Bay Area Home Prices Drop For First Time in Four Years Curbed SF

Table of Content

• SF Bay Area Real Estate Investment Overview
• Bay Area Real Estate Market Trends for October 2022
• Vote now: Bay Area News Group girls athlete of the week
• Bay Area Home Prices Drop For First Time in Four Years
• Record Bay Area Home Prices Are Reaching Bubble Stage
• Bay Area Christmas house to be featured on ABC’s ‘Great Christmas Light Fight’

Home prices have seen a considerable rise nationally over the last two decades, according to new research from Anytime Estimate. In California, prices shot up 277 percent since 2000, the largest increase in the U.S. Bridgepoint Funding specializes in residential mortgages and serves borrowers and real estate agents throughout the entire state of California. These Bay Area home-price predictions suggest that the market is going to cool down in the coming months, at least in terms of appreciation. Beneath surging affluence, significant percentages of county populations are living in poverty.

Santa Cruz County – The housing market in Santa Cruz County continues to stay very hot with the number of active single family residences remaining historically low. In the recent couple of weeks, the inventory has actually decreased by approximately 5% despite a fairly steady flow of approximately listings coming on each week. The number of single family homes that have gone pending in the past two weeks is 125, representing over 1/3 of the entire inventory of active homes. Year to date the average sales price of a single family home is $891,826, which is approximately $100,000 higher than 2015’s final average. The Previews housing market in Santa Cruz County has stayed relatively hot with the number of sales remaining fairly consistent from March through May, ranging from sales. Homes listed over $1 million represent a little more than half of the total inventory of homes available.

SF Bay Area Real Estate Investment Overview

There hasn’t been that many properties available for sale in the County since September of 2014. The average sales price has been lower for this area compared to last month and July 2016 for the most part. Almaden has an average sales price of $1,341,000, which is down 5.5% from last month as well as last year .

As a result, there are more price adjustments of late, but they still only make up a smaller percentage of the market. In short, the local market is just experiencing normal supply and demand fluctuations. The luxury market (homes priced over $3.5M) is steady but flat – with days on market increasing and frenzied bidding or multiple offers being the exception as opposed to the rule. Los Gatos area buyers are seeing less competition with other buyers as we head into the summer months. The San Jose Almaden market continues the trend of inventory increasing and pending sales lower than the previous weeks. Santa Clara County currently has 1,856 homes (SFR & C/T) available for sale.

Bay Area Real Estate Market Trends for October 2022

Most forecasters expect Bay Area prices will be higher a year from now, although the rate of appreciation will slow. Click on the map icons to pull up median house sales prices for cities and towns around the Bay Area. To close the opened window, click on the X on the upper right-hand corner.

First of all, the entire state of California has a consistent housing shortage due to limited land. Most of the cities including San Francisco are failing to meet the regional housing needs. New construction permits in all cities often lag due to community resistance which blocks new housing. Jobs are increasing and the economy is the strongest in 50 years. But due to the tight supply of homes, San Francisco home prices have grown much faster than incomes. According to C.A.R., this is a 2 percent drop over the last October.

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Sellers are realizing that if they are not getting the offers or showings, their property is ready for a price adjustment. The Carmel Valley market continues to move quickly with several closings in the last 30 days. The Pacific Grove market inventory continues to be very tight with more buyers than properties available. Our office just closed a Pebble Beach estate for $7 million that is literally tear a down.

Some Bay Area home-price predictions for 2017 are suggesting much smaller gains. More affordable homes have been appreciating much more quickly in the past 15 months than more expensive price segments. A small decline is not going to be much of a life boat for most of us. But it does snap a four-year hot streak that sometimes seemed on the verge of burning everything down. This on top of indicators earlier this week that demand for luxury housing in the city, particularly condos, has also dipped a bit.

Bay Area Home Prices Drop For First Time in Four Years

The San Francisco real estate market is, for better or for worse, beholden to several competing interest groups. They want to protect the look and feel of the community, and through high-rise construction could start to relieve the overcrowding in the San Francisco real estate market. This is a good sign for new homebuyers and investors as far as affordability is concerned as many of them can’t afford to buy a median-priced home in San Francisco.

The good news is that if you are a home buyer or real estate investor, San Francisco has a track record of being one of the best long-term real estate investments in the nation over the last ten years. So if you bought a home in San Francisco 10 years ago, it’s very likely you’d have profited on the deal by now — in fact, in several neighborhoods, you would have a good chance at doubling your money. All the variables that contribute to real estate appreciation continue to trend upward which makes investing in SF real estate a sound decision. As it is the epicenter of the technology industry, there are a lot of people with an immense amount of wealth. Wealth isn’t just limited to the uber-wealthy founders of major tech companies or successful VCs but also the general workforce, whose salaries and incomes are among the highest in the world. Overall, San Francisco is a city of professionals, managers, and sales and office workers.

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Prices in inland California cities still have quite a bit of room to grow before matching their previous highs, with Sacramento and Riverside down by double-digit percentage points since the peak. U.S. home prices are just short of their prerecession peaks, while California still has a bit further to go. Here in the Bay Area, however, prices surpassed their previous highs during 2016. Prices are up in San Francisco itself, but the 3.5 percent blip is the smallest in 12 months.

The strict zoning laws, coupled with the fact that the SF is only seven by seven miles, make it a very constrained market and keep supply perpetually low. San Francisco sits on a peninsula, surrounded on three sides by water. Why doesn’t everyone just move out of the San Francisco housing market?