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San Francisco House & Condo Prices Fall

By Patrick following x   2018 Dec 6, 5:59pm 242 views   9 comments   watch   sfw   quote     share    


https://wolfstreet.com/2018/12/05/san-francisco-house-condo-bubble-prices-fall/

House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.

In San Francisco, the median price of single-family house sales that closed in November fell to $1.435 million. This is down a blistering $265,000 or 15.5% from the crazy peak in February of $1.7 million – a time when only the sky was the limit. And down by $60,000 from November 2017. This puts the median house price below where it had first been in May 2017. Note the steep slope from the peak in February:



...

Sales volume for all types of dwellings combined fell 14% in November, compared to a year ago, to 444 homes.

In San Francisco as well as the counties of San Mateo and Santa Clara, which make up Silicon Valley, the underlying dynamics of the housing market changed last summer and have since taken a more serious turn for the worse. These median selling prices show that the underlying dynamics have come to the surface.
1   DASKAA   ignore (3)   2018 Dec 6, 6:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

OMFG, the end is nigh!
2   Patrick   ignore (1)   2018 Dec 6, 6:15pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

My feeling is that the declines in SF Bay Area housing will continue for a few years at least.
3   lostand confused   ignore (0)   2018 Dec 6, 6:53pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Could be an orderly decline maybe? Who knows??
4   curious2   ignore (0)   2018 Dec 6, 7:15pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Patrick says
My feeling is that the declines in SF Bay Area housing will continue for a few years at least.


I hope so. The high and unsustainable ratio of RE prices to wages & CPI must end one way or another. Either we will see CPI inflation or RE deflation. Debtors would rather see another round of inflationary federal interventions to monetize their debt, but I think policy should reward saving and investing rather than borrowing and spending.
5   theoakman   ignore (0)   2018 Dec 6, 7:34pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Orderly? I doubt it. These prices were never justified nor sustainable.
6   MrMagic   ignore (11)   2018 Dec 6, 7:41pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
My feeling is that the declines in SF Bay Area housing will continue for a few years at least.


So, when are you buying?
7   EBGuy   ignore (0)   2018 Dec 6, 7:45pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

We hit $1,333/sq.ft. in the East Bay. Welcome to crazy town.
8   mell   ignore (2)   2018 Dec 6, 8:58pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Not only will prices continue to fall but it also seems like people have finally figured out that SF is a shithole in many hoods and desperately needs a Giuliani style cleansing. Downton/soma/fidi getting worse by the day. People shitting on the street is now an hourly occurrence. New Mayor Breed is another leftoid con artist and she will accomplish nothing and make it even worse. Break out the popcorn.
9   just_dregalicious   ignore (0)   2018 Dec 6, 9:04pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Seems like everyone I talk to at work is waiting to buy a house here in SD / almost bought last summer so I don't think it'll drop fast for long. If by that you mean orderly maybe. If we get a decent recession and the money goes away I expect bigger drops.

SD tends to follow what the bay area does so I'm looking forward to some drop! So far just some asking price reductions and supply build up. Decently sized though!




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