Local Business

Solano home median price remains stable

By From page B4 | January 17, 2013

FAIRFIELD — Home prices in Solano County remained steady in December with a median price of $218,000, according to San Diego-based real estate service DataQuick.

A total of 610 homes sold, an increase of 4 percent over November, but down 14.6 percent from a year ago. The median price – at which an equal number of homes sold for more and for less – was down $3,500 from November, but up $35,750 over a year ago. It was the fourth straight month with a median price of more than $200,000 after two years in which it struggled to reach that level.

Across the nine-county Bay Area, the median price reached $442,750 – the highest level since August 2009. And a year-to-year price increase of 32.0 percent was the highest in DataQuick history, which dates to 1988.

“Prices are in the midst of bouncing off the bottom now and nobody really knows what the trajectory of this bounce will be beyond this point,” said DataQuick President John Walsh in a press release. “So far, supply has been a bottleneck, but as prices go up, more homes will be put up for sale.”

The California Association of Realtors index of unsold inventory, which represents how long it would take to sell all available homes at the current sales rate, was 2.6 months in December, down from 4.3 months in December 2011. In Solano County, that number was also 2.6 months, compared to 3.9 months a year ago.

Statewide, home prices were up 20 percent over a year ago.

Reach Brad Stanhope at 427-6958 or [email protected] Follow him on Twitter at www.twitter.com/bradstanhope.

Brad Stanhope

Brad Stanhope

Brad Stanhope is a former Daily Republic editor. He began his career at the DR in the last millennium. He spent 24 years as a sports editor, associate editor and news editor before leaving the Daily Republic in 2014. Brad lives in Suisun City with his wife, Mrs. Brad, and two sons. He enjoys cheese.

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