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Industry News

S.F. Bay prices still steamy

February 21, 2003

Sales dip 0.7%, price climbs 8.9% from prior-year results in 9-county region

Inman News Features

While sales cooled off somewhat in the San Francisco Bay Area in January, median prices were still above year-ago levels, DataQuick Information Systems reported today.

A total of 6,944 new and resale houses and condos were sold in the nine-county region last month, a 22.7 percent decline from the 8,987 sales recorded for December, and a 0.7 percent dip from January last year, when 6,990 homes were sold.

"Homes in prestige markets are taking longer to sell, but homes in mid- and entry-level markets are selling fast," said DataQuick President Marshall Prentice. "We don't see anything in our statistics that would indicate that the market is due for any change in the immediate future."

The median price paid for a Bay Area home was $404,000 last month, down 2.9 percent from $416,000 in December and up 8.9 percent from $371,000 for January last year.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Copyright Inman News Service

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