in the market place as a whole is also
reflected in the majority of these 10 Realtor-defined areas,
including the area west of Twin Peaks (District 4) that includes West
Portal. In that area alone Zephyr’s market share is over 25 percent
higher than the closest competing brand.

“This is great news but I am not surprised that the team here has
achieved this watermark,” commented Randall Kostick, Chief Operating
Officer of Zephyr. “It takes commitment and dedication and that’s
exactly what we have.”

About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San
Francisco’s largest independent real estate firm with $1.5 billion in
gross sales in 2012 and a current roster of more than 200 full-time
agents. In 2010, Zephyr launched its new website, which has earned
two web design awards, including the prestigious Interactive Media
Award. Zephyr Real Estate is a member of the international relocation
network, Leading Real Estate Companies of the World; the luxury real
estate network, Who’s Who in Luxury Real Estate; and the local luxury
marketing association, the Luxury Marketing Council of San Francisco.
Zephyr has six strategically located offices in San Francisco, a
business center in Marin County, and serves a large customer base
throughout the San Francisco Bay Area. For more information, visit
www.zephyrsf.com.


        Contact:
        Melody Foster
        Zephyr Real Estate
        San Francisco, CA
        415.348.1212 ext. 107
        Email Contact

SOURCE: Zephyr Real Estate


http://www2.marketwire.com/mw/emailprcntct?id=E894AA15DC92C9DA

Article source: http://www.marketwatch.com/story/zephyr-real-estate-is-number-one-brand-in-san-francisco-2013-02-25

Summer brings stellar real estate sales to Marin

Fri, 24 Aug 2012 14:28:28 +0000

Marin real estate agents stayed busy this summer keeping up with brisk home sales in June and July. An increase in sales in Marin and across the Bay Area drove prices up to 2008 levels, and real estate professionals could not be more optimistic.

“As of Feb. 1, it’s almost as if the buyers collectively heard a starting bell somewhere and took off like a pack of long-distance runners, pens in hand, ready to start writing offers,” said Ted Strodder, real estate broker for Decker Bullock Sotheby’s International Realty in Greenbrae.

According to a recent DataQuick report, Bay Area home and condominium prices hit a four-year high in July at $421,000, up one percent from a year ago at $417,000. In Marin County, the median single-family home price was $820,000, compared to $790,000 in July 2011.

Median sale prices in Marin, Sonoma, Napa, San Francisco, San Mateo, Alameda, Contra Costa, Santa Clara and Solano counties all increased in the past year, with Napa County seeing the biggest price increase at 32.6 percent. In Napa the median price for homes and condominiums rose from $281,000 in July 2011 to $372,000 in July 2012.

The most affordable cities in Marin County are Novato, which had a median single-family home price of $572,000 for the month of June, and San Rafael at $680,000 for the same period. Belvedere and Ross median prices were more than $2 million.

The number of home sales in the Bay Area is up as well, with 8,461 homes sold in July ? a 22.9 increase from the same time last year. Of that number, 246 were in Marin County. According to DataQuick, the average figure for Bay Area homes sold in July, based on data recorded since 1988, is 9,371.

“There’s no question that the data is accurate,” Strodder said. “The market has switched in the last six months to a strong seller’s market in most areas and price ranges.”

According to Strodder, some areas in Marin currently have a shortage of houses on the market, with more than half of available properties in escrow. “Considering a ‘neutral’ market favoring neither buyer nor seller is 33 percent of the homes in escrow, it’s fair to say these areas are in a very strong seller’s market,” Strodder said.

With prices continuing to rise, the real estate broker said it’s still a good time to buy.

Even in Marin County, the increase in home prices was not across the board. “Those numbers are accurate for some areas, but a survey like that is a little bit like a national weather report,” said Susan Coleman, an agent for Frank Howard Allen. “Often you can’t discern much information from data if there is not much to report.” In smaller communities with fewer home sales, patterns can be harder to identify.

According to Coleman, Sausalito and Fairfax did not experience the same price increases other areas did. “It’s really community by community,” Coleman said. “Some are doing well and others not so well. But by and large, prices are firmly up.”

“It is a great time to be a seller,” Coleman said. “Houses have been selling quicker and for higher prices.” Coleman said that the properties that did well were priced right for their area.

“What we are seeing is increased demand due to lower mortgage prices,” Coleman said. “Buyers are seeing it as the time to make a decision.”

Contact Christopher Laddish at scope@marinscope.com.

Article source: http://marinscope.com/articles/2012/08/22/novato_advance/news/doc503535dfbc158425370085.txt

San Francisco Bay Area Home Prices Climb to 22-Month High

Fri, 15 Jun 2012 13:19:53 +0000

Home prices in the San Francisco Bay
Area rose to a 22-month high in May as more expensive properties
made up a greater portion of sales, DataQuick said.

