Everything is topsy-turvy in this craziest of years – home sales typically slow in quarter three after a more robust spring; the reverse is true this year. Moreover, the median price continues to rise, due to two factors: low inventory which is driving up prices, and a dramatic increase in the sales of luxury homes.
Quarter three saw the median square footage of home sold in the East Bay rise to over 2,700 square feet. As expected, the median sales price increased to over $1,300,000!
Inventory remains low as new listings remain low, driving up the prices even higher but the demand for larger – and more expensive – home remains strong.