homesmillbrae.com » Solano County

Bay Area Home Sales, Home Prices Climbing

Sat, 17 Aug 2013 11:27:33 +0000

SAN FRANCISCO (CBS SF) – If you’re planning on purchasing a home in the Bay Area soon, you may be up against steep competition.

According to San Diego-based company DataQuick, house and condo sales throughout the Bay Area in July were the highest since 2005.

A total of 9,339 sales were finalized, up 13.3 percent from July 2012, when 8,241 homes were sold, according to DataQuick.

The sales were at its highest since 12,538 homes sold in July 2005, the data company stated.

The spike in sales was most evident in Santa Clara County, where 2,244 homes were sold, 26.1 percent more than the 1,779 from July last year.

In San Francisco, 718 homes sold last month, up 31.3 percent from last July’s 547 sales.

Solano County was the only Bay Area county that recorded fewer sales this July from last, totaling a 0.8 percent decrease, from 610 last year to 605 last month.

With the rise in sales, the median price of homes in the Bay Area has also increased, reaching its highest price in more than five and a half years.

In July, the median price was $562,000, the highest since December 2007 when homes were averaging a price tag of roughly $587,500, according to DataQuick.

Twelve months ago, the median price of homes in the nine-county region was 33.5 percent less, averaging roughly $421,000 per sale.

All counties throughout the Bay Area recorded an increase in median sale prices, but none more than in Contra Costa County, which had its median sale price rise nearly 43 percent from $308,000 to $440,000, according to DataQuick.

Article source: http://sanfrancisco.cbslocal.com/2013/08/15/bay-area-home-sales-home-prices-climbing/

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

Bay Area real estate prices highest in nearly 4 years

Sun, 19 Aug 2012 08:04:44 +0000

Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released Friday.

In the nine-county Bay Area, 8,461 homes were sold last month — a 22.9 percent increase from the same time last year, according to a report by the real estate information service DataQuick.

The average figure for July, based on data recorded since 1988, is 9,371 home sales.

The median price for a new home or condo was $421,000, which is a 1% increase from $417,000 in June and a 12.6% jump from July 2011.

July’s median price was the highest recorded since it was $447,000 in August 2008.

The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick.

Median sale prices in San Francisco, Alameda, Contra Costa, Santa Clara, Solano, Marin, Napa, San Mateo and Sonoma counties all increased in the past year with Napa County seeing the biggest price increase at a 32.6% jump.

Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.

The highest home prices in the region this summer are in San Francisco with $714,000 listed as the median cost, while the lowest can be found in Solano County at $188,000.

Sasha Lekach, Bay City News

— Bay City News Service

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Article source: http://www.pleasantonweekly.com/news/show_story.php?id=9901

Bay Area Real Estate Prices Highest in Nearly 4 Years

Fri, 17 Aug 2012 20:00:19 +0000

Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released this week.

In the nine-county Bay Area, 8,461 homes were sold last month — a 22.9 percent increase from the same time last year, according to a report released Wednesday by the real estate information service DataQuick.

The average figure for July, based on data recorded since 1988, is 9,371 home sales.

The median price for a new home or condo was $421,000, which is a 1 percent increase from $417,000 in June and a 12.6 percent jump from July 2011.

July’s median price was the highest recorded since it was $447,000 in August 2008.

The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick.

Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.

The highest home prices in the region this summer are in San Francisco with $714,000 listed as the median cost, while the lowest can be found in Solano County at $188,000.

—By Bay City News Service

Article source: http://losgatos.patch.com/articles/bay-area-real-estate-prices-highest-in-nearly-4-years

Bay Area real estate prices highest in four years

Fri, 17 Aug 2012 01:55:56 +0000

Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released Wednesday, Aug. 15.

In the nine-county Bay Area, 8,461 homes were sold last month — a 22.9 percent increase from the same time last year, according to a report by the real estate information service DataQuick.

