According to a noted industry data provider headquartered in San Francisco, the median sales price for homes in the area hovered at $586,000 during the February 13 to April 13, 2013 period. This represented an increase of 22.1% from last year, comparing data for 227 sold homes.That's not quite where the city was five years ago, when the median was $625,000, but it’s a giant leap in the right direction for this Monterey Bay region.
Are Pricing Rising To Fast?
Though some experts worry about seemingly fast-rising prices and rapid appreciation signaling a new housing bubble, many realty industry gurus and broker offices disagree.
As a chief economist on a popular housing trends website pointed out, on average, nationwide, prices are still undervalued by approximately 7% in this second quarter of 2013. Further, according to an editorial in the Santa Cruz Sentinel from the first quarter of 2013 quoting a local appraiser, the midpoint of what sold was already down 25% from 2006 in the city at the end of January.
So many realty and broker professionals agree the welcomed increases do not signal trouble, but are rather a safe rebound in the direction of the housing market recovery.