Number of Bay Area Homes Selling Well Above List Price Soared in Second Quarter: Report

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The fig of Bay Area homes selling for much than $500,000 implicit the archetypal database terms surged successful the 2nd 4th of 2021 compared to erstwhile quarters, according to Zillow.

In the San Francisco metro area, 664 homes sold for a half-million oregon much implicit the archetypal asking terms successful the 2nd quarter, up from 151 successful the archetypal 4th and 144 successful the 2nd 4th of 2019, Zillow reported. Forty-two San Francisco-area homes went for $1 cardinal oregon much implicit the archetypal database terms successful the 2nd 4th compared to conscionable 10 successful the first.

A akin communicative played retired successful the San Jose area. Zillow said 296 houses sold for $500,000 oregon much implicit the archetypal database terms successful 4th No. 2 compared to 67 successful the archetypal 4th and 29 successful the 2nd 4th of 2019. Twenty-five residences went for $1 cardinal oregon much implicit asking successful the 2nd quarter, which was up from six successful the archetypal quarter.

"With the demands of a homeowner drastically changing owed to the pandemic, we saw an unprecedented displacement successful the Bay Area market," Kenny Truong, laminitis of Fast Real Estate, said successful a statement. "People recognized the inadequacies of their existent location due to the fact that of the accrued clip present spent astatine home; the request for much surviving space, Zoom rooms, and yards became much prevalent. Many San Francisco residents seeking much abstraction and affordability began looking east, driving up location values successful those suburban areas. But with an summation successful summertime inventory, those rising prices whitethorn statesman to moderate."

Across the federation during the 2nd quarter, 2,244 homes sold for a half-million oregon much supra the archetypal database price, which was much than doubly the magnitude of 4th No. 1, Zillow reported. Homes going for $1 cardinal oregon much implicit database jumped 60% compared to the archetypal quarter.

Behind San Francisco and San Jose, the markets with the astir homes sold astatine $500,000 oregon much supra asking successful the 2nd 4th were Los Angeles (136), Seattle (102) and Miami (102), according to Zillow.

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