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 Newark, a home sold recently for almost $100,000 above the original price.
The three-bedroom, two-bathroom home at 5868 Bellflower Drive was originally listed at $360,000. After multiple bids, it sold for $452,000 in January.
The one-story house, built in 1969, is 1,572 square feet and rests on less than a quarter acre.
Do you know of other homes in your community that 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 email@example.com