Even though we have been bombarded with negative headlines for over a month, the housing market in the North Bay has remained strong. San Francisco Bay Area has seen over 30% growth for residential real estate since the pandemic! That is huge! It has been on a 10-year bull run. Even though real estate markets have historically been on a 7-year cycle, this wild ride has been constant for 13 years! Hard to believe? Look at the statistics for single-family home sales for May:
San Francisco:
Avg. sale price: $2,410,387 (April $2,502,144)
Avg. list price: $2,148,931
Avg. Days on Market: 18
Homes sold: 282
Menlo Park:
Avg. sale price: $4,009,035
Avg. Days on Market: 10 (9% over asking)
Foster City:
Avg. sale price: $2,529,181
Avg. Days on Market: 11 (18% over asking)
Belmont:
Avg. sale price: $2,925,721 (15% over asking)
Avg. Days on Market: 10
San Carlos:
Avg. sale price: $3,052,856 (13% over asking)
Avg. Days on Market: 7
San Mateo:
Avg. sale price: $2,302,186 (15% over asking)
Avg. Days on Market: 11
Burlingame:
Avg. sale price: $3,289444 (9% over asking)
Avg. Days on Market: 9
Most analysts believe that the secondary and tertiary markets will be hit harder going forward, and that prices will begin to come down slightly for every market. Sellers will need to get realistic about our new normal and Buyers will need to be patient. Buyers will still need to pull the trigger on homes they love when the opportunity arises.
If you are interested in getting into this strong wealth builder but have been disqualified for a loan now that rates have risen, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website www.sunpacificmortgage.com. We have been in business supporting California Homebuyers for 34 years with private mortgages. Our investors are standing by ready to make your dreams of home ownership come true.
