![]() Opinion: Let’s be bold about housing needs across the Bay Area “Some buyers don’t get it.” Related Articles Most homes sell as-is with no contingencies, and buyers often offer sellers weeks of free rent after a deal is closed. Buyers have to have financing lined up and be ready to act quickly, he said. Peninsula properties have been selling at premiums of 30% or more over list prices. About three dozen Silicon Valley homes have sold for $500,000 over list price in recent months, he said. “Business is just crazy,” said agent Mark Wong. It’s a guessing game.”ĭespite a small price dip in Santa Clara County from June to July, competition remains tight for single-family homes on the Peninsula. “Those buyers are tired of writing offer, offer, offer, offer, offer” and still losing, he said. Neidleman also senses some fatigue and nervousness among buyers with budgets between $1 million and $2 million. The dense housing complexes fell out of favor early in the pandemic, as homebuyers sought more space for work and health. Single-family home sales in the East Bay have remained strong, while condos have sat longer. “It’s all about location and presentation.” “The market is a little unpredictable right now,” said Neidleman, president of Bridge Association of Realtors. Oakland agent Jeffrey Neidleman said pending sales in the East Bay dipped about 20% between June and August. Condo sales have grown sluggish, with declines in sales and prices between June and July. San Mateo County prices rose 13.5% to $1.83 million, and San Francisco, reporting just two weeks of sales, went up 16% to $1.85 million.ĭemand remains strong for single-family homes, even as the latest surge in COVID-19 cases has dragged the economy and delayed office reopenings for major employers across the region. The hot markets: Santa Clara County prices rose 21% to $1.56 million, Alameda County rose 28% to $1.2 million, and Contra Costa grew 19% to $875,000, according to CoreLogic. Sale prices of existing Bay Area homes shot up 10% in July from the previous year. ![]() “We may see year-over-year declines, but it’s because last year was so strong,” she said. But monthly price dips between June and July in four counties, including Santa Clara and Contra Costa, suggest at least a seasonal slowdown.ĬoreLogic deputy chief economist Selma Hepp said a greater number of luxury and high-end sales - affordable to tech workers and professionals financially unscathed by the pandemic - could be driving higher median prices.įall might bring a relatively slight slow down, Hepp said, but only because 2020 was a boom year for U.S. Year-over-year prices increased in every Bay Area county, including by double digits in seven of the nine counties. Median prices for an existing home rose 22% to $1.16 million in July from the previous year, led by strong demand in Alameda, Santa Clara and Contra Costa counties, according to CoreLogic data. Bay Area home prices and sales continue to rise, even as buyers take time out for summer vacations and the new COVID-19 surge brings uncertainty to the economy.
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