Mid Year up-date Bay Area Real Estate Market
Some "wow facts" about the Bay Area Real Estate Market right now
The Marin market shows contradictory signs. Prices are soaring and multiple offer situations are still bountiful, yet at the same time there are a lot of well priced inventory that are sitting there. It is random and hard to see a clear trend. Well priced luxury homes in Belvedere can be equally hard for sellers to get rid of as small condos in Marin Wood. But if we look beyond Marin County, this is what is happening:
"Oakland's housing market is still soaring even as growth cools in San Francisco, where million-dollar median home prices have left buyers searching for more affordable alternatives. The East Bay city had California's highest annual appreciation of home values and the biggest rent growth of the 50 largest U.S. cities as of June, according to data compiled by Zillow."
How much more and how much longer will prices go up?
This is what the President of the Local Market Monitor predicts:
"In ALL of the Bay counties, however, with the single exception of Solano, home prices are on the verge of being TOO HIGH - that is, in another few years they will be unsustainable and a bust, whenever that will happen, will cut prices sharply. I think prices will keep rising for the next three years, by 30 to 40 percent in much of the area, even as the tech boom slows. This means investors can successfully flip single-family homes for a few years, with the risk rising as time goes by."