The median sale price of home in Contra Costa County last month was $311,000 compared to $235,000 in February 2012. The 32 percent year-over-year increase was the biggest of all nine Bay Area counties, according to figures released Thursday by DataQuick.
DataQuick President John Walsh said it was Economics 101: “If demand outstrips supply in a free market, the price goes up. The last time the number of homes sold exceeded the historical average for a given month was back in 2006. So a lot of demand has accumulated. Now, with a recovering economy, prices still closer to the bottom than to the top, with ultra-low mortgage interest rates and tight supply, the stage is set for price gains. This spring is going to be interesting.”
See the most expensive house on the market in Martinez.
Here are January sales figures for Martinez and Pleasant Hill.
Zip Code Number of Sales February 2013 % Change overJanuary 2012 Median Price January2013 % Change over Median January 2012 High Price $/SqFt January 2013 % Change over January 2012 94553 (Martinez) 45 -19.6% $263,000 13.1% $675,000 $204 3.7% 94523 (Pleasant Hill) 28 -15.2% $327,500 0.5% $661,000 $274 16.6% Source: DQNews