The average home in Alameda County sold for $960,146 during the first quarter of this year. That figure resulted in a 9 percent rise year-over-year and was just 2 percent shy of the county’s 10-year record high that took place in Q2 2017. Alameda County had the second highest number of transactions in the Bay Area with a total of 1,785 homes sold this quarter, up 2 percent from Q1 2017.
Sellers also enjoyed the second fastest turnaround time of all seven counties, averaging just 20 DOM before going into contract and therefore selling at a 27 percent faster rate than the previous year. Interestingly enough, Alameda County’s southernmost cities — with close proximity to Silicon Valley and San Jose — saw the largest price gains this quarter. The average sales price in Union City, Newark, and Fremont went up 24 percent, 23 percent, and 19 percent, respectively, from Q1 2017.
AVERAGE SALES PRICE BY CITY – THE TOP 10 Piedmont had the highest average sales price at $2.303 million, down 1 percent from last year. Sunol saw the largest jump in price, up 38 percent at $1.987 million. At $3.79 million, the county’s most expensive sale was in Pleasanton, where the average sales price rose 9 percent to $1.372 million.
SALES PRICE CHANGE
Sellers who priced their properties accordingly, requiring no change, netted an additional 11 percent on initial asking price. Alternatively, sellers who risked testing the market recovered 91 percent of their asking price.