As I update this amazing graph every year around the month of April - May, I cannot stop being amazed at the evolution of prices in our corner of the world.
This graph makes me think somewhat about the technical progress of the past 3 decades - also unique to our generation. Although obviously it is not in direct correlation to scientific discoveries, since it is a reflection of other factors like supply and demand, economic upticks and downturns and geographic particularities, the graph is as extreme in its own way, and covers a time frame that is the same.
Click to see a larger graph.
What happens after the end of 2016? For now the market is still a strong sellers' market in most of the US regions.
Nationwide the median home value is now higher than right before the "Big Crisis", at $198,000, according to the April Zillow® Real Estate Market Reports (Svenja Gudell article).
However, let's not forget that this is not true of all of the US: in 17 of the 32 largest metropolitan housing markets prices are still below-peak (like in Las Vegas, Phoenix, Miami).
Here in the Silicon Valley the market remains very much a seller's market. At this point, I believe the annual appreciation will be easily around 6-8%. The areas with the lowest average prices may even show a higher rate of appreciation. Multiple offers are the norm, and cash is king...
Thank you for reading,
Francis
Trends: Local prices and graphs.
Check your Home Value
A worthy local non-profit to remember: Community Services Agency in Mountain View
Check your Home Value
A worthy local non-profit to remember: Community Services Agency in Mountain View
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