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Pacifica Home Prices on the Rise

Overall, the recovery of the Bay Area housing market is accelerating.


The housing market's rebound in the Bay Area accelerated in December, when sales increased year-over-year for the 18th consecutive month.

The number of foreclosure in the Bay Area sales hit a five-year low, while median sale price rose a whopping 32 percent from December 2011, according to according to DataQuick's city data for December.

That translated to a 4 percent increase in home sales in San Mateo County, comparing December 2012 to December 2011 and a median home price jump of 20 percent in the county during the same time frame.

A total of 626 homes were sold in San Mateo County in December with a median price of $600,000.

Other Bay Area highlights include:

  • The median price paid for a home in the nine-county Bay Area was $442,750 in December. That was up 1.1 percent from $438,000 in November and up 32.0 percent from $335,500 in December a year ago.
  • The December median home price was the highest since August 2008 when it was $447,000.
  • There were fewer "distressed property sales" (foreclosures and short sales). Foreclosure resales accounted for 11.8 percent of resales in December, the lowest number of short sales in the Bay Area since November 2007 (10.1 percent).

Here's a Bay Area breakdown of home sales and median price: 

All Homes #Sold  #Sold  % Change Median Median % Change
Dec. 2011 Dec. 2012
Dec. 2011 Dec. 2012
Alameda 1,584 1,623 2.5% $328,000 $410,000 25% Contra Costa 1,1534 1,530 -0.3% $259,000 $333,500 28.8% Marin 280 291 3.9%  $517,818 $660,750  27.6% Napa 132 129 -2.3% $317,500 $350,000 10.2% Santa Clara  1,611 1,822 13.1% $440,000 $544,500 23.8% San Francisco 499 646 29.5% $594,500 $720,000 21.1% San Mateo 602 626 4.0% $500,000 $600,000 20% Solano 714 610 -14.6% $182,250 $218,000 19.6% Sonoma  538       
555 3.2% $279,500 $345,000 23.4% Bay Area 7,494 7,832 4.5% $335,500 $442,750 32%

Region wide, home sales increased by 4.5 percent and all counties had double-digit increases in median home prices. The overall Bay Area saw a 32 percent increase in median home prices from December 2011 to December 2012, according to DataQuick

“Prices are in the midst of bouncing off bottom right now, and nobody really knows what the trajectory of this bounce will be beyond this point. So far, supply has been a bottleneck, but as prices go up, more homes will be put up for sale,” said John Walsh, DataQuick president.

Here's a breakdown of Half Moon Bay home sales and median prices for November 2012:

Zip Code   
 # of Sales         % Change        Median Price            % Change     Priciest Home Sold  $/Sq. Foot                    % Change                 94018
7 0 n/a n/a n/a n/a n/a 94019 13 18.2% $657,500 25.2% $1,200,000 $405 -0.9%

(Note: city and county data lags a month behind the regional figures.)

San Mateo County home sales and median prices for November 2012:

City Total Homes Sold Nov. 2012 Median Price Nov. 2011 Median Price Percent Change Atherton
9 $2,500,000 $4,550,000 -45.05% Belmont 20 $790,000 $818,000 -3.42% Burlingame 36 $1,440,000 $1,260,000 14.29% Half Moon Bay
13 $657,500 $525,000 25.24% Menlo Park
50 $915,000 $950,000 -3.68% Millbrae 23 $880,000 $685,000 28.47% Pacifica 30 $535,000 $441,500 21.18% Redwood City
67 $762,000 $711,000 7.17% San Bruno
38 $567,500 $570,000 -0.44% San Carlos
30 $1,042,500 $818,500 27.37% San Mateo 119 $683,500 $555,000 23.15% South San Francisco 54 $487,500 $420,000 16.07%

PATCH WANTS TO KNOW: Are rising home prices affecting you? What do you think this data says about the Half Moon Bay real estate market? Tell us your thoughts in the comments below.

 

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