Real Estate
Mountain View Home Prices Keep Rising, Sales Drop Off
The number of foreclosures has fallen dramatically.
The housing market continues to heat up in the Silicon Valley.
Home prices rose again in April as did the number of building permits being issued by cities. In addition, foreclosures are on the decline.
The website DataQuick reports the median price for all types of dwellings in the Bay Area was above $500,000 for the first time since 2008. That’s a 17 percent increase since March and a 30 percent hike from a year ago.
In Santa Clara County, the median sale price is now $645,000, a 25.6 percent increase from April 2012.
In Mountain View, the median sales price increased in March:
- The median sales price in zip code 94040 was $1.15 million, a 17.5 percent increase from a year ago.
- In zip code 94041, the median sales price was $1.02 million, a 40.7 percent increase.
- The median sales price in zip code 94043 was $762,500, a 26.8 percent increase from a year ago.
In Mountain View, there were 62 homes sold in March. There was a 5.9 percent decrease in home sales in zip code 94043 and home sales fell by one-third in zip codes 94040 and 94041 when compared to March 2012.
Meanwhile, RealtyTrac reports the number of single-family building permits nationwide increased 27 percent in the first quarter of 2013 to the highest level since 2008.
At the same, the number of foreclosure starts nationwide declined 27 percent to their lowest level since 2006.
In fact, the number of building permits issued and foreclosure starts were roughly the same for the first time since 2007.
In Mountain View, 11 building permits was issued during the first three months of this year, compared to 17 during the same time period last year. There were 9 foreclosure starts, compared to 34 in the first quarter of 2012.
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