When I’m asked about investment property, people often also ask about “in-law” or “granny” units, these second units are officially known as Accessory dwelling units, or ... Dear Friends: Usually I post facts about real estate, this time I’m reaching out for a different reason! In a sense, the housing market is behaving as if the COVID-19 pandemic never even happened. Bay Area's housing prices buck national trend / Median cost is up 6.6%, driven by strong upscale market, but number of homes sold is down 20% Carolyn Said , … Austin, Texas, is expected to be the nation’s hottest housing market this year and the Bay Area the coolest, according to a Zillow-commissioned survey of economists and real estate experts. We also touch on market trends in real estate for 2019 and trending towards 2020. It’s neither a buyer’s or a seller’s market,” says Will Doerlich, broker-owner of Realty One Group. There is less urgency for buyers right now. Keeping these housing trends and realtor tips in mind while you look for the best deal, will certainly help you! While at an open house recently, I had a prospective buyer ask me about the difference in traffic patterns and how commutes affect housing prices. I started this blog because I myself wanted more accurate information; to me the numbers say it all--at some point I decided to share my research and here it is! This might take a long time to play out, unless we get a stock market crash which tends to trigger a housing bust in a hurry in the Bay Area. Along with all these real estate statistics is a ranking of every city in the Greater North Bay area based on their home sold price, price growth, days on market, and turnover. 2) When’s the best time to buy? The average Green Bay house price was $205K last month, up 20.6% since last year. Can you afford 42 Square feet in Silicon Valley? Lamorinda Real Estate Market Trends. However, we all have to start somewhere, and that usually means starting small. The Super Bowl is over, Valentine’s Day is done with and so are the Oscars but I don’t think sellers are aware that for rea... Of women, accounting to be the highest in number, live in Los Altos! Time on the market is still relatively short compared with the rest of the country.” The residents who have been living here for quite a while, witnessing the region grow into a technology powerhouse with all the tech biggies settling down here, know that they still can get top dollar for their property. It sure must be very dear to you, but you need to present or stage it the way that it becomes dear to the buyers as well. The Art and Science of Pricing Real Estate. What are the Bay Area housing market trends in the past decade? How to Transform Your Home into a Profitable Rental, Check out how Bay Area real estate is surviving, How Shelter-in-Place has impacted Bay Area Real Estate. While this may look like a total segue, it’s not. These homes should be staged well as this catalyzes the finalization of the deal. A gradual rise in inventory levels. Buildings bought buy Google in the Bay Area since 2011. The sale is now pending. They play a very crucial role in helping sellers understand what attracts or puts off the homebuyers. Nationwide, new listings have dropped significantly, yet are slowl... We’ve now been practicing Shelter in Place (SIP) for over 30 days and I’m sure that your life, like mine, has undergone quite a change! Let your realtor know about your expectations, and also make sure to be realistic at the same time. 3) Are we in a bubble? Even when prices abate, it seems a solution is 100 years away. It will be great if you create a suitable marketing plan with a multifaceted approach to reach out to the buyers. Facebook expands to Fremont – Big Opportunities in Alameda County, Home Sales Trends: Los Gatos vs. Scotts Valley, California Real Estate Breakdown: San Mateo Vs Santa Clara County. At present, it is the buyer’s market as the residential agent Roxy Laufer says, “There is definitely a rise in inventory, and homes are sitting on the market longer. The best way to avoid any kind of breakdown is by keeping yourself calm, patient and being hopeful that you will hit the right cord, when the time comes. One of our keys to building a better Bay Area is finding solutions to the housing crisis. As a buyer also, you may consider taking a deeper look at the staged house so that you know what exactly are you buying. Gustavo Gonzalez, the president of the Santa Clara County Association of Realtors, acknowledged there is a recent trend of fewer bidding wars and homes staying longer on the market. My take: We’re beginning March and inventory continues to be low. This local Bay Area cause is worth your support. It’s neither a buyer’s or a seller’s market,” says Will Doerlich, broker-owner of Realty One Group. So we can’t claim it as our own. For example, a house in Mountain View was on the market for 70 days, and only after the list price was reduced did the owner get multiple offers. At the end of 2017, I published this post on why we should start worrying about the housing market again. San Francisco Bay Area Housing Market Forecast 2021 (Updated) Still, it’s a key housing market trend to watch out for in 2021. San Francisco continued to see bidding wars last month. The Bay Area market holds equal strength for both buyers and sellers. San Francisco, Oakland, and San Jose and the rest of the Bay Area continue to struggle in 2019 with high home and condo prices. Buyers have more choices.”