As per the Bay East Association of Realtors, Days on Market (DOM) for the Castro Valley area year-to-date is around 86. The median single family home price in Castro Valley for July was $460,000. As of the last day of July there were 108 active homes in Castro Valley. At current selling rates this means there is approximately 2 months of inventory in Castro Valley 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.
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.
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 started selling and that has led to a swift rise in the median sale price. It is becoming quite evident 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 Castro Valley and all over the Bay Area.
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Help-U-Sell Achievers Realty
40083 Mission Blvd, Fremont, Ca. 94539