Prices continue to flatten or decline slightly in most local markets, and activity continues to slow. What’s up?
“The Bay Area’s housing market has been extremely hot for some time now, but it has taken other parts of the country a while longer to get back on track from the recession. Now it seems that the rest of the nation has finally joined in the ‘house party’.”
Are single-family homes a better investment than condos and townhomes? Are neighborhoods with highly-regarded schools a better investment than neighborhoods without?
The intensity and longevity of this boom continues to amaze me, and this isn’t my first rodeo.
“Bay Area home prices are nearing their pre-recession all-time highs as sales all around the Bay soar, according to a recent report by CoreLogic, the La Jolla-based real estate information firm,” says Mike James of Coldwell Banker. I’m sure Mike knows that Silicon Valley prices equaled their previous peaks several years ago, then moved on from there. “The median price of all new and existing homes in the Bay Area in June (the most recent data reported) was $660,000, a 6.8 percent rise from a year ago and the highest level since prices hit their peak of $665,000 in June and July of 2007.” I’m also sure Mike knows that top-end Silicon Valley prices didn’t peak until early 2008.
I keep hearing from other agents–and I keep saying it myself–that the market has slowed this summer. But if this is slow, I’d hate to see what kind of speed records the market sets when it picks up after Labor Day.
We made another Top 10 list recently, and like all the Top 10s I’ve reported on, this one has baggage. We only came in seventh this time, not even a podium finish, but I still think it’s worth noting.