. No matter which side of the table you are on, you carry a … A new report just released predicts some relief in 2020. It came as no surprise to me the top seven most expe... My take: We’re in mid-April now and the real estate market is humming along! CalBRE License #01164338, Best Los Altos Realtor – Outlook Realty Group. However, for a better deal and real estate experience you may consider having a local real estate expert who would ensure you hit what’s best for you! It all actually started in mid-2018. "Last year, it was seven to nine days. Since 2018 marks the 40th anniversary of the passage of Proposition 13 in 1978, and the deadline for property tax payments is coming up, I thought some FUN FACTS from the Santa Clara and San Mateo Cou... At 54.4% California is the second lowest in the nation for home ownership, beat out only by New York at around 50%. Our third prediction for the California housing market in 2021 should come as welcomed news to home buyers. But she says its a short window of opportunity because the market is likely to heat up again, with bidding wars similar to last year. Whether you are a seller or a buyer, be prepared for the heartbreaks as this is the nature of the property market, where you may face many hiccups especially when your expectations are not set right. Los Altos, Mountain View, Palo Alto, Sunnyvale and Menlo Park. The average sale price of a home in San Francisco was $1.41M last month, down 3.8% since last year. Homes in San Francisco receive 3 offers on average and sell in around 29.5 days. At the same time, buyers are reluctant... As someone who usually posts on real estate activity you might wonder why my current post is on sleep! I've been a full time realtor since 1993 and have helped hundreds and hundreds of people find the right home, including one of my two sons! Here is a video educating the public on why it's still a good time to invest in the Bay Area. California Association of Realtors in its June housing sales report said Realtors were feeling optimistic but a lack of supply is impeding the California real estate market recovery.. of listings is cooling off the market. I’m an admirer of Dr. Vivek Murthy, Surgeon General from 2014 – 2... We’ve all heard about how the real estate market’s slow at the moment and, compared to the crazy, unsustainable first quarter of 2018, it certainly is, yet let’s not take our eyes of... Facebook and other Tech Companies expanding into Alameda County, making it second only to Santa Clara county for 2019 real estate to date. The Bay Area market holds equal strength for both buyers and sellers. Does the Government shutdown affect the real estate market? With the real estate market so changeable in 2018, I’ve taken a look at what’s happened over the pas... 1) When’s the best time to sell? The luxury market in particular has flourished. According to a recent update from the California Association of Realtors, published earlier this week, the median price for existing homes across the Bay Area rose 18.7% from August 2019 to … It could grow at a 2.55% pace in the next six months faster than the national 1.59 report from Mercury News. Does traffic and commutes impact home values? Whether you are a seller or a buyer, you need to keep a constant watch on the Bay Area housing trends. As a seller, never expect the unexpected, while as a buyer, never fall in love with a house that you are not sure about. For sellers, they help evaluate their property. The chief economist for Redfin said these new trends may help buyers. This is due to the dramatic nature of the housing market that keeps taking new turns every now and then. In the greater Los Angeles region, single detached homes rose $22,000 to a new price of $553,000.. San Francisco Bay Area, home prices jumped $35,000 or 3.6% over last month to a new average price of $1 million. Home sales have dropped down in the nine-county region. By April, the prices and sales declined in most of the Bay Area counties, as depicted in the representation below. Honest pricing also allows the buyer to quickly understand why and how is it set, considering the market sales. Having lived in Cupertino, Los Altos, and currently in Mountain View, I have a lot of hands on experience with living in the Bay area. While none of us have a magic ball, there are certainly trends we can watch; the past doesn’t pred... Every real estate investor dreams of becoming the next land mogul. Bay Area Housing Supply Failed to Keep Up With Its Job Growth Number of new jobs per new house, 2011 to 2017 Here are some things to think about as a seller, so you and your a... My Take: We’re now four months into 2016—let’s see how the market is doing.This week I decided to look at number of houses sold and closed since January 1st (only sold on the MLS) and ... Los Altos, Menlo Park, Mountain View, Palo Alto, and Sunnyvale Want to know the most popular price range in which houses are selling in the cities I’m tracking? With all this data, you'll be prepared with both a comprehensive view of the local North Bay housing market and a glimpse of the metro area … Here are my housing predictions for 2021. Bay Area holds tremendous heat in its property market as Danielle Hale states, “Bay Area still remains among the hottest real estate markets in the country. I am proud to offer real estate tips, home buying tips, rental resources, and other fun information covering current trends from the perspective of a professional realtor. of higher education in the form of a Bachelor’s degree or higher, is offered in Los Altos. There are more homes for sale. Farther below are updated individual price … This week I thought to look at some different statistics; I usually look at housing information, data on list vs. sale prices, or days on market but this time I looked at the Census site and found all... I’ve been asked to break San Jose down into its respective areas; basically San Jose can be divided into 12 areas including areas like Rose Garden and Naglee Park. Having