Bay Area home sales regaining momentum!Return to Blog
Bay Area home costs have begun growing, with careful consumers venturing once more into the market in the midst of low inventory and consistent demand. The middle deal cost in January for single-family homes rose, year-over-year, in Santa Clara, San Mateo, Alameda, and Contra Costa areas, as indicated by another Zillow study. The greatest risers were in tech-strong San Mateo, where the average sale cost expanded 6.3% to $1.47 million, and Santa Clara, with the cost up 2.7% to $1.21 million.
With high demand and scarce homes available to be purchased has been a steady refrain as the region sinks further into a housing crisis. Median home estimations made record gains somewhere in the range of 2012 and 2017, prior to hitting a break in 2018 and 2019. Longterm homeowners have seen their property value take off, while many would-be homebuyers have remained leaseholders or left the region. For buyers ready to get into the market, low-interest costs — floating around 3.5% for a standard, 30-year mortgage — have expanded purchasing force and spending plans. The low stock of homes available to be purchased has added a desire to move quickly for buyers, squeezing costs and making for quicker sales.
Deals fell in 4 of 5 center Bay Area counties, with just buyers in Contra Costa County buying a larger number of homes than last January. Home sales volume fell 8.7% in Alameda, 5% in Santa Clara, 4.2% in San Mateo, and 23.7% in San Francisco, as per Zillow. Operators state the market has begun to quicken in neighborhoods around business focuses. In Santa Clara County, costs rose year-over-year for the second consecutive month in the wake of falling unassumingly for close to 12 months.
First-time purchasers are at last house-hunting with demand developing among Silicon Valley tech workers, whose incomes were helped by a solid stock market until recently. An open house at a 3-2 home in Milpitas on the first few days of January drew in excess of 200 interested buyers in about than two days. The home, in a great school district, listed for $1 million, received around 10 offers and sold for $1.16 million.
Homebuyers stay busy in the East Bay, agents report. Significant expenses in Santa Clara and San Mateo regions have pushed numerous families to glance in increasingly affordable areas that despite everything have reasonable commutes to workplaces on the Peninsula. Turn-key prepared homes are speaking to youthful couples, with the common first-time buyers being two-salary couples, with proficient professions and young families. These kinds of purchasers live busy lives, and they're frequently reluctant or incapable to take a chance on fixer-uppers.
If you are interested in learning more about the market in your property’s region, how your property compares to recently sold homes, or even, discussing ways to prepare your property to be sold in the forthcoming months contact your realtor for life, Darryl Glass.
You can reach Darryl by phone at (510) 500-7531, by e-mail at firstname.lastname@example.org, or schedule a call with him directly on his calendar below: