DataQuick signals a change in our Market, but is this your signal?
Wednesday, August 20, 2008 | Comments Off
DataQuick Article show promise of a changing market and
a home buyers opportunity
News from DataQuick today shows an increase in Bay Area sales over from
last months numbers but as the article states we are obviously down from
2007(year to year) numbers, still down from the inflated numbers over the
last few years. Look at the Santa Clara County figures.
| Sales Volume | Median Price | |||||
| All homes | Jul-07 | Jul-08 | %Chng | Jul-07 | Jul-08 | %Chng |
| Alameda | 1,577 | 1,428 | -9.4% | $605,000 | $440,000 | -27.30% |
| Contra Costa | 1,328 | 1,730 | 30.3% | $599,000 | $350,000 | -41.60% |
| Marin | 306 | 277 | -9.5% | $887,500 | $770,000 | -13.20% |
| Napa | 85 | 125 | 47.1% | $614,500 | $440,000 | -28.40% |
| Santa Clara | 1,910 | 1,660 | -13.1% | $700,000 | $585,500 | -16.40% |
| San Francisco | 564 | 609 | 8.0% | $799,000 | $749,000 | -6.3% |
| San Mateo | 728 | 648 | -11.0% | $800,000 | $670,000 | -16.30% |
| Solano | 408 | 592 | 45.1% | $415,000 | $275,000 | -33.70% |
| Sonoma | 517 | 517 | 0.0% | $520,000 | $362,500 | -30.30% |
| Bay Area | 7,423 | 7,586 | 2.2% | $665,000 | $470,000 | -29.30% |
(source DataQuick information systems
The article points to another signal that our local market has turned.
Buyer are finally starting to see a great opportunity and are taking advantage of it.
Sales of distressed properties REO’s and short sales were the leading the the charge.
Buyers are sitting on the sidelines waiting for a signal (BIG RED FLAG).
Interpretation; Yet another signal that the time is right for buyers who have
been waiting for a sign of a changing market. Sure there are many other people
who will lose their home(god bless them) but ultimately a decision to buy a home
should not be based on the wave of foreclosures to subside but based on finding
the right home for you at a great value(relatively speaking).
Finally the article does cover some other information in terms of lending practices
comparisons of today’s market to the 2005 figures but the message
is clear.
Check out the article for yourself:
Bay Area home sales climb above last year; median price falls hard
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