Overbidding is just bidding these days in the Bay Area, where a three-bedroom, 1,500-square-foot home in Sunnyvale sold for $800,000 above the asking price after just five days on the market.
The house at 1668 Hummingbird Lane, was listed for $1.995 million and sold for $2.82 million, the Mercury News reported. It has two bathrooms, a sunroom with high ceilings and a skylight as well as an eat-in kitchen. It’s close to Apple Park, restaurants and shops and is accessible via multiple routes and major highways.
1668 Hummingbird Lane (Redfin)
Sunnyvale’s median home price surged 27 percent from a year ago to $1.78 million, well below the Hummingbird Lane price.
San Francisco homes were selling at a four-year high of 122 percent above asking prices last month, sitting on the market for less than a month, according to a report from Compass. That compares with 104 percent in January 2021. One home in the city, a contemporary three-bedroom at 287 24th Avenue, sold for just under $3 million this month after asking $1.75 million.
Overbidding and crowded house tours show the true challenge for Bay Area buyers is that there aren’t enough available homes for sale – not rising interest rates or the impact war in Ukraine could have on global financial markets, the Compass report said.
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