East Bay Median Home Price Soars To $1.2M Amid Lower Inventory – 'Potential Buyers Acted Quickly'
PLEASANTON (CBS SF) – In another sign of the Bay Area's scorching hot real estate market, realtors said the median sales price for a single family home in the East Bay has soared to $1.2 million as inventory has dropped compared to a year ago.
According to the Bay East Association of Realtors, a single family home in the region covering Alameda and Contra Costa counties was on the market an average of 16 days last month. Meanwhile, the number of homes for sale in the month of February was at 955, compared to 1,128 in February of last year.
"As with January, 2022, potential buyers acted quickly due to limited options. While the number of homes listed for sale increased compared with January, there were fewer homes on the market compared with February, 2021," the realtors said in a statement Tuesday.
The median sale price so far this year in the East Bay is $1,212,500, up from $1,147,500 last year and up a whopping 30% from the 2020 median of $930,750.
According to the realtors, many East Bay communities experienced double-digit year-over-year price jumps. The biggest year-over-year jumps included Union City, where the median sale price in February was $1.66 million, up 58% from a year ago ($1.05 million).
The median sale price in Lafayette also jumped 58% in 12 months, from $1.785 million in February 2021 to $2.825 million last month. Clayton also experienced a year-over-year price jump over 50% ($825,000 to $1.26 million).
Alamo was the community with highest median sale price last month, at $3 million. Meanwhile, the lowest median sale prices in the East Bay in February were in the eastern Contra Costa County communities of Pittsburg ($685,000), Oakley ($700,000) and Antioch ($710,000).