Bidding Wars: Homes Selling Over The List Price in Union City

Home prices are on the rise in the East Bay.

DataQuick reported this week that 1,196 homes were sold in Alameda County in January. That was a 9 percent increase from the year before.

In addition, the median home price in the county rose to $385,000, a 30 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 Union City, a large home sold recently for more than $100,000 above the original price.

The four-bedroom, three-bathroom home at 213 Dutra Vernaci Drive was originally listed at almost $530,000. After multiple bids, it sold for $640,000.

The two-story house, built in 2004, is 2,138 square feet and rests on less than a quarter acre.

The market still isn't quite back to where it once was. This home last sold in December 2005 for $896,000.

Do you know of other homes in your community that recently 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