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/

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,” 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

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,” 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

A limited inventory of homes on the market, combined with the extremely low cost of mortgage financing, has resulted in homes selling above asking price in many western markets, boosting the average listing to closing price ratio, explains Lanny Baker, Chief Executive Officer and President of ZipRealty. The median amount of time that homes are listed on the market before they sell has shortened by more than two weeks since last year, and in some areas we are seeing one-in-five newly listed homes sell in less than seven days. Multiple-bid situations are also increasingly common in the markets we reviewed.

In January 2011, the list to close price ratio in the U.S. reached 97.1%, and increased 40 basis points to 97.5% in 2012. The ratio hit 98.3% nationwide as of December 2012, according to ZipRealty data.

TheTop 10 Best Cities for Home Sellersbased on ZipRealtys List Price to Close Price RatioReport are: San Francisco, San Diego, Sacramento, Las Vegas, Los Angeles, Orange County, Denver, Tucson, Portland and Seattle.