The average figure for July, based on data recorded since 1988, is 9,371 home sales. The median price for a new home or condo was $421,000, which is a 1 percent increase from $417,000 in June and a 12.6 percent jump from July 2011. July’s median price was the highest recorded since it was $447,000 in August 2008.

The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick. Median sale prices in Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Solano, Marin, Napa and Sonoma counties all increased in the past year, with Napa County seeing the biggest price increase at a 32.6 percent jump. Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.

The highest home prices in the region this summer are in San Francisco with $714,000 listed as the median cost, while the lowest can be found in Solano County at $188,000.

— Bay City News Service

Are you receiving Express, our free daily e-mail edition? See a sample and sign-up for Express.

E-mail a friend a link to this story.

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Article source: http://mv-voice.com/news/show_story.php?id=5969

Bay Area real estate prices highest in nearly 4 years

Thu, 16 Aug 2012 07:37:43 +0000

Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released Wednesday.

In the nine-county Bay Area, 8,461 homes were sold last month — a 22.9 percent increase from the same time last year, according to a report by the real estate information service DataQuick.

The average figure for July, based on data recorded since 1988, is 9,371 home sales.

The median price for a new home or condo was $421,000, which was a 1 percent increase from $417,000 in June and a 12.6 percent jump from July 2011.

July’s median price was the highest recorded since it was $447,000 in August 2008.

The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick.

Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.

The highest home prices in the region this summer were in San Francisco with $714,000 listed as the median cost, while the lowest could be found in Solano County at $188,000.

Article source: http://www.ktvu.com/news/news/local/bay-area-real-estate-prices-highest-nearly-4-years/nRCTy/

Area still feeling effects of real estate crash

Wed, 04 Jan 2012 22:43:10 +0000

(Source: By Rachel Raskin-Zrihen Times-Herald, Vallejo, Calif.) – Solano County homeowners lost about half their property’s value since the housing bubble burst, which, like elsewhere, seriously impacted the area’s economy, experts say.

Four years after the recession hit in December 2007, five Bay Area counties have lost a collective $386 billion in home value, according to the real estate information gathering firm, DataQuick. Among those, Contra Costa County was hit the hardest, followed by Alameda, Santa Clara, San Mateo and San Francisco. There was a wide variation within counties, with some areas hit harder than others, and Solano County was among the hardest hit.

The median Solano County home price in December, 2001 was $355,000, but had fallen to $185,000 by last month, former Solano Association of Realtors president Todd Willis said. The damage was not as bad, although it was still significant, in Napa County, where the median house sold last month for $335,425 compared to $569,450 in December, 2007, Willis said.

The loss in property values resulted in a corresponding loss in property tax revenues for Solano County.

“Overall revenues for the county, basically since the start of 2007, we’ve lost a cumulative $6.6 billion, or 15 percent, in the value of the assessment roll,” Solano County Assessor/Recorder Marc Tonnesen and Assistant Assessor-Recorder Kathy Eodossa said. “That’s about $66 million in property taxes.”

And that translates into deteriorating roads and other quality of life issues, current Solano

Association of Realtors President Paul Winders said.

Solano and Napa counties are by no means alone in this.

The average home in Contra Costa County lost about $343,000 in value; followed by Alameda County with about $291,000. Santa Clara County homes on average lost 245,000 and San Mateo County $222,000, according to DataQuick.

During the boom, home equity loans helped launch small businesses, paid for kitchen remodels, new boats and trucks, vacations, college tuitions and was a kind of security blanket for those nearing retirement. Those have essentially dried up — new bank-originated home equity lines of credit have plunged in the Bay Area by nearly 90 percent — reducing confidence and crushing many of those same businesses. And making matters worse, while the equity went away, the debt remained, further hobbling those who hung on to their homes.

Vallejo’s Vigil Mechanical owner Cam Vigil said his business floundered at the start of the recession, but some strategic adjustments have pulled it through.

“It was bad for a couple years, but we fought through it and we’re doing fine, now,” Vigil said of his heating and air conditioning company. “We started aggressively going after the commercial clients when the residential dried up. We lowered our prices, and our workers are working for less than they ever have before and we’re working mostly out of the area. But last year was a banner year and 2012, looks good.”