an idea of what the market is depicting at the moment, may be helpful in making decisions, whether you are a buyer or a seller. It’s no secret that Bay Area home prices have risen dramatically since the Great Recession, though the market started to cool about a year ago. Consecutive quarters the Bay area has witnessed over $1 billion in CRE Trades, Buildings bought by Google in the Bay Area since 2011, Billion of dollars traded hands in the Bay Area since 2006, Million of square footage that have traded hands since 2006. In the current situation when the Bay Area market is already cooling off, you may hire professional help for staging your house so that it looks appealing for the buyer, who already has many choices, at the moment. Fun Facts: 40th anniversary of the passage of Proposition 13. The reason for the delay in the sale is an increasing inventory of homes for sale, as reported by Realtor.com. The market in Lafayette, Moraga and Orinda has staged a remarkable rebound from the initial shelter-in-place plunge in activity, and continues to rank as one of the strongest markets in the Bay Area. Will Google’s expansion to San Jose help home values in the area? Now it's up, 10 to 14 days.". The Bay Area saw 5.4 new jobs for every unit of housing it built between 2011 and 2017. The latest home and condo sales reports just released show the Bay Area is back to its rank as the most expensive housing market in the US. of householders are aged 65+ in Saratoga. Let’s t... My Take: You’ve decided to sell your home and there’s the conversation to be had with your real estate agent around pricing. Realtors help buyers and sellers with all the documentation required while buying or selling a house. BAY AREA HOUSING TRENDS & HELPFUL REALTOR TIPS, -with Margaret Barton The housing market is in a tricky situation given massive unemployment, continued shelter-in-place, the coronavirus, and tremendous uncertainty. Is the Bay Area REALLY in a housing slump? It’s no surprise, yet still interesting, to see that... Bloomberg recently published an article that looked at how much it would cost to buy enough space for a king-sized mattress, namely 42 square feet. I moved to Silicon Valley in 1978, I loved it then and I love it now! Real estate experts will be watching the Bay Area housing market closing in 2020, the start of a new decade. The real estate market in Silicon Valley had been shooting up, until the trend started taking a noticeable dip after March 2019. Different Bay Area Market Segments: Different Bubbles, Crashes & Recoveries The comparison composite chart dramatically illustrates the radically different market movements of different Bay Area housing price segments since 2000. of all children are under 5 year old in Menlo Park, followed by 8% of them in Sunnyvale! Bay Area Housing Market Hits Brief Cooling Trend: Report By Marianne Favro • Published August 12, 2019 • Updated on August 12, 2019 at 6:40 pm Is the hot Bay Area housing market … “The tax law effects have knocked the wind out of the Bay Area housing market, which is the poster child,” Zandi said. "If you're looking to buy in the Bay Area, now is a good time because there is less competition than last year," Daryl Fairweather said. The region got the biggest decline in median home prices, as homes are taking a long time to get sold. It takes time to build an empire. “It’s a more balanced, more even market. Real estate agents say that's something that likely would not have happened last year. The market fluctuations occur due to various economic factors. Especially, the houses priced at $2.5 million or more. Last year, a whopping 80% of homes sold by Redfin agents in San Jose had multiple offers, and this year, that number plummeted to just over 13 percent, Redfin found. Justin Sullivan/Getty Images … Foot Review from 10/2015 – 3/2016 Los Altos, Menlo Park…. If you are the seller, first you should set the sale price according to the current market state. Take a look at the data below and you’ll get a bird’s eye view of what’s happening in the five cities I’m tr... My Take: Due to popular demand, I’ve included another city in my tracking — six is a charm! Currently, many cities across the state are experiencing a shortage of homes for sale. In July, 35% of all homes sold by Redfin agents received multiple offers. No matter which side of the table you are on, you carry a good chance of striking the right deal that satisfies you. The Green Bay, WI housing market is somewhat competitive, scoring 65 out of 100. We talked about traffic, how much time folk spe... As a member of the Silicon Valley Association of Realtors (SILVAR), I read the Press Releases they put out on a variety of subjects related to housing; a recent release ties in to what I wrote about l... OMG, take a look at these numbers, talk about appreciation! The Central Coast had the biggest increase in October with sales growing by 28 percent, followed by the Far North (19.4 percent), the San Francisco Bay Area (18.9 percent), and Southern California (17.5 percent). The San Francisco housing market is very competitive. Buyers too need to be patient enough to first have a good idea about the current market trends, and then go house hunting. The result would be that sellers will have to compete for buyers. For professional real estate advice or help buying/selling a home in Silicon Valley, please contact us. I often get asked about the difference between Counties; primarily on the Peninsula we have Santa Clara and San Mateo Counties. November 2020. It's time to start worrying about the housing market again because it is completely overheated, with YoY median U.S. home price growth around 12% in 2020. By request, here’s information on Los Gatos and nearby Scotts