$/sf Sold vs asked Avg Sold price Market Time(DOM)
May +.5% 113% $1.238M 11 days
June -9% 109% $1.194 12 days
July -5% 107% $1.105 15 days
San Mateo County
Apr +12% 114% $1.685M 11 days
May -11% 115% $1.534M 13 days
June +3% 114% $1.531M 14 days
July -5.5% 111% $1.481M 15 days
Alameda County
Apr +2.6% 112% $941K 14 days
May +3.8% 112% $976K 12 days
June 0 111% $987K 13 days
July -3.9% 109% $952K 24 days
Major reason is there are +10-15% more homes today available than 2017 same period. With more rate hike increase and inflationary concerns from Trade War
home prices can be more normalized. The local economy is still strong.
If you want bargains you will have to leave the area. The BA houses are still selling above asking.
In Placerville for example I can find deals 10% below asking.
Watch the price per SF prices for true comparison.
I think that cheaper houses sell faster. Thus the small houses drive the market. There is compression on pricing. So that a $2m house sells for $1500/SF and a $3m house selling for $1100/SF is a way better deal.
Even crap in Shoreview is selling for $1000/SF
I would not count on a price drop. Verdone and I fought county and city restrictions for 30 years. He still believes that enough more housing can be built. I know he is wrong. Redwood City is the perfect example.
25,000 houses could have been built at the South Works by now. Thanks to the Save the Bay environmentalists it will never happen. Same thing just happened in Brisbane. Local cities refuse new projects everyday. Many like the mayor of PA say just stop the jobs from coming. They don’t want new housing or more traffic…
I grew up in a city where land is probably 3x-4x or hell maybe 10x more valuable than palo alto (in $ amount), i know what you mean exactly, and know long term everything goes up, because of demand. I get that. But constant bullishness and ignoring short term trends is just weird You are all long term here, I get it
Most cities with valuable land allow organic growth up if necessary. These little BA cities refuse to allow even mid rise to allow density like in Europe or even Chicago or NYC. Consequently prices skyrocketed and traffic is a nightmare ( mass transit doesn’t work with spread out sfh suburban sprawl. Without a state housing high density mandate Peninsula cities will be become unaffordable and most will have to commute from the East Bay.
I mean… traffic is a real pain. I leave at 7, and can arrive at work in 9 minutes in no traffic, but when it’s traffic it could be as much as 25 minutes. It’s a lot, compared to 9 minute baseline. I live in the same city i work. Imagine going further. Could take a lot longer.
It really doesnt get better. Building up would probably keep people within the locality of their work place, but yoy should still prevent them from ysing their cars and encourage cycling and so on, it is actually practical but americans like their cars.
Here is another example of rabid stupidity on the left. I think they actually want a housing shortage to create more housing victims. Without constituents with housing issues they would be out of business.
The concept of building more housing to solve the problem is of no interest to them.
High enough density would encourage more people to walk, take public transit or Uber.
Another option is to have a cap on number of car registration each year. Reduce the number of cars allowed in the country by 50% every year and double the registration fee every year. In 10 years, traffic would disappear. Registration fee would have increased 1000 times and number of cars would have been reduced by 1000 times. What a revolution!
High density population and lack of cars would reduce crime as well.
More people would take public transit if it were better. In NYC, busses come every 5 minutes. On El Camino, they come every 30. What’s the point of building higher density along public transit corridors if the public transit sucks?
Don’t go there on capping cars.
Doubling the registration fee means hurting low-income people. And they are the ones who have to drive in from places like Stockton.
Best option is to restrict more office space if the housing stock isn’t enough to accommodate the workers.
Thank you for providing data