To keep in perspective: a lot is being said in the press about real estate in the Bay Area, including a lot of foreclosures and short sales happening all the time. But really, when you add all properties combined, (houses and condominiums, townhouses, PUD’s etc…), what really happened to the market in our area in the past 3 years? I think simple graphs can help us understand how we fare here in the Silicon Valley. In the Counties of San Mateo & Santa Clara, let us look at a simple measure: the average sales price:
Individual Cities can be very different. For instance Palo Alto has the following history in the same 3 years, showing here in blue the average time to sell a home:
the variations in sales prices are not as steep as the averages in the County.
Let me know and I will prepare a study of your own City/ neighborhood.
Thanks for reading !