Received another informative article from Val Krysov, long-time Real Estate Broker about the Bay Area’s real estate market. Summarizing his and other recent articles about San Francisco real estate, we can see declines in sales and values have been predicted. However, based on the latest statistics for sales of single-family and condo residences at the start of the year, there’s no obvious signs of deceleration. Val’s data supports the market still being strong:
San Francisco Single-Family residences:
- Ave. sales price: $1,848,077
- Days on market: 46
- For sale at end of month: 218
- Sold: 93
Menlo Park Single-Family residences:
- Ave. sales price: $3,337,900
- Days on market: 25
- Sales price=asking price
Belmont Single-Family residences:
- Ave. sales price: $1,870,000
- Days on market: 41
- Sales price=4% above asking
San Carlos Single-Family residences:
- Ave. sales price: $2,242,000
- Days on market: 39
- Sales price=2% above asking
San Mateo Single-Family residences:
- Ave. sales price: $1,743,769
- Days on market: 30
- Sales price=2% above asking
Burlingame Single-Family residences:
- Ave. sales price: $2,296,875
- Days on market: 34
- Sales price= 2% above asking
This report does not bear out some of the more depressing forecasts touted by the predictions. Perhaps, because of the lack of inventory in these cities we are not seeing prices drop as precipitously as they might and Investors and homebuyers still see these areas as strong real estate investments.
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