Posted by: Meena Gujral | September 1, 2009

Is the market picking up in Fremont? How about the rest of the San Francisco Bay Area in California?

Fremont home, 94539

Fremont home, 94539

As per the Bay East Association of Realtors, Days on Market (DOM) for the Fremont area year-to-date is around 71. The median single family home price in Fremont for July was $550,000. As of the last day of July there were 266 active homes in Fremont. At current selling rates this means there is approximately 2 months of inventory in Fremont remaining.

Information obtained from Data Quick information systems shows Bay Area home sales rose last month to the highest level for a July in four years as deals above $500,000 continued to accelerate. The median sale price climbed above the prior month for the fourth consecutive month, lifted by the combination of more high-end transactions and fewer sales of lower-cost, lender-owned foreclosures.

Loans above $417,000 accounted for 30 percent of Bay Area home sales last month – the highest since they represented 31.9 percent of sales in August 2008. Before the August 2007 credit crunch, such “jumbo” loans over $417,000 represented more than 60 percent of sales.

Sales of $500,000-plus existing single-family detached houses rose to 35.6 percent of all house resales last month, up from 34.1 percent in June and up from a low this year of 22.7 percent in January. Last month’s $500,000-plus sales were the highest since they were 38 percent of sales last September.

As high-end sales have taken off in recent months, sales of foreclosures in less-expensive inland areas have tapered off. Last month 34.2 percent of the Bay Area homes that resold were foreclosure resales – homes resold in July that had been foreclosed on in the prior 12 months. Last month’s foreclosure resale level was the lowest since it was 33.3 percent in July 2008. Foreclosure resales peaked at 52 percent of all Bay Area resales in February this year.

In the San Francisco Bay Area and across California we continue to see the market moving gradually back toward a more normal balance of sales across all price ranges. The high end of the market finally has a pulse and that has led to a swift rise in the median sale price. Evidence is mounting that in some areas we’ve approached at least a soft bottom for home prices. A total of 8,771 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 1.5 percent from 8,664 in June and up 15.6 percent from 7,586 in July 2008. Last month’s sales were the highest for the month of July in four years, and the highest for any month since August 2006.

Based on this information, I would certainly agree that the market is picking up in Fremont and all over the Bay Area.

If you have any other questions or would like to reach me, please call me at 510-279-9580 or go to my website at www.helpusellachievers.com

To see all the homes I have listed and sold in Fremont, go to:

 Homes Sold by Meena in Fremont 

Fremont Homes Blog 

Meena Gujral

Help-U-Sell Achievers Realty

40083 Mission Blvd, Fremont, Ca. 94539

510-279-9580

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