San Francisco, CA — (SBWIRE) — 08/21/2013 — The July numbers are in and the Bay Area housing market continues to remain strong, with impressive growth in both pricing and pending sales, all according to the latest numbers from DataQuick.
In Alameda County, the median sales price of homes increased 30.9% from last July to $615,000 – up from $470,000. The number of homes for sale was down 25.2%.
“Less inventory and more buyers certainly fuels the increase in the sales price,” says Cindi Hagley, Real Estate Broker with The Hagley Group at Prudential California Realty. “We’re also seeing more international buyers coming to the table with cash, which increases the number of offers and further drives sales price.”
Contra Costa County also saw huge increases across the board. Median sales price in July was up 51.6% at $529,000 – up from $349,000 the previous year. Inventory was down 18.9% in that same time period.
San Ramon, the richest City in America according to Nerd Wallet, a personal finance site, showed a 26.8% increase in sales price, with inventory being up over 21%. Median sales price was $893.000 in July, up from $705,000 the previous year. Pending sales were also up 23.6%.
“Folks fail to mention that the #2 richest City according to that same study was Pleasanton in Alameda County,” says Hagley. “These neighboring communities have great schools, low crime rates, and plenty of choices for first time home buyers, move-up buyers, and investors. Both also have easy access to Bay Area Rapid Transit (BART) making for a very easy commute into San Francisco.”