The median price for houses and condominiums in the nine-
county Bay Area increased to $400,000, up 2.6 percent from April
and 7.5 percent from May 2011, the San Diego-based data seller
said today in a statement. Almost 39 percent of purchases
exceeded $500,000, the most since August 2010.

“It’s not exactly a stampede, but people are starting to
move off the housing-market sidelines in numbers we haven’t seen
in quite a while,” DataQuick President John Walsh said in the
statement. “Foreclosures are a significantly smaller portion of
what’s selling, and the higher-cost coastal markets are seeing
more activity.”

Total sales in the Bay Area rose to 8,810, up 15 percent
from the previous month and 26 percent from May 2011. It was the
highest tally for the month since 2006. Foreclosure sales
accounted for 22 percent of the total, down from almost 27
percent a year earlier and the lowest since January 2008.

Prices in both San Francisco and Santa Clara counties rose
6.2 percent, to a median $701,000 and $529,000, respectively.
The biggest increase was in Contra Costa County, where the
median gained 16 percent to $295,000. The Marin County median
price fell 2 percent to $627,000, according to DataQuick.

To contact the reporter on this story:
Dan Levy in San Francisco at
dlevy13@bloomberg.net

To contact the editor responsible for this story:
Kara Wetzel at
kwetzel@bloomberg.net

Please enable JavaScript to view the comments powered by Disqus.

Article source: http://www.bloomberg.com/news/2012-06-14/san-francisco-bay-area-home-prices-climb-to-22-month-high.html

EO Products still ‘made in Marin’

Tue, 29 May 2012 05:10:31 +0000

EO Products founders Susan Griffin-Black and Brad Black

CORTE MADERA — After 17 years of making environmentally and health- conscious personal care products in Marin County, EO Products seriously considered the better economics of taking the 40-person company to the East Bay, but the manufacturer is choosing to stay in Marin after an opportunity arose to convert a former Industrial Light Magic sound stage to a much larger production plant plus local and regional economic boosters and a state legislator jumped in to help navigate permit processes.

EO Products (415-945-1900, eoproducts.com) in mid-May signed a 10-year lease for a 40,000-square-foot industrial building at 90 Windward Way in San Rafael. It’s double the size of the existing plant in Corte Madera. Pending the go-ahead from the San Rafael Sanitation District and Marin Municipal Water District, EO Products plans to move this fall.

About a year ago, EO Products started scouting the Bay Area for a new location after it learned the lease for its headquarters and manufacturing plant at 15A Koch Rd. in Corte Madera would not be renewed when it expires in November. The company was leaning toward a move across the Richmond-San Rafael Bridge to tax incentive — backed enterprise zones in Richmond or Berkeley.

“It was compelling to drive over the bridge, because the cost of doing business there is cheaper,” said Steve Fox, chief financial officer. “Doing business in Marin is very expensive.”

EO products advertisement

Yet the company has deep ties to Marin and wanted to stay. Many of the workers live in the county. More than 5.5 million bottles of soap, lotion, shampoo and conditioner shipped around the world in the past three years with “made in Marin” on the label. Founders Brad Black and Susan Griffin-Black secured certification for manufacturing with organic ingredients, became one of the county’s first benefit corporations, incorporated expensive essential oils in amounts deemed of health-enhancing value, pushed for advances in recycled packaging — a patent is pending on a blister-pack replacement — and reductions in company net waste to zero, and fought financial pressures to outsource production as much as possible.

“It’s very much a Marin ethos type of company,” Mr. Fox said.

Company sales have been growing rapidly and are projected to continued on that path. From around $10 million in annual sales now, EO Products is forecasting 20 percent growth in the next five years. Sales got a boost in 2009 when its hand-sanitizing gel brought widespread attention to the EO brand amid concern over the H1N1 flu variant. Among several products launched in recent years, the larger-sized, lower-priced Everyone by EO brand extension — $10 for 32-ounce containers — started hitting the shelves of Whole Foods Market, Safeway and other chains in January.

But the founders’ goals of taking their products to the masses met challenges in reducing cost per unit by producing in larger batches. Because facility lease terms didn’t allow for significant capital investment, high-volume production of sanitizing wipes had to be outsourced to Southern California and of antiseptic gels and sprays to the East Bay, according to Mr. Fox. The expansion project would allow those processes to come back to Marin, he said.

As EO Products considered East Bay options, the company’s real estate agents — Steven Leonard, Trevor Buck and Brian Foster in Cassidy Turley’s San Rafael office — approached San Rafael-based Universal Portolio Ltd., owner of 90 Windward Way, a number of other east San Rafael industrial buildings and Keller Estate Winery southeast of Petaluma. The building wasn’t on the market, but agents tried reaching out to the owner after the shuttering of startup movie model maker Kerner Optical there last year, according to Mr. Foster.

Universal Portfolio agreed to a long-term lease at lower rental rates, but EO Products would have to fund the improvement themselves. Owners eager to attract tenants often offer to cover some of those costs. In the first quarter, just 5.9 percent of San Rafael’s 3 million square feet of industrial space was available for lease, according to brokerage Keegan Coppin.

