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Bidding Wars: Homes Selling Over the List Price in El Cerrito

Multiple bids are driving up home prices throughout the East Bay. Here's one in El Cerrito that benefited from multiple bids.

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 rachael.hand@cbnorcal.com


Dorothy Coakley March 01, 2013 at 02:14 PM
Nice! I've also heard from other realtors that there is a lack of inventory in our area. That tells you something important. People like to live in El Cerrito. So much for the other dismal "indicators."
Dan Joy March 03, 2013 at 07:03 PM
2500 Tulare, a 2+ bedroom 2 bath home, also recently sold with multiple offers. It was listed at $575,000 and sold for $673,000. Lack of inventory and high buyer demand are clearly impacting prices rising in our area.
GlenShannon March 09, 2013 at 06:26 PM
I'm so glad we bought in 1997, before EC was "discovered"!

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