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Median Hercules Sale Price Declines as Bay Area Real Estate Market Comes Back

The median home sale price in Pinole grew by 34 percent. Sales of more expensive homes are increasing as short sales and foreclosure resales drop.

The real estate market in the Bay Area is continuing to accelerate as more homes sell for more money. In October, the volume of home sales in the Bay Area increased for the 16th consecutive month and the median sale price climbed for the 6th straight month, according to DataQuick

In Hercules, the median sale price in September was $260,000, a 7 percent drop from September 2011. 

With a median sale price in September of $281,250, Pinole saw an increase of 34 percent over the same month in the previous year. 

DataQuick reported Wednesday that sales in the middle- and high-end of the market are rising even as sales below $300,000 in October declined year-over-year. 

On Wednesday, Federal Reserve boss Ben Bernanke said that banks may be hampering the U.S. economy's recovery by denying home loans to creditworthy borrowers. 

At 3.34 percent, the average rate on a 30-year loan is at its lowest point since 1971. 

Sales Volume Median Price October 2011 October 2012 Percent Change October 2011 October 2012 % Chng Alameda 1308 1618 23.7% $340000 $384000 12.9% Contra Costa 1329 1454 9.4% $250750 $302500 20.6% Source: DQNews Contra Costa County Median Home Sale Price September 2012 City/County/Area Number Sold Sept. 2012 Sept. 2011 Percent Change Contra Costa County 1403 $320,000 $253000 26.48% ALAMO 23 $1,171,000 $975000 20.1% CLAYTON 17 $475,000 $497000 -4.43% CONCORD 116 $270,000 $240000 12.5% DANVILLE 76 $780,000 $785000 -0.64% DIABLO 4 $1,585,000 $2,541,500 -37.64% DISCOVERY BAY 32 $355,000 $300,000 18.33% EL CERRITO 16 $399,500 $490,000 -18.47% EL SOBRANTE 27 $312,500 $260,000 20.19% HERCULES 35 $260,000 $280,000 -7.14% LAFAYETTE 26 $835,000 $935,000 -10.7% MARTINEZ 65 $328,500 $239,500 37.16% MORAGA 11 $820,000 $752,500 8.97% OAKLEY 73 $257,500 $175,000 47.14% ORINDA 29 $940,000 $885,000 6.21% PINOLE 20 $281,250 $209,500 34.25% PITTSBURG 81 $181,250 $150,000 20.83% PLEASANT HILL 39 $435,000 $433,500 0.35% RICHMOND 89 $150,000 $133,500 12.36% RODEO 8 $221,250 $264,500 -16.35% SAN PABLO 62 $180,000 $157,750 14.1% SAN RAMON 120 $637,000 $628,500 1.35% WALNUT CREEK 128 $478,000 $440,000 8.64% Source: DQNews

 

