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Albany, Bay Area Home Prices Rise

Albany home prices increased more than any other Alameda County city compared to last year.

The real estate market in the Bay Area is continuing to accelerate as more homes sell for more money. In October, the volume of home sales in the Bay Area increased for the 16th consecutive month and the median sale price climbed for the 6th straight month, according to DataQuick

In Albany, the median sale price in September was $575,000, a 29 percent increase over September 2011.

DataQuick reported Wednesday that sales in the middle- and high-end of the market are rising even as sales below $300,000 in October declined year-over-year. 

On Wednesday, Federal Reserve boss Ben Bernanke said that banks may be hampering the U.S. economy's recovery by denying home loans to creditworthy borrowers. 

At 3.34 percent, the average rate on a 30-year loan is at its lowest point since 1971. 


Sales Volume Median Price
October 2011 October 2012 Percent Change October 2011 October 2012 % Chng Alameda 1308 1618 23.7% $340000 $384000 12.9% Contra Costa 1329 1454 9.4% $250750 $302500 20.6% Source: DQNews

 

Alameda County Median Home Sale Price September 2012 County/City/Area Number Sold Sept. 2012 Sept. 2011 Percent Change Alameda County 1395 $380,000 $344,500 10.3% ALAMEDA 55 $487,500 $475,000 2.63% ALBANY 17 $575,000 $445,000 29.21% BERKELEY 49 $649,000 $607,000 6.92% CASTRO VALLEY 61 $425,000 $436,000 -2.52% DUBLIN 87 $493,000 $412,750 19.44% EMERYVILLE 50 $235,000 $264,500 -11.15% FREMONT 207 $540,000 $432,000 25% HAYWARD 158 $280,000 $251,000 11.55% LIVERMORE 101 $417,500 $370,000 12.84% NEWARK 47 $326,000 $290,000 12.41% OAKLAND 289 $250,000 $215,000 16.28% PLEASANTON 77 $687,500 $659,500 4.25% SAN LEANDRO 94 $309,000 $297,500 3.87% SAN LORENZO 24 $285,000 $285,000 0% UNION CITY 51 $412,500 $372,000 10.89% Source: DQNews

 

Contra Costa County Median Home Sale Price September 2012 City/County/Area Number Sold Sept. 2012 Sept. 2011 Percent Change Contra Costa County 1403 $320,000 $253000 26.48% ALAMO 23 $1,171,000 $975000 20.1% CLAYTON 17 $475,000 $497000 -4.43% CONCORD 116 $270,000 $240000 12.5% DANVILLE 76 $780,000 $785000 -0.64% DIABLO 4 $1,585,000 $2,541,500 -37.64% DISCOVERY BAY 32 $355,000 $300,000 18.33% EL CERRITO 16 $399,500 $490,000 -18.47% EL SOBRANTE 27 $312,500 $260,000 20.19% HERCULES 35 $260,000 $280,000 -7.14% LAFAYETTE 26 $835,000 $935,000 -10.7% MARTINEZ 65 $328,500 $239,500 37.16% MORAGA 11 $820,000 $752,500 8.97% OAKLEY 73 $257,500 $175,000 47.14% ORINDA 29 $940,000 $885,000 6.21% PINOLE 20 $281,250 $209,500 34.25% PITTSBURG 81 $181,250 $150,000 20.83% PLEASANT HILL 39 $435,000 $433,500 0.35% RICHMOND 89 $150,000 $133,500 12.36% RODEO 8 $221,250 $264,500 -16.35% SAN PABLO 62 $180,000 $157,750 14.1% SAN RAMON 120 $637,000 $628,500 1.35% WALNUT CREEK 128 $478,000 $440,000 8.64% Source: DQNews
Laila Kearney November 16, 2012 at 10:05 PM
Congrats, Alan! That's great to hear.
Tim Q. Cannon November 17, 2012 at 11:38 PM
Now we just need the volume of sales to pick up in Albany, generating property tax and transfer tax revenues, as well as ancillary income for all the various people associated with sales: title companies, insurance agents, inspectors, appraisers, repair professionals, landscapers, painters.....real estate sales really help the local economy...they put lots of people to work.
Tim Q. Cannon November 17, 2012 at 11:50 PM
Some stats to date for 2012, according to our MLS: 60 SFR sales (excluding condos) Avg list price:569K Avg Sales price: 604K Avg. days on mkt: 20 Highest sales price 1.1M.
Stephanie Travis November 19, 2012 at 07:57 AM
Although these numbers are interesting and fun to look at, they really don’t tell us much about Albany’s financial picture. What would be helpful to know is what is the trend, at least over the last two years, when comparing what houses are selling for in Albany against the price for each home when it last sold. Many houses in the Bay Area, particularly those last bought between 2005 and 2008, are selling for several hundred thousand dollars less than their last sale price. Although higher sales prices, and the one-time transfer tax, will help Albany, because of the lack of businesses in Albany, there will be very little “ancillary income”. When we first moved here we spent approximately $100,000 renovating and decorating our home. Of that amount we literally spent only $100 in Albany. When contractors and designers asked me where to buy lumber, furniture, electrical materials, plumbing, kitchen appliances, tile, etc., I had to send them to other cities.
Stephanie Travis November 19, 2012 at 07:58 AM
Our house has declined in value, as determined by the County assessor, by almost $200,000, since the real estate market imploded in 2007. This number includes the most recent assessment sent by the County, which shows our house declining in value by another $37,000, since the last fiscal year. We recently refinanced and our house was appraised by the lender at $242,000 higher than the assessed value used by the County. Since we don’t plan on moving we are happy with the lower assessment by the County because it means a sharp decline in our property taxes, however, that’s obviously not good news for Albany. What Albany will receive in income will be based on assessments by the County, not appraisals by lenders. If homes in Albany continue to sell at higher and higher prices, the County assessor will eventually take that into consideration when determining property values in Albany; however we appear to be a long way from that point.

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