San Francisco home sales on the rise
San Francisco is home to some of the most influential tech companies in the world, it features iconic structures such as the Golden Gate Bridge, and is within close proximity to Sonoma and Napa Valley. It's really no wonder why people are flocking from all over the United States to live in this beautiful area. In fact, homes for sale in the Bay Area reached five-year sales high last month, according to Bloomberg.
Home sales were up 35 percent in March compared to the previous month, and up 9.1 percent from March 2011 for a total of 7,694 homes and condos sold. The news source reports that the area hasn't seen this many March sales in a single month since 2007.
The median price for a home in the Bay Area was $358,000, while it rested at $650,000 in San Francisco County. This figure is about the same as last year for San Francisco, but it represents an increase of 10 percent for the Bay Area from February and a 0.6 percent decrease from last year.
These numbers show that the real estate market in San Francisco is becoming increasingly stable. Also, with the cost of rent rising, this is a good time to buy or sell a home in the Bay Area.