Jeff and Steve’s First Quarter Real Estate Market Snapshot
SF Peninsula & Silicon Valley: Q1 2015 Compared to Last Year and Five Years Ago
WILL WATER RATIONING MARK THE END TO THE RUN UP IN PRICES?
Lack of homes for sale was again the greatest factor in the first quarter on 2015. How long will the current bull housing market continue? That is the question that everyone is asking.
In the stats below, Los Altos Hills had the greatest increase in the number of closed sales over the previous year; up 35%. After an incredible run-up in ’99 and ’00 and a steep drop in ’01 and ’02, the Hills entered a long period of being unpopular, Now, compared with Atherton’s incredible appreciation, the area started looking like the bargain that it had become.
Sunnyvale had the highest number of new listings; a 34% increase over the 2014. Mountain View had the least days on the market; 13 days to sell!
Atherton had the highest median sales price of $7 million. That was a 154% increase from the same period last year!
Palo Alto had the highest percentage over list price received by the seller; 116.1%. In addition, Palo Alto also was the highest cost per square feet of home sold; $1,639. That was more than double what homes were going for in 2010!
How long will the current bull housing market continue? That is the question that everyone is asking. Now with water rationing in our future will this be the beginning of the end of the bull market?
We’ll let you know.
WANT MORE SPECIFIC INFORMATION?
The towns included above have diverse neighborhoods and prices. When we look at averages we get clues to the overall market, but not the details. If you would like an in-depth analysis of market trends in your particular town or neighborhood, simply call Jeff at 650/823-8057 or Steve at 650/450-0160, or email us: JeffAndSteve@apr.com, or visit our website: JeffAndSteve.com. We’ll be happy to help!