Finally, my area too !
The market got active again. Inventory in PA is down to 48 according to redfin. It looks like people have adjusted and are comfortable on both sides.
Just saw a 25M Atherton home go pending.
That’s a completely different market, though. That just tells you that people are still rich.
If you see the other thread that shows this home
See the activity records, 74 Fav and 10000+ viewers at 17M list price level
That is true, but activity at the really high end is an indicator on some level. To be frank, it’s my gut feel. Inventory is down in PA, MP, and MTV. When the OPT clear out and get taken it means the market is no longer stalling.
Entry level PA is 2.5. At that price point its slim pickings. Some would say that’s for rich people too!
I wonder if anyone on here was one of the 74 favorites.
You jumped at the right time! Don’t worry.
74 fav is just the curious crowd.
I am sure, you are one among the 74, but not me ! How about 10220 views ! It is rare to see 10k views for a home.
even more curious crowd When price tag is 18M, it’s definitely taking attention. I wonder if anything popped up in news too.
Pretty sure the buyer of that property is not on Redfin. 74 likes is all from this forum
The 10k views is from forum members showing to friends
I was all of the views myself. Constantly refreshing.
I heard another house that sold at listing (nice house too, and it’d have sold for way more normally).
The housing market is slowing down (Aside from that sunnyvale house :p)
Bay Area home prices reached a new record in March with median sales topping $820,000, continuing an unprecedented six-year streak as buyer demand outpaces the supply of available homes.
The nine county region set year-to-year sales price records, led by a 33 percent increase in Santa Clara County, according to report released Tuesday from real estate data firm CoreLogic. San Mateo County prices jumped 25 percent, Alameda County rose 11 percent, Contra Costa prices jumped 8.4 percent and San Francisco grew 11.8 percent.
Overall, median prices for Bay Area homes sold in March jumped nearly 15 percent in the last year. The booming tech sector has driven the region’s job growth, but new construction has failed to keep pace.
CoreLogic analyst Andrew LePage said the recent record highs show a new mix of housing sales, with more mid- and high-end homes on the market. “The inventory of more affordable homes is so limited,” he said.
How hot is the region’s housing market?
Median home sales in the Bay Area have risen every month for the last six years, according to CoreLogic. Sale prices have jumped by double-digits in each of the last eight months. Home sales of more than $500,000 accounted for nearly 78 percent of the transactions, an increase from 72 percent in March 2017.
Sale prices continued to smash records last month. The median price reached $1.2 million in Santa Clara County, $1.32 million in San Mateo County, $1.3 million in San Francisco, $810,000 in Alameda County and $591,000 in Contra Costa County.
Tim Ambrose, a broker with Berkshire Hathaway and president of Bay East Association of Realtors, said he recently had a client miss out on a home in Hayward after bidding more than $100,000 over the asking price.
The busy spring and summer buying season looks to be more of the same, he said. “I see it as challenging for buyers,” he said.
Feel free to show me newspaper text
I am seeing more houses on market staying longer, and selling at list or near list (and selling at a price i’d think less than it’d sell for based on comps).
News follow the market, not the other way. if things stay this way, in 2-3 months you’ll see news about opposite.
You do not trust the sources? Just one month before from Mercury News and SF Chronicle.
Following things need to happen one by one:
- S&P (or nasdaq) drops below 20% from Jan 26th peak (first to happen)
- Companies start hiring freeze (like GOOGL, FB, AAPL, NFLX…etc)
- Small companies file bankruptcies/bankruptcy protection (SNAP, LC…)
- Big companies start lay off (little later…)
Unless S&P drops another 10%, companies ban on hiring and then go for lay offs or company foreclosures, BARE is not going to stop other than temporary setback (Nov-Jan) after reaching crazy heights.
Then, you see real estate deals.
I don’t think these things are inconsistent. Houses are going to hang on the market if people price them at or above ask. If you price them 20% below, you’ll have 40 bids in a week and you’ll get that same price, maybe a bit more. What I feel like I’m hearing is that sellers have gotten used to asking higher prices.
The point is different price bands are starting to slow down.
Now 2.5-3.5 range is slow. 3.5+ is not moving at all.
You can still see houses selling < 1.5M, or even 2, but they will also slow down.
There’s relation to stock prices, but that assumes perfect market where stocks move the same pace as RE. Not always the case. In the past years, most stocks lingered, housing market went up a lot.
Anyway - i am just telling my observation. A bunch of entyr level SVL houses in non-desirable parts of SVL are also not selling.
Ok. Observing price bands is interesting for sure. I don’t see a difference in RWCs 2.5-3.5 price band, but I only tangentially watch it.