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Taxable sales, an indicator of business health and consumer spending power, were down by double digits in most Bay Area cities between 2007 and 2010, the most recent figures the Board of Equalization has available. There has been a recovery since a 2009 low, but some economists say consumer spending has undergone a permanent change.

“Consumer spending is going to be lower going forward for two reasons,” said Jon Havemen, chief economist with the Bay Area Council’s Economic Institute. “Consumers have waked up to the fact that ‘Wow, I need to save for retirement, and not only do I need to save, but I don’t have all this money in my house.”

No one can be sure what changes the new year will bring.

Benicia’s median home sale price continued falling as of last month, for which Willis could offer no explanation, although in Vallejo they seem to have steadily risen since August, he said. There’s good and bad news in this fact, he said.

“This tells me that Solano County is a very affordable place to buy a home now,” Willis said. “I believe that 88 percent of people who live here can afford a home here. The minimum income to qualify for a mortgage here is $24,180. Payment on that, with taxes and insurance, would be $810.”

The news is less positive for existing homeowners, although Willis said he “gets the sense in my daily work, that fewer homes are available and offers are coming in,” which may signal a reversal of fortunes.

“We’re going to see prices stabilize,” said Ken Rosen, chairman at the Fisher Center for Real Estate and Urban Economics at UC Berkeley. “It’s already happening in pockets like Silicon Valley and San Francisco. If you want to buy a house, it’s probably the best time in California in 30 years.”

MediaNews Group’s Pete Carey contributed to this report. Contact staff writer Rachel Raskin-Zrihen at (707) 553-6824 or rzrihen@timesheraldonline.com.

___

?2012 Times-Herald (Vallejo, Calif.)

Visit Times-Herald (Vallejo, Calif.) at www.timesheraldonline.com

Distributed by MCT Information Services

Article source: http://www.loansafe.org/area-still-feeling-effects-of-real-estate-crash

Impact Solano to focus on future of key region

Mon, 19 Sep 2011 17:46:59 +0000

Located at the center of a geographic triangle linking San Francisco, the North Bay and Sacramento, Solano County is welcoming entrepreneurs and businesses looking for a place to locate or expand with favorable operating conditions, lower costs and other important perks.

Impact Solano, the North Bay Business Journal’s upcoming conference focusing on this county, will be held Wednesday from 8 to 10:30 a.m. at the Hilton Garden Inn in Fairfield. Cost is $45 per person and tables are also available. Call Linda Perkins, 707-521-5264.

The conference will feature an economic outlook and panel of of local speakers.

Robert Eyler

Robert Eyler, Ph.D.

Director, Executive MBA Program and Frank Howard Allen Research Fellow, Sonoma State University

Dr. Eyler will provide attendees with a macroeconomic overview of the nation and region, given the events of 2011 as the context for a general preview at 2012, followed by a close up outlook at Solano County.

His current forecast for 2012 for both national and state economies will be presented. The rationale behind this forecast will include an analysis of labor the market’s ability to generate jobs and reduce unemployment, and the slow growth of both production and incomes.

“There are some caveats to 2012 being a year of continued, positive economic news that must be explored,” Dr. Eyler said. “The state budget may change in January, based on an inability of California to generate tax revenue to cover expenses in the first half of 2012, which may lead to state-level cuts.”

Looking ahead, the federal government will be gearing up for an election year, meaning 2012 could be another year of stagnation and rhetoric versus proactive economic planning, according to Dr. Eyler.

At the local level, he believes Solano County should continue utilizing its defined clusters in life sciences, food and energy, as well as recognizing that regional competition will continue from all directions as both housing markets and job markets continue to recover slowly.

“The challenge for Solano County will be continuing to grow in the midst of macroeconomic uncertainty and slow movement in other markets that would support business clusters,” he said, noting clusters such as construction, professional and personal services.

