While mid-November through mid-January normally sees a slowdown in real estate activity as the holidays take precedence that doesn’t seem to be the case in this most unusual of years. In October, the number of listings in the Bay Area that went into contract was the highest in several years. Certainly, there will be a slowdown in the next couple of months but analysts don’t expect it to be as dramatic as in past years.
Meanwhile, the sharp increase in median house prices continues to be driven by the rise in luxury homes on the market more than an appreciation in fair market values.
Many Bay Area cities – led by Walnut Creek, San Ramon, and Pleasant Hill – continue to see a 2 or 3 percent increase in the sales price to the original listing price of the home.
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