Congrats to Bay Area for having highest median home prices!
Dec 07 sales price report
* Statewide, the 10 cities and communities with the highest median home prices in California during December 2007 were: Burlingame, $1,590,000; Los Gatos, $1,400,000; San Juan Capistrano, $1,125,000; San Clemente, $1,007,000; Santa Monica, $950,000; Danville, $949,000; Encinitas $900,000; Redwood City, $837,500; Santa Barbara, $835,000; and San Ramon, $750,500.* Statewide, the 10 cities and communities with the greatest median home price increases in December 2007 compared with the same period a year ago were: Los Gatos, 44.3 percent; Encinitas, 23.8 percent; Burlingame, 20 percent; Chino Hills, 16.4 percent; Mountain View, 14.1 percent; Redwood City, 10.9 percent; San Clemente, 9.9 percent; Moorpark, 7.2 percent; Santa Cruz, 5 percent; and South Lake Tahoe, 4.8 percent.
Congrats Bay Area!
Redwood City, you’re back in the Real Bay Area for now! Who knew that the median home prices there would be higher than Palo Alto or Cupertino! Go figure!
January 29th, 2008 at 6:27 pm
WTF? The median price in Menlo Park, Palo Alto, Los Altos, Cupertino, Saratoga are all higher than San Ramon and probably higher than San Juan Capistrano. Give me a break, that entire list should be Bay Area cities.
January 29th, 2008 at 8:43 pm
I agree… where’s Atherton, Hillsborough, Woodside, and Portola Valley? Can it be that they’re talking about the highest ratios of housing price:household income?
January 29th, 2008 at 8:47 pm
Scanned the article quickly—seems like those ARE straight house price numbers. Maybe they’re discarding data points from areas with very few sales.
January 29th, 2008 at 9:32 pm
But where would Palo Alto be in that case? There’s practically no inventory because it all sells as fast as it can come on the market.
January 29th, 2008 at 10:58 pm
The article does appear to have undergone only the most cursory peer review, if ANY… and there’s no method section… wait, where is it from, again? Okay, never mind.
January 30th, 2008 at 12:01 am
The jump in Las Gatos was so large that it must have been due to just a few atypical sales.
January 30th, 2008 at 11:34 am
There’s a bunch of McMansions going up near my place in Mountain View. They’re gonna be “from the low 900s”. I expect those to move about as fast as every other million-dollar Mountain View house – which is to say, they’ll still be on the market in nine months to a year.
Near my doctors office are more 900k condos. They’ve been finished for months, and a third of the units are still for sale.
But don’t let silly things like the facts get in your way – Stevo says to buy, so buy!
January 30th, 2008 at 2:54 pm
> But don’t let silly things like the facts get in your way – Stevo says to buy, so buy!
Yes, buy it..NOW! Before Spring. If you don’t buy your home before Spring, you will be “priced out forever”.
January 30th, 2008 at 3:27 pm
“The jump in Las Gatos was so large that it must have been due to just a few atypical sales.”
I live near Los Gatos. The jump is due to the fact that mid to lower range homes are not selling. Higher end homes continue to sell, but at reduced prices. Which skews the median.
I have monitored several properties in that area. The ones I recall most poignantly are a group of townhouses. At the peak of the housing bubble, their asking prices were between $750-800k. Listings have them now at $615k. (And they still aren’t moving)
A high end home I drive by frequently had three priced reduced signs on it before it finally sold.
Moral of the story: don’t believe the realtor BS. Because it is just that. BS.
A better gauge of pricing is a price per square foot which has been showing a steady decline for almost 2 years now.
January 30th, 2008 at 3:28 pm
Ahh – glad to see I’m still top of mind. Well, more justification that TRBA is pulling away from the pack!