Tuesday, March 27, 2018

“Three Bay Area counties set new jaw-dropping records as home prices continues to climb to vertigo-inducing heights (Mercury News).”


February marked a new high in median resale prices for single-family homes in Santa Clara, San Mateo, and San Francisco counties. These areas remain among the most expensive in the U.S.
CoreLogic, housing data company, provides information that show no signs of slowing prices down in this fast paced growth. Continued low inventory is contributing to the non-stop rise in housing prices since 2012.
Currently, I am experiencing 10-14 or more multiple offers on most homes. This trend contributes to high downpayment and cash buyers winning these homes -sending buyers with 3-10% down payments to more affordable areas. Buyers with high paying jobs and large stock options are controlling the market.
Last month for all homes (new and resale) rose 5.6% from January and 12.5% from February 2017 for Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Marin, Solano and Sonoma counties. Home sales were up 9.5% in February from the same time last year, making it the first time in four months sales have increased in volume. Although inventory is still below the 19% 30 year average.
All-in-all, inventory remains low driving prices higher.

https://www.mercurynews.com/2018/03/22/bay-area-home-prices-keep-going-up-one-county-sets-a-new-record/

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