Friday, January 06, 2006
Bay Area Housing becoming more affordable?
Things are definitely cooling off with the housing market in the San Francisco Bay Area. To spotlight a particular statistic, the median closing house price in San Mateo County has fallen from a peak of $922,000 in April 2005 to $820,000 in December 2005 according to Creekside Realty. The median is determined by looking at all the homes that sold, and finding the house where there are just as many homes sold above that price, as below that price. It's not an average.
It will be interesting to see whether this will continue to be a trend or if it's just a short term phenomenon. But either way $100,000 is nothing to sneeze at.
Most newspapers tend to focus more on year to year changes, so we may not see this in the press until April or May. The median closing price in San Mateo County in December 2005 was still above the December 2004 price, so many may still report increases in home prices.
It will be interesting to see whether this will continue to be a trend or if it's just a short term phenomenon. But either way $100,000 is nothing to sneeze at.
Most newspapers tend to focus more on year to year changes, so we may not see this in the press until April or May. The median closing price in San Mateo County in December 2005 was still above the December 2004 price, so many may still report increases in home prices.
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Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!
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