Has the Silicon Valley housing market reached a bottom?
No one knows for sure, but figures released Thursday provide some tantalizing clues.
More Silicon Valley homes changed hands last month than in March 2008; it was the fourth consecutive month the county’s sales have outpaced their prior-year levels. And after months of big declines, the median price of the houses sold hovered in the low $400,000s for a third month in a row.
“What we are seeing is signs you would expect to see prior to prices leveling off,” said Andrew LePage of MDA DataQuick, a real estate information firm that released March Bay Area home sales figures Thursday. However, “given all the different countercurrents and all the uncertainty out there, you don’t want to point to three months and say, ‘Ah, we’ve hit bottom.’ “
Although Pralay sent this in a week ago, I figured I’d post it today so that people could spend some more time reflecting on this news, before commenting on it.
Personally, I know from the NAR radio ad (the guy digging, who hits a sprinkler) that you can’t find the bottom. It’s impossible.
But still, this is great news. Now, I might have been too optimistic last year with my predictions, but would I be so off to say that we can expect a healthy 9% YoY appreciationg in 2010? Then back to 15% by 2012 when green tech is in full swing?