Home prices are on the rise in the East Bay.
DataQuick reported this week that 1,165 homes were sold in Contra Costa County in January. That was a 4.5 percent increase from the year before.
In addition, the median home price in the county rose to $301,000, a 28 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 El Cerrito, an older home sold recently for more than $160,000 above the original price.
The three-bedroom, one-bathroom house at 2638 Tuller Ave. was originally listed at $419,000. After multiple bids, it sold for $586,000 in mid-February.
The one-story house, built in 1948, is 1,407 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