Last trimester of 2018 showed a steep decline in sales prices that translated into a false sense of hope for buyers. Many sellers had cold sweats while selling their properties for less than expected and buyers felt a renewed sense of happiness for getting a “good deal” and they did! A similar condo sold $100,000 more in March 2019 than in November 2018!! House prices dropped but have rebounded in leaps and bounds. When you hear of 22 and 30 offers you can’t possibly think it is a buyers’ market! Looking at the latest sales I have noticed a few properties selling $300,000 and more over asking and setting new records. Who thought a small under 1000sqft, 2beds/1bath home in El Cerrito would sell for $1,211/sqft?? Yes this is a new reality.
News of potential IPOs is creating a real estate frenzy.
Interest rates are at a historically low rate, hovering around 4.25% in March. For details on the financial market please contact:
The Real Estate Market Analyzed
Median Sold Price of Existing Single-Family Homes for the San Francisco Bay Area:
January 2019 $836,000
February 2019 $867,000
A closer look at different Bay Area counties confirm that same uphill trend From January 2019 to February 2019:
Alameda: $826,000 $860,000
Contra Costa: $595,000 $649,475
Marin: $1,149,500 $1,290,000
San Francisco $1,376,500 $1,505,000
Please forward this blog to anyone you think might be interested in learning about the real estate market or is thinking about buying or selling. I am most grateful for any recommendations you might have to buyers and sellers.