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August 21, 2002
Los Gatos, California Since 1881 |
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Saratoga makes the high-priced homes list
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Jean Newton
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Saratoga made the list of the top 10
communities with the highest median home
price, coming in at $1,150,000 for the second
quarter of 2002. Other cities making the list
included Los Altos, $1,117,500;
Belvedere/Tiburon, $899,000; Malibu,
$899,000; Palos Verdes Estates, $893,500;
Pacific Palisades, $865,000; Mill Valley,
$827,500; Manhattan Beach, $825,000; Palo
Alto, $802,000; and Orinda, $785,000.
The median price of an existing,
single-family detached home in California hit
a new record during the second quarter of
2002, rising 23.5 percent to $319,650, as
reported by the California Association of
Realtors and Real Estate Solutions, a real
estate information service.
Closed escrow sales of existing,
single-family detached homes in California
amounted to 599,060 for the second quarter of
2002 at a seasonally adjusted annualized
rate, a 17.7 percent increase from 509,180 in
the second quarter of 2001.
The California Association of Realtors'
Unsold Inventory Index for existing,
single-family detached homes for the second
quarter of 2002 was 2.1 months, compared to
3.6 months for the same period a year ago.
The index indicates the number of months
needed to deplete the supply of homes on the
market at the current sales rate.
Thirty-year fixed mortgage interest rates
averaged 6.82 percent during the second
quarter of 2002, down from 7.13 percent in
the second quarter of 2001, according to the
Federal Home Loan Mortgage Corporation.
Adjustable mortgage interest rates averaged
4.80 percent in the second quarter of 2002,
down from 5.93 percent in the second quarter
of 2001.
The median number of days it took to sell a
single-family home was 25 days in the second
quarter of 2002, compared to 26 days for the
same period a year ago.
In a separate report covering more localized
statistics, generated by the association in
conjunction with Real Estate Solutions, 92.7
percent of California cities and communities
showed an increase in their respective median
home prices for the second quarter of 2002
compared to the same period a year prior. The
results are based on county records data
rather than multiple listing service
information.
In Los Gatos, the median home price for the
second quarter of 2002 was $751,000, and in
Cupertino the median home price logged in at
$750,500.
The 10 California cities and communities with
the largest annual increase in their
respective median home prices during the
second quarter of 2002 compared to the same
period in 2001 were: Culver City, 44.5
percent; Sierra Madre, 39.4 percent; San Juan
Capistrano, 36.4 percent; Lake Forest, 30.6
percent; Sanger, 29.5 percent; Placerville,
28.8 percent; Fillmore, 28.2 percent; South
Pasadena, 27.8 percent; West Hollywood, 25.7
percent; and La Canada-Flintridge 25 percent.
According to the California Association of
Realtors, price statistics are derived from
all types of home sales—new and existing,
condos and single-family. Movements in sales
prices should not be interpreted as changes
in the cost of a standard home. Changes in
cost, as well as changes in the
characteristics and size of homes sold, can
influence median prices. Due to the low sales
volume in some cities or areas, median price
changes may exhibit unusual fluctuation.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com.
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