You just knew that Boomers had to be good for something, and it turns out we are! We’re aging!
And because we’re aging, we’re making “housing moves to support our retirement”, although apparently not enough of us are aging here in Silicon Valley to give the “math and science professionals” trying to elbow us out a good selection of homes to choose from. Most of these true facts come from an 10/20 post on Move.com, Fastest Moving Markets Are Home to High Populations of Engineers and Baby Boomers, except for the part about Silicon Valley where, as I’ve reported before, inventory is tight and getting tighter.
The numbers confirm both high demand for local housing and declining inventory. According to Realtor.com data, the San Jose and San Francisco metros are the second- and third-fastest moving markets respectively nationally, with homes in both metros selling in an average of 36 days (and a lot faster than that in favorite neighborhoods), median listing price up 10 and 16 percent year-over-year, and inventory down 36 and 23 percent year-over-year and 29 and 5 percent month-over-month.
The secret to a speedy housing market, here and in other speed-burner markets like Denver and Seattle? A growing technology industry and “large populations of engineers and baby boomers”, sez Move.com.
Well, I won’t deny that tech has a presence here in the Valley, or that we’re graced with a few engineers, or that we still have a few Boomers hanging around for no apparent reason. What I will deny is that vacating Boomers are fueling the rip-roaring Silicon Valley real estate market. In fact, I’ll suggest that Boomers who refuse to gracefully vacate the Valley, or even the rancher they’ve occupied for twenty or thirty years, are a big reason why this market moves so quickly. There is no inventory. And because there is no inventory, and plenty demand, the few homes that reach the market get snapped up quickly.
So I have a suggestion: all us Silicon Valley Boomers should do our part and retire to someplace nice–someplace almost everyone dreams of retiring to–California. Especially the Bay Area. I hear Silicon Valley is nice.
copyright © John Fyten 2014