With potential for local expansion space, EO Products sought help in getting necessary local-agency approvals. Mr. Fox contacted the Marin office of Assemblymember Jared Huffman, D-San Rafael, San Rafael interim Economic Development Director Stephanie Lovette and Robert Eyler, a Sonoma State University economist and head of the Marin Economic Forum. They pulled together staff from city planning, building and fire departments and the sanitation and water districts to consider the least time-consuming and costly options for the new plant.

“We’re always delighted to get manufacturing and industrial into our industrial areas,” Ms. Lovette said. Because of zoning there, EO Products would need just building permits from the city, after the sewer and water approvals are in hand. She had talked with the company a while ago but didn’t have available space.

The company’s new five-year goal is to become a net zero waste producer, and key to that is cutting its heavy water use. Three-quarters of the content of its products is water, but 80 percent of company water use is chilled water circulated around industrial kettles to emulsify the batches and washing out the kettles afterward. Part of the U.S. Small Business Administration financing EO Products is seeking for the expansion is for technology that will allow reuse of 80 percent of water taken into the plant and prepare the remainder for greywater recycling for irrigation, potentially in a planned community garden near the new facility.

Ms. Lovette connected the company with Redwood Empire Small Business Development Center’s industrial consultant Robert Toering on the water- and cost-saving process design, which is being planned by The Fifth Resource Group of Cotati.

Key to Ms. Lovette’s and Dr. Eyler’s involvement in EO’s meetings with the districts was explaining how the company uses water and how it plans to drastically cut water use.

“We are looking at how the water district plays a roll in economic development,” Dr. Eyler said.

Assemblymember Huffman said he is grateful public officials and company executives have been able to cooperate on the plant expansion plan. He plans to present the company with a district Small Business of the Year award in June.

“One of California’s competitive advantages is the growth of green companies like EO Products that are dedicated to environmentally responsible business practices,” Mr. Huffman said. “These companies are vital to California’s recovery, providing quality jobs for skilled workers, and stimulating growth in other sectors of the economy.”

In addition to the new plant, EO Products plans to open a small retail store in central Corte Madera this fall. Designed by Cass Smith of San Francisco, the store will have a Soap Bar to promote bulk purchases of soap in reusable containers and education. Also planned is a bulk sales program for lower-income consumers.

The manufacturing plant project team currently includes Wright Architecture Studio, a San Rafael firm recently formed by Robert Wright, a former principal of TWM Architects and Planners; The Fifth Resource Group; and likely general contractor McDevitt McDevitt Construction, a Petaluma company that built 90 Windward.

Topics: City of San Rafael, Corte Madera, EO Products, expansion, Jared Huffman, Marin Economic Forum, Marin Municipal Water District, North Bay Business Journal 5-28-2012, Redwood Empire Small Business Development Center, relocation, San Rafael, San Rafael Sanitation District | Categories: Commercial Real Estate, Construction, Industry News, Manufacturing, Marin Report, North Bay News, Position, Top News Stories

Article source: http://www.northbaybusinessjournal.com/54856/manufacturer-reconsiders-expansion-out-of-marin/

San Francisco Bay Area Home Sales Reach Five-Year High for March

Fri, 20 Apr 2012 00:47:30 +0000

Home sales in the San Francisco Bay
Area reached the highest level for the month of March in five
years as an improving economy and low interest rates lured
buyers, according to DataQuick.

A total of 7,694 houses and condominiums sold last month in
the nine-county region, up 35 percent from February and 9.1
percent from March 2011, the San Diego-based data seller said
today in a statement. March sales were last higher in 2007, when
they reached 8,317. Condo resales totaled 1,734, the most for
any month since August 2006.

“While the changes we’re seeing are incremental, they’re
incremental in a positive direction,” DataQuick President John Walsh said in the statement. A backlog of distressed properties
and tight mortgage credit are “two of the big issues” still
holding back the market, he said.

The Bay Area median price last month was $358,000, up 10
percent from February and down 0.6 percent from March 2011.
Prices have dropped on a year-over-year basis every month since
October 2010, with last month’s decline being the smallest.

Prices in San Francisco County were unchanged from a year
earlier at a median $650,000. In Marin County, the median fell
almost 16 percent to $565,000.

Eight of the region’s nine counties had sales gains from a
year earlier, led by Solano with a 13 percent advance.
Transactions rose 11 percent in San Francisco and 7 percent in
Santa Clara. In Napa, the only county to have a decrease, sales
fell 0.8 percent.

To contact the reporter on this story:
Dan Levy in San Francisco at
dlevy13@bloomberg.net

To contact the editor responsible for this story:
Kara Wetzel at
kwetzel@bloomberg.net

Please enable JavaScript to view the comments powered by Disqus.

Article source: http://www.bloomberg.com/news/2012-04-19/san-francisco-bay-area-home-sales-reach-five-year-high-for-march.html