To piggy back on my last blog, let's look at values in our part of the Bay Area of San Francisco (Silicon Valley).
To keep some perspective on the market in our counties, let's look at the graphs (past 2 years) of the average sales price for residential housing (houses, and PUD's combined, which include all townhouses and condominiums),
in the County of
Santa Clara first:
(click on the graph to enlarge)
For this County, the ratio of the Sales Price to the List Price follows the curve below, which shows that from March to May of 2013, the market was the most heated:
------------------
Looking at the County of San Mateo, for the same statistics:
... and the ratio of Sales Price to List Price, which shows that in that County the market remained even more heated and unbalanced than in the County of Santa Clara, for the 2nd half of 2013.
A few things to note:
- another thing to remember when looking for a home in both Counties is that as an average, prices are higher in San Mateo County than in Santa Clara County;
- the overbidding was just starting to warm up in 2012;
- finally, something that is noticeable from the stats is that prices did not go down much at the end of each year, from the highs of the middle of the year. This is somewhat of a new phenomenon that I had mentioned in an earlier
blog (last year in November).
Interested in local statistics for your own neighborhood, and the value of your assets? Just let me know, I'll be glad to study it.
Thanks for reading!
Francis
Silicon Valley real estate specialist
Detailed, local trends etc...
Current
mortgage rates
A place worth noting:
Our Brother's Home in MountainView
"Housing in Silicon Valley is in high demand, and there's a significant need for our employees and our community to have more options," said Ames Center Director Eugene Tu. "Plus, this housing will mitigate some of the increasing traffic and air emissions in the region."
