Bay Area Home Sales Up, Bay Area Median Price Down
October 30, 2008
September was a very interesting month in terms of the real estate market in the Bay Area. The month of September saw Bay Area home sales fly above the record-low levels of a year ago, marking the largest gain in over six years. However, the median sale price headed in the opposite direction, diving to $400,000. That is nearly 40 percent below its summer 2007 peak, according to San Diego-based DataQuick, a real estate information service.
Let’s discuss both scenarios and possible reasons behind their ascent and descent. Last month’s 45 percent year-over-year sales gain was the highest for any month since April 2002. At that time, sales catapulted 49 percent. However, the numbers from last month are somewhat misleading. The jump is partly the result of the exceptionally weak activity in September 2007, a record low for that month in DataQuick’s statistics that tracked data back to 1988. A number of factors contributed to the low numbers from a year ago. Sales plunged after a credit crunch struck in August 2007, making mortgages harder to obtain. In addition, entry-level sales were already suffering from the subprime meltdown earlier in 2007.
The second scenario is the continued decline in the Read more
Dublin, San Ramon, Danville, Pleasanton, and Livermore’s End of September Real Estate Update
October 6, 2008
This graph consists of real time inventory numbers for Danville, Dublin, Livermore, San Ramon and Pleasanton. Here are the active real estate housing stats for the Tri-Valley cities for the end of September.
A True Juggling Act – What should a Tri-Valley Buyer or Seller Do in this Real Estate Market?
September 15, 2008
At open houses… at listing presentations… at dinner parties… I get asked the same question everywhere. “When are we going to see this real estate market turn-around?” Good question. I wish I had a concrete answer.
I monitor the various media sources and do diligent research daily. The flip-flopping of opinions that occurs on this issue is prevalent. One day, reports claim that the market is doomed for the next few years, and the following day information appears that indicates a recovery will ensue.
The bottom line is that there are too many dynamic factors to make a case for either side at this time. In recent history, it would be fairly simple to throw out a line, “Well, I don’t have a crystal ball, but in my opinion Tri-Valley home prices will level off in the foreseeable future.” Now, I don’t even feel comfortable giving likely scenarios.
My prediction unease is market-dependent and well-founded. No one does have a crystal ball. Especially not now. In my opinion, there are Read more
Dublin, San Ramon, Danville, Pleasanton, and Livermore’s End of August Real Estate Update
September 2, 2008
This graph consists of real time inventory numbers for Danville, Dublin, Livermore, San Ramon and Pleasanton. Here are the stats for the Tri-Valley cities for the end of August.
Why the Housing Market Will Recover in the Near Future
August 25, 2008
Today, I am going to give you hope. Do you see the light? Well, at least after you read this blog you may see a potential glimmer. This is part 2 of 2 for a blog series reporting on opposing views of the direction of the housing market. My previous blog identified various reasons ‘Why the Housing Market Will Not Recover in the Near Future.’ This blog will focus on the support for a turn around in the market.
Here are five reasons why the housing market will show new life in the near future:
- Prices are Falling at a Slower Rate
- Pending Home Sales Recently Increased
- Website Traffic Has Increased
- Loan Mitigation
- Government Intervention
Prices are Falling at a Slower Rate
There are numerous areas across many regions of the country where home prices are now falling at a slower rate. This is after nearly two years of decline. Most areas in Northern California that I conduct my business in, like San Ramon, Dublin, Pleasanton, Danville, and Livermore are Read more
