Home prices are on the rise in the East Bay.
DataQuick reported this week that 1,196 homes were sold in Alameda County in January. That was a 9 percent increase from the year before.
In addition, the median home price in the county rose to $385,000, a 30 percent hike from January 2012.
One of the reasons for the increase, DataQuick reported, is the continuing lack of inventory in the housing market. The tight demand is causing multiple bids to be made on homes, in some cases driving the price well above the list price.
In Castro Valley, a small home sold recently for $60,000 above the original price.
The two-bedroom, one-bathroom house at 4227 Omega Ave. was originally listed at almost $320,000. After multiple bids, it sold for $380,000.
The two-story house, built in 1947, is 1,080 square feet and rests on less than a quarter acre.
The market still isn't quite back to where it once was. This home last sold in June 2006 for $650,000.
Do you know of other homes in your community that recently sold for above the list price? Let us know in the comments section.
This information was provided by Rachael Hand, Broker Associate, Coldwell Banker and Director for the Contra Costa Board of Realtors. You can reach her at 925-372-8080 or rachael.hand@cbnorcal.com
