Jeff and Steve’s Mid-Year Real Estate Market Snapshot
SF Peninsula & Silicon Valley: Mid-Year 2015 Compared to Last Year and Five Years Ago
A SLOWING MARKET?
Some real estate commentators have reported that the current market has “changed”. The market is always changing as it cycles through the year. Many people are surprised to find out that from mid-June to the end of July is normally the second slowest part of the year after the winter holidays. Children get out of school and families travel, as we have become more and more like Europe in how we vacation. So currently there is a slight reduction in market activity. Properly priced homes are still receiving multiple offers, albeit with a slightly reduced number of offers per home. Most homes continue to sell for well over the asking price. And inventory remains low in the communities below.
ARE WE IN A TECH BUBBLE?
Venture capital firm Andreessen Horowitz doesn’t think so. In a recent lengthy slide presentation they concluded that unlike the 2000 tech bubble, current start-ups and IPO’s are companies with real products, sales, and revenues. Therefore, any catalyst changing the local real estate market is likely to come, at least partially, from outside of the Bay Area. Keep your eye on the European Union, and locally the drought.
We hope you had a glorious Fourth of July holiday, and that you have a wonderful rest of the summer!
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!