OVERVIEW

In general, October proved to be a very strong and steady month for Bay Area real estate, with all seven counties we represent seeing year-over-year gains on average home sales price. These upward gains were most pronounced in San Francisco, where the average sale soared to a record $1.683 million as many of the city’s more affluent properties were absorbed.

The other major outlier in a month marked largely by stability was the significant decrease in sales volume for San Mateo County. The 233 homes sold was the lowest number since March. However, this figure makes sense considering inventory was extremely low after the record-setting sales volume totals seen in September. Average sales price was also up 15 percent from October 2013, so the drop-off clearly was not a byproduct of any lessened demand.

The East Bay saw both sales volume figures and average home sales prices right on pace with what we’ve come to expect from a market that many are turning to as an affordable alternative to San Francisco. The North Bay also showed very steady numbers, with a highlight coming in the form of Napa County’s 20 percent year-over-year average home sales price gain.

ALAMEDA COUNTY

The average home sale price in Alameda County was $735,608, a 13 percent year-over-year gain, and the 926 homes sold was the third-highest number in the past year. The area continues to be a highly in-demand option for those priced out of the San Francisco market as reflected in the average 25 DOM—the lowest such figure among all seven counties we represent. The coastal hub of Albany performed particularly well, with its average home sales price up 34 percent year-over-year.

CONTRA COSTA COUNTY

Contra Costa County had an average home sale price of $635,276 in October, a 9 percent year-over-year gain. The 896 homes sold was a slight gain from the previous month and a respectable 9 percent gain from October 2013. The 31 average DOM stayed low, and demand enabled sellers who tested the market to recoup 93 percent of their initial list price. A standout in the area was Pleasanton, which saw a 20 percent gain year-over-year gain in average home sales price.

To see more counties: http://www.mcguire.com/blog/2014/12/october-2014-market-update/

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