San Francisco Housing TrendsCompared to bay area markets we should feel blessed. Many of the bay area communities are seeing price declines of close to 45% from 2007-2008.
DQnews.com reports: The median price paid for all new and resale houses and condos combined in the nine-county Bay Area fell to $350,000 last month. That was down 6.7 percent from $375,000 in October and down a record 44.4 percent from $629,000 in November 2007, according to MDA DataQuick, a San Diego-based real estate information service.
My personal take on this is that Google, Apple, Ebay and Genentech and others have created a reverse commute by busing employees free of charge from neighborhoods in San Francisco to work and back to the city. Our relative housing stability and high rent rates relies on the health of the bay area tech industries.
We see Ebay and Yahoo firing and Google says it will lay off some of its 10,000 contract workers. That coupled with the credit crunch which is hurting startup funding and smaller tech companies. Many clients are preferring to go with the bigger companies because they are afraid that these small newly minted companies may not be around to service their contracts.
Housing Market ConditionsWith a Market Action Index as of December 14 2008 at 19.46, SAN FRANCISCO is currently a buyer's market.
Home Sales and Demand TrendsThe average property in SAN FRANCISCO as of December 14 2008 has been on the market for about 81 days.
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