As you know, I always say that by the time the media catches up with something, it has already happened!
Thinking of buying but waiting for the bottom? Timing perfectly is quite the challenge, wouldn’t you say? I’d settle for pretty close…
With this week’s Chronicle article and the info below, it looks like I was right! The bottom has already happened. I do love being right!
Of course, I’m sure you’ll be there to dispute me. How ‘bout we say, we have either hit bottom for San Francisco real estate or are darn close? Works for me!
DataQuick Information Systems reported today that the volume of sales of new and resale houses and condos in the nine county Bay Area increased 28.8 percent in April, compared to March. The month-to-month jump was the strongest for any March/April period since 1988 when DataQuick began collecting statistics.
The median price paid for a Bay Area home was $518,000 in April, down 21.4 percent from $659,000 in April of last year.
The figures for San Francisco are better and demonstrate the resilience of the local real estate market. Sales volume in April increased 6.5 percent, compared to April of last year and during the same period the median price fell only 5.1 percent.
To read DataQuick’s press release, click on the link below. http://www.dqnews.com/News/California/Bay-Area/RRBay080520.aspx