Home sales may have slipped slowed in August after two solid months of increases, but median home prices soared. The latest report released by the California Association of Realtors (CAR) showed that median home prices increased to the highest number we have seen since 2007.
Median home sale prices in California increased by 3.3 percent over July from a median price of $464,750 to $480,280 in August. Year-over-year home prices rose by 8.9 percent up from $441,010 in August of last year. This marked the 30th consecutive month of median home prices increasing.
Single family residential median home prices in San Mateo County from January 03, 2014 to October 12, 2014 were $995,000, and the average sales price was $1,162,675. They spent on average 27 days on the market, and the total dollar volume of listings totaled $3,993,789,157. There were also a total of 3,345 sold listings during this period of time.
For the Coastal Cities of Pacifica, Montara, Moss Beach, El Granada and Half Moon Bay from January 03, 2014 to October 12, 2014 there were a total of 473 sales with an average price of $854,491, and median price of $751,000. On average these home spent a total of 42 days on the market.
“With more homeowners in a position to list their homes for sale following rising home prices, housing supply is improving across all price ranges as would-be sellers may be seeing this as an opportunity to list their homes for sale,” said CAR President Kevin Brown.
“While lower-than-expected interest rates are allowing more room for home prices to grow, the appreciation is also creating a housing affordability challenge for prospective home buyers and hindering them from taking advantage of the low rates.”
The Rain Team offers unparalleled service to ALL clients in the San Mateo County, including areas such as Half Moon Bay, El Granada, Moss Beach, Montara, and Pacifica. Your complete satisfaction with our service and representation is our number one priority.