Alameda County Median Home Sale Price September 2012 County/City/Area Number Sold Sept. 2012 Sept. 2011 Percent Change Alameda County 1395 $380,000 $344,500 10.3% ALAMEDA 55 $487,500 $475,000 2.63% ALBANY 17 $575,000 $445,000 29.21% BERKELEY 49 $649,000 $607,000 6.92% CASTRO VALLEY 61 $425,000 $436,000 -2.52% DUBLIN 87 $493,000 $412,750 19.44% EMERYVILLE 50 $235,000 $264,500 -11.15% FREMONT 207 $540,000 $432,000 25% HAYWARD 158 $280,000 $251,000 11.55% LIVERMORE 101 $417,500 $370,000 12.84% NEWARK 47 $326,000 $290,000 12.41% OAKLAND 289 $250,000 $215,000 16.28% PLEASANTON 77 $687,500 $659,500 4.25% SAN LEANDRO 94 $309,000 $297,500 3.87% SAN LORENZO 24 $285,000 $285,000 0% UNION CITY 51 $412,500 $372,000 10.89% Source: DQNews
Toni Leance November 15, 2012 at 09:36 pm
Well this says it all. We have not been able to solve our financial mess and there is nothing but bad publicity for Hercules, murder, charges of racism, council ignites, bad land deals, failed State audits, financial disasters and on and on. We need to get our act together before it s too late!
Susan D.Keeffe November 16, 2012 at 10:33 pm
The sad result of our City selling large amounts of property for less than market value has hurt every home owner in Hercules.
Phil Simmons November 16, 2012 at 11:08 pm
Though Hercules is clearly in serious trouble and it has affected our property values we still have a chance to get it right and turn things around. That will not happen as long as we keep heading in the direction the last year has taken us. It certainly will not happen if we flood the market with more housing and apartments.
The new city council had better come in ready to stop what has been going on and turn the development plans around.
joseph Guadagne November 17, 2012 at 11:51 am
Ah there they are...the lawn signs are not even put away and the gloom and doom crowd is at the ready, turning public opinion in an effort to micro manage the city and the new council! I missed you guys! Where else does one go for cheep entertainment?!!? :)
Toni Leance November 17, 2012 at 12:32 pm
Joseph if not mismanagement how do you explain the fact that our property value are still in the tank while our neighbor Pinole and the rest of th Bayarea is moving up?
G.C. November 17, 2012 at 12:58 pm
In the spirit of JG's comment, I want to be part of the solution, so here are some fixes:
1. Replenish the police force asap. How many officers were hired with Measure O? If we need a parcel tax for more officers, put this on the next ballot, pronto. 2. Education: If all schools in Hercules performed as well as Hanna Ranch, our property values would be higher. We need an education community that can work with our schools to help our kids do better. For starters, I would use the HOA infrastructure, complete with clubhouse, to hold math and science workshops/tutoring sessions. When our kids do better, our city will do better. The WCCUSD might not be able to educate our kids, but we sure can! Low crime and high test scores is a formula for pulling our city out of this nosedive. Lastly, no more nonsense at City Hall. We have already addressed this with our new council beginning in January. Let's be optimistic.
Phil Simmons November 17, 2012 at 01:41 pm
Giorgio,
Me too. Here are some fixes too. 1. Sell the 3 1/2 acreas to Safeway and build an urban style (non-podium) store. 2. Sell the front several acres of Syc Crossing to a developer that will build a balanced match to Syc N that includes more parking, amenities, and some mixed use. 3. Stop the plans for a 350 unit apartment complex on Parcel C and go back to the market and market it for commercial/mixed use, and advertise the ITC and Bayfront plans to help position the sell. 4. Set up an economic development committee of citizens. 5. Endorse a community committee to create a Sunshine Policy for city hall. 6. Hold or sell the corp yard to WCCSD for an eventual new school, while retaining access to part of the property for a ball park. Joseph G, a slight correction. The community input is more like "macro-managing" not "micro managing". Usually the concept of "micro-managing" comes down to one or a few top line leaders controlling every move. With community input you end up with the opposite of "micro-management" you end up with "macro-management" See below: http://en.wikipedia.org/wiki/Macromanagement
Phil Simmons November 17, 2012 at 01:51 pm
Joseph,
Tuesday night 7:00 Channel 28 is another media outlet that offers the same service. I suspect though that the entertainment factor will soon be greatly reduced. I see a day when city council chambers will be empty once again.
Joseph Catindig November 17, 2012 at 01:58 pm
You could have been a great addition to the city council~! Oh well.
G.C. November 17, 2012 at 02:26 pm
Toni,
Danville and Lafayette and other desirable cities have negative numbers, too, so there is more to these numbers than meets the eye, yes? I ask you because of your background in real estate. What should we make of these numbers? Richmond and San Pablo are seeing increases, but I'd still rather be in Hercules. How much stock should we be placing in these figures? What inferences can be made?
John Loudermilk November 17, 2012 at 04:31 pm
Location drives real estate value. Our location is the same as its been forever. This is a temporary condition that represents a buying opportunity. Tell your friends and family to come buy/live in this beautiful community and get a rock bottom sale price at the same time. 5 yrs from now they will regret not taking your advice.
Phil Simmons November 17, 2012 at 04:39 pm
John,
We agree ! Yeah !
Ani November 17, 2012 at 05:20 pm
please remember that Hercules is served by 2 school districts.
Phil Simmons November 17, 2012 at 05:33 pm
Ani,
Yes, If John Swett ended up providing the school that would be great. At this point WCCUSD has stated publicly that they want the property, can't afford to buy it just yet, and they are exploring the status of population and development growth plans. Hercules owes WCCUSD $M's (in excess of $6M). Seems to me that this is a situation were smart negotiations for the land in exchange for the Hercules debt would make a lot of sense. Of course I feel certain there are a few who are opposed to seeing a school on this tract of land and they will try to find ways to keep a deal from happening.
Susan D.Keeffe November 18, 2012 at 05:47 pm
Ani
The Corps Yard is located within the WCCUSD jurisdiction. The dividing line with the John Swett District is Hiway 4- John Swett cannot buy it even if they wanted to.

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