Bay Area Home Price Gain Continues to Slow

Bay Area
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Second smallest gain since Q2 2012.

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Q2-12 was a great time to buy.

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The next 12 months will also be good time to buy I think.

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California is the bottom of house appreciation this year. Leaders are Las Vegas, Phoenix and Tampa. It smells like 2004-2005. Maybe it’s time to buy LV and PHX

“And at 1.4 percent, San Francisco ranked second to last in terms of year-over-year gains in value across the county, outperforming San Diego and Los Angeles which both recorded gains of 1.3 percent.”

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Bay area home prices are in bubble territory. Any economic challenge, and prices would tumble by at least 20-30%. Its already down by 10%. Sell now if you are considering to leave.

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Are you waiting to buy when it drops 20-30%? Economy is slowing.

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May be depending on the rent vs buy situation at that time. TBH there are many places with similar relative job opportunities and 5x cheaper houses. With so much gap between Bay Area and others it a matter of time that the pressure will break things apart.

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For example, Austin :grinning:

@manch Listen up :slight_smile: Persuade your wife to open her eyes and welcome new opportunities elsewhere.

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You want her to divorce me? :cold_sweat:

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You never know. They may be s blessing in disguise.

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Talking about yourself or @manch :face_with_hand_over_mouth:

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good homes are still seeing multiple offers and are selling way above list price.

list 2.2, sold 2.6
https://www.redfin.com/CA/San-Jose/909-Cherrywood-Ct-95129/home/1049244

list 1.4 sold 1.525
https://www.redfin.com/CA/San-Jose/4993-Bel-Estos-Dr-95124/home/599475

list 1.78 sold 2.15
https://www.redfin.com/CA/Cupertino/1121-Milky-Way-95014/home/1075641

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In a hot market, even garbage homes sell like hot cakes. Market is no longer as hot as two years ago is the consensus it seems.

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I sold mine in a single open house .

The open house was like a county fair

https://www.redfin.com/CA/San-Jose/15251-Winton-Way-95124/home/1037089

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I don’t know the San Jose zip codes, but…

…there’s no way that this 1190 sqft house could appraise over $2m. It’s not even a big lot.
27 days escrow. Cash or 50% down? IMO, someone overpaid. Most closed sales tell a different story.

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Is Cupertino MVHS neighborhood :smiley:

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Do you think you sold it for the same price as what this would have fetched in Feb of this year? Or Feb 2018?

If I may ask, since I don’t see any txn where you bought it in recent past and then flipped, was this a joint venture with the owner?

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so is mine, and a lot of other listings…

Anyway, I see now that the neighbor (same model/ size) in original condition sold for 1.8m, so it starts to make sense. I don’t know that particular neighborhood, I will admit it.

It could also be that the smaller houses find more demand and price gets pushed up.

The following 2 are also MVHS:

https://www.redfin.com/CA/Cupertino/10330-Tula-Ln-95014/home/1754955
remodeled, 3060 sqft, listed $3m, yesterday price cut to $2.9m.

And there was a 3700 sqft house… had been listed for $3.2m, closed recently for $2.85m:
https://www.redfin.com/CA/Cupertino/20945-Hanford-Dr-95014/home/1216270

Check the listing history: even after an aggressive 300k (!) price drop, they could not get full price.

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Land price = $300 x 9133 = $2.734M

Land price = $300 x 6155 = $1.847M

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awesome… I will forward a deep link to your comment to my lowballers… depending on which source to believe, my lot is over 10k sqft, or 9800 sqft… house is remodeled… should have no problem fetching $3m then

I’m sending you a PM

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