Sandy Person

Interim president, Solano County Economic Development Corp.

Ms. Person will describe the demographics of Solano County and its proactive economic development process.

She will also discuss the county’s business-friendly market environment and offer a preview of new commercial real estate transactions that are attracting an increasing number of firms into the area — including two hybrid and all-electric vehicle manufacturers.

“Solano is one of the fastest growing sectors in the North Bay. It is a region that has plenty of open space for large and small plants and offices of every size,” she said.

Ms. Person will also provide a rationale on why so many firms are choosing to locate in Solano and what is attracting them.

“Major transportation arteries, more space to grow and expand, access to rail heads and air transport, plus close proximity to suppliers and partners, are some of the reasons for the recent flurry of new arrivals — with more to come.

“We are experiencing a relocation and corporate migration trend as firms move from other cities and counties into our area to avail themselves of the many advantages our county has to offer,” she said.

“The EDC’s mission is to facilitate economic development and assist these firms in navigating the process.”

“Solano is truly becoming an industrial dynamo of Northern California. It’s an area with so much to offer.”

David Payne

Manager of operations, Altec Industries, Inc.

Mr. Payne will provide the audience with the reasons why his firm, one of the largest manufacturers of hybrid commercial vehicles, originally located in Solano and has decided to remain there.

The company’s Dixon Final Assembly Plant serves the western U.S. (including Alaska and Hawaii) and the Pacific Rim.

“This location is logistically ideal given its proximity to Interstates 80 and 5, shipping ports, and supply chain support from either Sacramento or Bay Area businesses,” Mr. Payne said.

“Our recent decision to stay in Solano County and expand our current operation, rather than relocate, was primarily motivated by Altec’s appreciation of this area and its corporate citizenship.”

Altec has enjoyed a good reputation in the local community since 1988 — one that allows it to easily recruit from a qualified labor pool to build a stable work force. He said competitive pay and benefit packages enhance an attractive, enjoyable work environment.

Pacific Gas Electric is Altec’s largest West Coast customer. PGE’s fleet office is located in nearby Davis. PGE and Altec have collaborated to create several hybrid solutions for utility vehicles, leading to a new expansion of Altec’s Green Fleet Focus Factory.

“In addition to our partnership with PGE, U.C. Davis offers untapped resources in research, development, and validation of hybrid vehicle designs.”

Gary Passama

President and CEO, NorthBay Healthcare

As Solano County grows, employers and residents expect to see healthcare services expand to accommodate more workers and families. Mr. Passama’s presentation will address his company’s plans for achieving this.

Amid the uncertainties of health care reform and the economy, NorthBay Healthcare is planning to move ahead with a bold strategic plan that will bring new advanced medical services to an underserved Solano County.

After opening the county’s first open-heart surgery and cardiac care program, NorthBay is poised to be the first to provide trauma care in the county.

Mr. Passema has an ambitious agenda and timetable, one that includes a plan designed to grow emergency services to become the county’s premier center for heart attack treatment.

All of this is set against a backdrop that is even more ambitious — a major hospital expansion project at NorthBay VacaValley Hospital.

This $120 million project will result in doubling the acute care hospital in Vacaville and will position this independent, community-based, non-profit healthcare system to meet the revolution in healthcare delivery that is coming down the pike — along with the medical needs of the rapidly-expanding commercial and residential population in Solano County.

The health care industry is one of the largest employers in the North Bay and generates more $15.3 billion in revenue in the San Francisco Bay Area alone, according to recent news reports.

Topics: Altec Industries, Dr. Robert Eyler, Impact Solano 2011, Impact Solano report 9-19-2011, North Bay Business Journal 9-19-2011, NorthBay Healthcare, Sandy Person, Solano County, Solano Economic Development Corporation | Categories: Banking and Finance, Education, Food and Beverage, Health Care and Senior Living, Hospitality and Tourism, Industry News, Manufacturing

Article source: http://www.northbaybusinessjournal.com/40242/impact-solano-to-focus-on-future-of-key-region/