The Bay Area’s notoriously high home prices continue to soar.
The median price paid for a Bay Area home in August was $742,00o, up 11.6 percent from $665,000 in August 2016, real estate information service CoreLogic said Friday in its monthly market report.
This marks the biggest year-over-year gain in 19 months.
“The median price dropped 3 percent from the month before, but prices typically dip between July and August, by an average of 1.6 percent over the past few decades,” Kathleen Pender pointed out in a San Francisco Chronicle story on the new report.
For first-time home buyers with limited budgets, the high prices continue to be discouraging.
On the market, homes identified which are priced within $5,000 of the August median (see in the gallery above), and found that what you get depends on where you look as the median price varies vastly from city to city.
In San Francisco where the median price was $1.2 million in August, you can buy a studio apartment around the median regional price. In the most eastern area of the East Bay in cities such as Antioch and Brentwood (both in Contra Costa County where the median price was $572,000), you can find a three-bedroom-plus home with a master bedroom closet the size of that S.F. studio.
“The farther you move away from the city the more house you get,” says realtor Terrylynn Fisher with Dudum Real Estate Group. “The more house, the more commute. Downtown Walnut Creek is highly desirable right now. For $750,000 you’d get maybe one or two bedrooms in a high rise. For a yard and dog, you have to go farther east.”
Case in point: Fisher is listing a 2,443-square-foot Clayton home at 1825 Yolanda Circle for $750,000 (see in gallery above). The large property has four bedrooms plus a den that can be converted into a fifth bedroom, three bathrooms, a kitchen with a breakfast bar, a formal dining room, and an expansive lawn in the front yard and a patio in the back.
“It’s actually a little under priced for Clayton because it’s bigger than average for this price range,” Fisher explains. But it’s not completely updated with a brand-new kitchen and brand-new bathroom. The location is great because the schools are highly rated. You can walk on the trails to downtown Clayton and there are views of Mount Diablo and toward Martinez and Benicia.”
Meanwhile, on the Peninsula where high-paying jobs at tech companies have attracted an influx of homebuyers, you get less for your money.
In Redwood City, we found a small and sweet cottage at 617 Macarthur Ave. with two-bedrooms and one bath tucked into 790 square feet on the market for $729,00.
“Its move-in ready,” says broker. “We really worked with how to maximize the space but also continue to keep the charm. She adds, “I think that the Peninsula has become untouchable with the influx of populations. And Redwood City back in the day wasn’t that fabulous, and now it’s so close to the tech companies and Oracle, and downtown is hopping.”