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Buyers often paid more than the list price

Buyers often paid more than the list price

By Ron Trujillo / ron@calhomenews.com

How good is the housing market nationwide – and the Golden State?

Buyers paid more than the list price for their new home in almost one of every four transactions (24.1%) nationwide in 2017, according to Zillow.

Nowhere is a sellers’ market more evident than California, especially in the Bay Area. About two of every three homes sold were purchased for more than the listing price in San Jose (68.5%) and San Francisco (64.5%).

Booming demand coupled with a 13-year-low of housing inventory are causing more consumers to compete and dig deeper in their pockets to purchase a home throughout California.

From the Bay Area to San Diego, homebuyers are often exceeding the list price in order to purchase a home.

Of course, homeowners are netting nifty sums with the multiple offers and buyers paying more than the list price. San Jose homeowners enjoyed an average of $62,000 for homes that sold for more than the list price, the largest payoff in the nation. San Francisco homeowners pocketed $41,000.

Feature photo of Santa Monica house by Divanov/Shutterstock

Almost half of nation’s priciest ZIP codes in Calif.

Bidding wars and a critical housing shortage have lifted home prices in California. In fact, the Golden State has definitely earned its nickname during the past year.

California had 77 of the nation’s highest-priced 180 ZIP codes in 2017, including five of the top 10 – and 12 of the top 25, according to PropertyShark.

Atherton in San Mateo County easily had the highest median price in the nation at $4.95 million, an impressive $850,000 more than a second-place New York City ZIP code.

Beverly Hills, Santa Monica, Palo Alto and Los Altos also cracked the top 10.

Santa Monica Pier photo by Scott Trento/Unsplash

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