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Everyone is talking about the latest home sales in the real estate market since there seems to be no end in sight with home prices in the Bay Area rising to new highs in March. Sales were at their highest level in 16 years for March 2005, according to DataQuick Information Systems, a real estate information service.
A total of 11,310 new and resale houses and condos were sold in the nine-county region in March. That was up 51.5 percent from 7,463 for the previous month, and up 2.7 percent from 11,015 for the same period of time last year, according to the most recent data.
Statewide, a total of 56,650 new and resale houses and condos were sold last month, up 35.5 percent from 41,800 for February and up 0.9 percent from 56,150 for March 2004. Last month was the strongest March in DataQuick's records, which go back to 1988.
While sales tend to typically see an upswing from February to March, the sales count last month was the highest for any March since 11,442 homes were sold in March 1989.
"Demand still appears to be stronger than supply, which puts upward pressure on prices. People seem to be increasingly willing to let the homes they live in represent a higher portion of their net worth. I suppose parking wealth in real estate is more attractive than investing in the stock market," said Marshall Prentice, DataQuick president.
The figures show prices climbing at their fastest pace in four years. The median price paid for a Bay Area home was $568,000, a new record. That was up 3.5 percent from $549,000 in February, and up 19.8 percent from $474,000 for March a year ago.
Statewide, the median price paid for a home last month was $421,000, a new record. That was up 3.4 percent from $407,000 for February and up 19.3 percent from $353,000 for March a year ago.
In Santa Clara County, the median sale price was $606,000 compared to $520,000 during March one year ago.
Bay Area buyers committed to a typical monthly mortgage of $2,566 in March, an all-time high. A year ago it was $2,052.
The information service also reported that market stress indicators are still very low: Down payments are stable; speculation buying is moderate; there are no significant shifts in market mix; and default rates are low.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers cover all sales: new and resale, houses and condos.
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 gmeissner@silvar.org.
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