Bay Area homes are getting bids $1 million above list prices, real estate agents say. “It’s just competition,” said one Silicon Valley agent. “The listing price doesn’…
Overwhelming buyer demand and few homes for sale pushed Bay Area prices ever higher in January, with modest homes in affluent communities selling for $1 million premiums throughout the region.
CoreLogic chief economist Frank Nothaft said the strong Bay Area economy, relatively low interest rates, and scarcity of homes for sale have tightened up the market. More growth is still possible, he said, although it could be tempered by rising interest rates. High demand and relatively low interest rates below 4% for a standard, 30-year mortgage boosted home prices across the nine-county region. The median price in January of a single-family home in Alameda County increased 18% to $1.1 million, rose 20% in San Mateo County to $1.7 million, jumped 20% in Santa Clara County to $1.5 million, and grew 6.3% in Contra Costa to $765,000, according to CoreLogic.
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