“Bay Area’s housing prices buck national trend, Median cost is up 6.6%, driven by strong upscale market, but number of homes sold is down 20%” (source: SFGate)
“-The Bay Area appears to be shaking off the nation’s housing doldrums.
Local home prices are still going through the roof, even though far fewer properties are changing hands. That contradicts the national real estate trend of slumps in both price and sales volume.
Why does the region’s housing seem to defy gravity?
It’s the wealth effect.
-Marin County established its own record with a median home price of $1,010,000 — the first county in California to pass the million-dollar mark…
-The median price for a single-family home nationally was $215,300 (Bay Area is $720,000)”-SFGate
It appears the word on the streets is now hitting the media. Thanks D.L. for the link!
–“Bay Area’s housing prices buck national trend, Median cost is up 6.6%, driven by strong upscale market, but number of homes sold is down 20%” [SFGate]
–Stats & Numbers [sfn BLOG]
–Tour de San Francisco (real estate) [sfnewsletter’s tour of San Francisco’s Micro-Markets]
Alex – The market is indeed a SELLER’S MARKET. No matter how much other bubble blogs focus on declining prices in crappy location such as overbuilt SOMA, the truth of the matter is that where people actually want to live, prices are going through the roof, and up more like 8-10% over the past 12 months.
I feel sorry for renters, but not sorry for those who were talking out of their a**es :)
Let the good times roll!
http://www.socketsite.com/archives/2007/04/location_location_and_kitchen.html
Not sure I’m buying what you are selling Boom.
Median up, sales down… everybody agrees the concentration of buying is occurring at the top, not the bottom or the middle.
If people aren’t buying at the bottom or the middle, sooner or later that’s going to have a dampening effect on the top. Real estate is cyclical, it always has been, and always will be. We are near the top of the biggest ride in history. No one knows the exact moment it will go down, but I think you are crazy if you think SF is going to continue to see 8-10% appreciation while the rest of the country goes bust.
I definitely do think SF will be up another 5-10% this year, depending on location. The economy is booming.
Sure, overpriced SOMA and other Tier 3 locations are lagging, but everywhere else, there are bidding wars.
This house is already in contract after two weeks at $3.85 million! WTF. It has no backyard, and the layout was quirky.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N698397791,-N206755,-N,-A,-N8639308