Piedmont, CA (PRWEB) February 26, 2015
CAR’s December homes sales and price report, titled “California’s housing market returning to normalcy as year ends,”(1) focused on the fact that, overall, California homes sales in 2014 started to resemble a “near normal housing market” in part because home price appreciation is growing at a more sustainable rate. “In the industry, it is important to know what the state is doing as a whole. However, it is important for people outside of the industry to understand how, and why, the market is behaving regionally,” remarked Piedmont, CA real estate agent broker Anian Tunney.
For single family homes, the state’s year-to-year increase in median sold prices was 3.1% from December 2013 to December 2014. When looking at those sales regionally, the San Francisco Bay Area had the largest increase at 8.9%. As Tunney explained, “The Bay Area job market is growing, but the housing market is not keeping up. We’re running out of inventory!”
The fact that the Bay Area has more people who want to buy homes than homes for sale also explains why the number of homes sold in the region fell by 2.6% while home sales increased state-wide by 0.6%. That very minimal increase indicates that lack of inventory is a problem for all of California.
The industry measures unsold real estate inventory in the number of months expected to sell all of the houses on the market. In a “normal” market, that number is generally around 6 or 7. In December, California’s entire unsold inventory was at 3.3 – well below normal. In the Bay Area, however, that number was only 1.7. Tunney does not see any immediate relief on that front either. “There is currently a great deal of construction going on throughout the region – unfortunately, new construction and available housing are not the same thing.”
For now, Bay Area real estate will continue to suffer (or benefit, depending on your perspective) from increasing demand and decreasing supply. “Under these conditions,” Tunney noted, “it is no wonder that two of the three highest price-per-square-foot counties are in the Bay Area.” Although not in one of those two counties, Piedmont homes for sale – including recently sold 6 King Avenue, offered at $4,200,000 – are in very high demand and bring in similar prices-per-square-foot as the highest ranking San Mateo and Santa Clara counties.
About Anian Tunney, Broker Associate
Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2013 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. Additionally, Tunney is always in the top two in yearly real estate sales for The Grubb Company’s Piedmont, office. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.
A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.