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Are Bay Area Real Estate Statistics Fluctuating?

Have you been wondering what happened in the real estate market last month?  Below find some interesting facts regarding average sales prices for single family homes that might either surprise you or confirm your suspicions:

  • San Francisco: $1,840,343.  Down $126,907 from July
  • Menlo Park:  $2,744,629.  Up $159,895 from July
  • Foster City: $1,900,846.  Down $29,862 from July
  • Belmont:  $1,755,391. Down $29,784 from July
  • San Carlos: $2,223,333. Up $18,162 from July
  • San Mateo:  $1,738,810. Up $14,421 from July
  • Burlingame: $2,691,071. Up $27,759 from July

In general, the number of homes for sales fell, for example in San Francisco 509 homes sold in July 2019 and 406 sold in August 2019.  Likewise, the current inventory of active homes for sale fell slightly from 722 in July to 719 in August.

On the other hand, several agencies believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house, now may be the best time to put it on the market.  Below is a chart showing their predictions:

Are Bay Area Real Estate Statistics Fluctuating

Rest assured that there does not seem to be any big decline in real estate values soon according to these trusted prognosticators. 

Bottom Line:   Playing the waiting game may not be the best strategy if you are planning to sell or to buy in the near future.

If you need an alternative approach to mortgage financing, give Sun Pacific Mortgage a call at 707-523-2099.  We have a toolbox full of creative financing for those who do not quite qualify for a conventional loan.

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