Menlo Park agent Billy McNair has seen some clients pause their searches after the January drop in tech stocks.
#Bay area housing bubble 2021 professional
Some tech buyers took a step away from house-hunting, as recent stock market gyrations have cut into the personal wealth of professional couples. He has often helped buyers make pre-emptive offers to try to get ahead of the competition. East Bay homes now regularly sell above listing prices - something unusual in many communities pre-pandemic. Rubenstein has had clients visit more than 20 homes who are still unable to win a bidding war. “There’s low inventory, but there’s still enough demand,” he said. biotech, non-tech layoffs jolt Bay Area with 900-plus job cuts.
Matt Rubenstein, a Walnut Creek agent, compared the market to musical chairs, where buyers rush through open houses and elbow their way into a deal. Bubble watch: California housing ‘affordability gap’ near pre-crash levels. Condo sales have also started to rebound, up nearly 8% to a median price of $749,000, according to CoreLogic.īay Area agents report furious demand, with buyers searching in affordable neighborhoods that would have been less desirable pre-pandemic. The number of homes sold even ticked up slightly from the previous December. “Everywhere you look, they had reasons to buy,” she said. Millennial homebuyers have become a greater portion of market in recent years, as young families looking to settle into their first home found low interest rates and remote work careers that demanded more space.
The suburbs remain more attractive than core cities, with home values in San Francisco increasing just 2% from the previous year, while Santa Clara County values grew more than 20%. Potential speed bumps - the prospect of higher interest rates, the COVID-19 omicron surge and holiday distractions - didn’t slow down buyers. Record low numbers of homes for sale are driving bidding wars and putting sellers in command of the market. Six of the nine Bay Area counties saw increases greater than 10%, according to sale data. San Mateo remains the region’s priciest county.Ĭontra Costa County home prices jumped almost 10%, to $795,000, from the previous December, and San Francisco edged up 2% to $1.58 million. The rising prices were led by Santa Clara County, up nearly 24% to $1.55 million, followed by Alameda County, up almost 16% to $1.1 million, and San Mateo County, up 12% to $1.68 million. The median sale price for an existing single-family home in the Bay Area rose from $939,000 last December to $1.1 million in December 2021, according to CoreLogic and DQNews data. “The market’s carried over from last year,” said Santa Clara agent Alan Wang. Median home prices in the nine-county region rose 17% in December to $1.1 million, continuing the year’s white-hot market driven by few houses for sale and a flood of new buyers willing to join bidding wars. The Bay Area real estate market finished 2021 with sales and home values climbing at their fastest rates since the pre-pandemic frenzy of 2018, back when the typical home price was still under $1 million and a few suburban bargains remained.
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