California home prices took record jump in January 2016

Supply levels of less than two, three months are driving sales prices
  • There is less than two months of supply in San Mateo and Santa Clara counties.
  • The average home in San Mateo, Santa Clara and Alameda counties sells in 23 days or less.
  • Levels of existing supply are down in all Bay Area counties on a year-over-year basis.

Existing homes throughout California are typically selling below list price, except in the San Francisco Bay Area. According to the California Association of Realtors (CAR), existing homes that sold in January within the Bay Area had an original list-to-sales price ratio of 100.3 percent. In January 2015 this ratio was at 100 percent.