Santa Clara County Single Family Median Home Prices Jump Even Higher – 35 Percent In One Year
Most people attribute the phrase “What goes up must come down” to Isaac Newton. In the real estate market here in the San Francisco, San Jose and Peninsula areas that saying could be flip flopped, turned sideways and spun around and what would that mean to homeowners or possible home sellers?
Some Bay Area home sellers continue to take advantage of the low inventory and rising sale prices. Consider these key figures comparing the single family homes sales from January 2012 to January 2013
In January 2012 the Median Price for a San Mateo County single family home was $580,000 while January 2013 saw that number rise to $695,000 – that marks a 20% increase.
In January 2012 the Median Price for a Santa Clara County single family home sat at $490,000 while January 2013 saw the median price dramatically jump to $660,000 – that signifies a whopping 35% increase.
Those numbers get even more startling if you look at the condo/townhouse prices.
In January 2012 the Median Price for a San Mateo County condo/townhouse registered $318,000 while January 2013 saw that median price leap to $415,000 – that marks a 31% increase.
In Santa Clara County for January 2012 the Median Price condo/townhouse was $273,000 while January 2013 saw the median price dramatically jump to $425,000 – an incredible 56% jump.
Either people have short memories or they just don’t wish to think about what happened from 2004-2006 when prices shot up at ludicrous speed.
Sure, we take into consideration that prices did tumble a significant amount when the bubble burst but these dramatic price gains may have buyers and homeowners asking some questions.
Buyers continue to ask, “How high over listing price should I offer?”
For homeowners who are thinking about selling or maybe just sticking their toes in the water by trying to sell as a FSBO they might be doing themselves an injustice. Does everyone think that the startling price gains will continue? Will the numbers slow down? Will they flatten or maybe even tumble again?
For a homeowner it comes down to motivation and realism. A homeowner might ask “Do I have to sell or do I want to sell?” If a homeowner would like to take advantage of these price gains then it might be time to jump in the market. Like stock investors too many people make the mistake of trying to “time” the market and sell at the apex. We might not be at the apex but the recent price gains look like we might be pretty close.
For a view of other Bay Area counties and statistics click on the link below