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Bay Area home sales rise in June

Original post made on Jul 18, 2009

Bay Area home sales in June jumped to their highest level in almost three years because of the perception among home buyers that prices have bottomed out, according to an organization that monitors real estate data.

Read the full story here Web Link posted Friday, July 17, 2009, 7:04 PM

Comments (5)

Posted by Lt. Lou, a resident of Atherton: West of Alameda
on Jul 19, 2009 at 10:38 am

And property tax revenue in Atherton and Menlo keep going up!! Thank goodness we live and work in such an affluent city/town.

Posted by Prices till too high, a resident of Menlo Park: Downtown
on Jul 20, 2009 at 2:33 pm

Only 622 properties sold in all of San Mateo County with a median of $565k, so you can tell that only foreclosures and the really low end are really selling. It's not like you can buy ANYTHING in Menlo/Atherton for that median or less. If the Almanac is going to publish this kind of stuff, at least focus on the segment relevant to readers.

The median rising or falling is fairly meaningless. It's more reflective of the mix of high/low end properties being sold one month to the next.

Posted by MP glut of high end housing, a resident of Menlo Park: Downtown
on Jul 20, 2009 at 2:50 pm

And according to dqnews, only 22 properties sold in Menlo Park in May at a median of $817k, compared to last May's $1.2 million, a 32% drop.

I'm sure the June numbers will show the traditional spring bump, but right now there are 150 places for sale in MP over $800k and only 46 under (mostly East Menlo or condos). That means there is about 7 months of inventory in the mid-high end, and only 2-3 months in the very low end.

It gets even worse. There are 15 months of inventory in the $1.5m and up range in MP. (About 5 selling per month, 69 currently available.) Tough competition unless sellers drop their price A LOT. Sorry, but MP isn't the only town with good schools.

Posted by Mary, a resident of Atherton: Lindenwood
on Jul 21, 2009 at 3:04 pm

The median prices are virtually meaningless. There ought to be a better way to get data on the housing market.

Posted by R.GORDON, a resident of another community
on Jul 24, 2009 at 3:35 pm

R.GORDON is a registered user.

Become a real estate agent, and if you can't afford the new Jaguar convertible, prices are stagnant.

Have you EVER seen a county like ours with so many realtors? Only in the Hamptons maybe, BUT, nothing is selling on the high end there either.

Still, the New York rich are beginning to go to Le Cirque and to hell with the downtrodden.

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