Many Bay Area Real Estate agents in Northern California let out a big sigh in the month of December as home sales rose to their highest levels since December 2006, posting 7,828 in the 9 county region which comprises the greater San Francisco Bay Area. December 2006 the level was 8,372 while the average for December since 1988 is 8,762.
“A couple of years from now, when looking back, there’s a good chance we’ll refer to the beginning of 2009 as the bottom of the market. But that doesn’t mean we’re anywhere near normal yet. Sales distribution is still lopsided towards lower-cost homes, driven by tax incentives and distress activity. Whole mortgage categories don’t exist for buyers. Putting a deal together is excruciating, like swimming in molasses. We don’t expect much genuine improvement until lending institutions re-open their spigots,” said John Walsh, MDA DataQuick president.
The median price continued to inch up, hitting the mark of $380,000 in December which was 15.2% higher than last years mark of $330,000. However, that was a slight dip under November’s median price of $387,000.
Still, there are many things to be thankful for on the real estate front in early 2010 with interest rates continuing to hover in record low territory and tax breaks still in place for home buyers.
Call today to find out how you can benefit from record low interest rates and tax credits for new and existing home purchases at 800-275-7010.
