I didn't believe it, base on personal experience as a residential real estate Broker, but this graph shows the Median Price of SF Bay Homes Are Heading Down! What is interesting, these residential properties also include the “barometer” for SF Bay Homes; Palo Alto. Palo Alto has dropped in median sale price the most too, which is amazing.
The leading indicating force behind all real estate in the SF Bay Homes real estate market has always been Palo Alto. Realtors have always kept an eye on the Palo Alto real estate market because they knew within 30 days of what was happening in Palo Alto would show up in the surrounding towns like; Redwood City, Redwood Shores, Belmont, San Carlos, and Santa Clara, CA.
If you look at this graph you will see most of the towns on the San Francisco peninsula follow the same direction for the median sale price as Palo Alto. It shows on May 1, 2013 the median sale price of single family homes were: California – $369,000, Redwood City, CA – $930,000, San Mateo, CA – $826,000, Mountain View, CA – $1,230,000, and Palo Alto, CA – $2,070,000.
Moving forward to August 1, 2013 you will see these number decline, except in San Mateo and Mountain View to: California – $383,000, Redwood City – $888,000, San Mateo – $920,000, Mountain View – $1,290,000, and Palo Alto – $1,740,000.I expect this trend to reverse itself, starting with the Spring market after Super Bowl Sunday 2014. SF Bay Homes are expected to continue rising in median sale price for the next 3-5 years according to the Wall Street Journal. The main reason being is the jobs that are available to people who aren't available in other parts of the United States. As a fact almost 18% of all jobs filled in the United States in 2012 are right here in the SF Bay Area.
Don’t get comfortable or expect this trend for median home prices to continue. I expect the trend to start heading upwards. We have a large number of people moving to California and San Mateo and Santa Clara counties in particular who will need housing. This will create a bigger demand for residential homes in many areas like Redwood City, CA, Belmont, CA, San Carlos, CA Santa Clara, CA and Redwood Shores, CA.
If you would like to take advantage of this real estate residential market now would be a good time to call your Broker or Cliff Keith and Team using the contact information found in my Patch profile. You will be glad you did.