Valley. Red Cross, Other Organizations Desperate for Blood Donations, San Francisco Bans Smoking Inside Apartments; Pot Smoking OK, Copyright © 2020 NBCUniversal Media, LLC. Having lived in India and England before moving to the Bay area, I know only too well what it's like to move to a new area; I trust the information I provide will be useful to you whether you're looking to buy, sell, or rent. But he added that homes that are staged well and priced correctly are still selling fast. The California housing market kicked off 2019 with a weak start, but it’s been improving throughout the year according to the California Association of Realtors (C.A.R).And with mortgage interest rates trending downward, the California housing market predictions for the rest of 2019 are brighter than what most had initially anticipated. An increasing no. Your realtor may create a marketing plan for you. In its 2019 housing market forecast, the California Association of Realtors wrote: “The outmigration trend [during 2018] was even worse in the Bay Area, where housing was the least affordable, with 35 percent of homebuyers moving out because of affordability constraints”. I've been blessed with amazingly wonderful clients who have become my friends; as a result, my business is 100% by referral. The most common questions I’ve been asked recently are “How’s the market?” and “Does the Government shutdown affect the real estate market?” As always it depends on location. Make sure not to overdo it! “It’s a more balanced, more even market. The overall drop came in at 3.1 percent from July of 2018, to a Bay Area median sales price of $950,000 year over year. They use standard contract documents that are prepared by lawyers and attested by courts. Still, the drop in bidding wars is a sign of just how far the housing market has cooled. Sq. Two housing studies show different trends in Bay Area prices. Is buying a fixer upper in the Bay Area profitable? A new report forecasting the real estate market in California shows a fairly sunny outlook for the Bay Area, though it notes the region may be facing some headwinds where it matters most: housing. Set the list price in a way that you don’t have to reduce the price after buyer’s feedback. The new year is always a good time to reflect and review, so I’ve done just that! Also, homes aren't selling as fast compared to last year, something Intero Realtor Nancy Carlson is seeing in Los Altos. While the real estate market is quickly rebounding in the wake of the coronavirus lockdown, many homeowners are still hesitant to list their homes for sale. But my gut feeling is that this Housing Bubble 2 in the Bay Area is cooked, and that prices will trend lower going forward, in a zigzagging sort of way. New research shows not only are there fewer bidding wars compared to last year, but also houses are taking longer to sell. I so like it when I hear from one of my readers requesting specific information! This week I decided to take a look a... City (Number of Sales)Redwood City (276)Sunnyvale (201)Mountain View (136)Menlo Park (62)Palo Alto (53)Los Altos (10) My Take: OK, so you’ve purchased a home, now what’s next? RELATED: Bay Area housing market cooling off, but prices still expected to rise in 2019 What a difference a year makes. Is the hot Bay Area housing market starting to cool? Californias economy grew 4.7% in the 12 months ended in February compared to the national rate of 2.8%. Basically, I cover Silicon Valley, that area between San Francisco and San Jose--let me know how I can be of service to you; I'm here to help! California Housing Market – Regional Sales and Price Trends – October 2020. Three of the most common questions I’m asked are: Turning a Profit on Your First Investment Home. "The average days on the market is increasing," she said. But that doesn’t create any issue for the sellers! of housing is owner occupied at Los Altos! And bidding wars in the Bay Area are not nearly as common as a year ago, according to a new report by real estate brokerage Redfin. 3. Don’t just fall for the frilly material. Wow – Huge increase in property values in the Bay Area. The Bay Area housing market has downshifted from last year’s peak but is still making millionaires of long-time homeowners and frustrating buyers with near-record prices. That trend will likely accelerate as layoffs mount and workers, newly liberated by work-from-home options, flee the Bay Area for cheaper cities, according to housing experts. Breakdown: Why the housing market favors buyers, Breakdown: Silicon Valley census data – The city with the most women is……. It says sales and prices will flatten-- even go down. In looking at the current real estate market, it’s helpful to start nationwide, then concentrate on our Peninsula cities. All rights reserved. FIGURE 1.2 The historical trend for annual permitted housing units in the Bay Area. So you are willing to sell your house! Yes, these are our homes and they’re also our biggest financial investment. Best thing is, any of my subscribers can ask a question and get the real bay area housing details they need. Hepp who follows the Bay Area markets monthly saw this trend, “Home prices remained flat in the second quarter, except in San Francisco and San … However, after a massive 44% month-over-month rebound in U.S. pending home sales in May and another strong 9.6% rebound in September, the U.S. housing market is stronger than ever! These dynamics have had significant implications for the Bay Area housing market. Be mindful! I’m adding Redwood City to my list of cities tracked. 1 of 37. Let’s take a close look at the San Francisco Bay Area housing market trends and forecasts for 2020 & 2021. I'm updating this article as we enter 2021 and beyond.