Bay Area

[TheGreenBanker]

I am wondering out loud if home prices are starting cool as we get to the end of the year?

[sfsfr]

It has gotten hotter, not cooler, due to extremely limited inventory. This site has a nice monthly analysis of the Bay Area housing markets: http://cbsfbaymarketwatch.wordpress.com

[SamShuehRealtor]

A couple walked into my open house last weekend wanted $500-700K SFH <25 years 4 /2+ 2K gla. Well in the entire city of SJ there are 8 suitable homes on the market. Oops, just lost 3 more. They would like above average schools, close to freeway etc. We concluded their chance is slim this year. Competition for housing will be fierce in 2013. 

Normally, before Xmas some homes will be removed from MLS. Right after New Year they will be on the market again. This time at 2013 inflated price.  No one is expecting a price drop.

Sam Shueh

Keller Williams Realty

[Neptune__]

I dunno about the Peninsula, but the markets in the south bay I follow have cooled off.  When I say cooled off, it's cooler relative to Feb-July of this year.  It's still a hot market, but just not as insane as a few months ago.  Price are flat or barely up since July.  Homes that list 10-20% above July prices are sitting on the market unsold, but anything that's listed near July prices is selling fast.  Looks like the huge surge in prices is over for now.  I'm curious what will happen in March -- will it resume?

[ckaught78]

As others have mentioned, low inventory have kept it very hot. I know in San Carlos right now there are only 2 homes under $1MM. Most decent homes are going pending within 1 to 2 weeks. Homes are going for 5 - 20% over list.

[sakidd12]

I think this year was a better time to buy than next year.  The idea of a housing recovery has gone more mainstream and buyers will be more confident.

I only follow a few parts of the south bay but I haven't really noticed any cooling off.  competition for good locations is still pretty strong.

[donjumpsuit]

I am not trying to insult the OP or the contributors of this post, but the questions

"Has the Peninsula started to cool off"

is equal to 

Asking a turd if it is smelly.  

At some point last spring, the housing recovery went from "painful yet plodding along" to "gamed by those who have the financial resources to WIN  thorugh the process of waiting and squeezing"

[Buyer567]

It's November, naturally housing market has cooled off, it's seasonal. IMO, there is no real market to talk about right now due to lack of inventory. Meaningful housing market starts in February and ends in October. In my area on Peninsula only few houses are available and they are mostly overpriced, those that priced right simply don't stay on the market for long.

[Adam070]

we are looking from San Carlos to Burlingame, in the past 2 months put two bids, 1 with 20 offers, 1 with 7.  Not just because they underpriced either.  A nice 3/2 1500+ now goes for a minimum of 1.2M in San Carlos

it's all inventory, San Carlos (school district) has 6 homes under 1.5M

San Mateo (94403) has 5 homes under 1.5M

Belmont has 9...

Burlingame has 7..

And most of those houses are broken and have been on the market for a long time.

So 27 homes for probably 200+ serious buyers.  This is probably the worst time ever to try and buy a house.  

[sheriff]

---

donjumpsuit wrote:

I am not trying to insult the OP or the contributors of this post, but the questions

"Has the Peninsula started to cool off"

is equal to 

Asking a turd if it is smelly.  

At some point last spring, the housing recovery went from "painful yet plodding along" to "gamed by those who have the financial resources to WIN  thorugh the process of waiting and squeezing"

---

Or, as Kelly Bundy would say, "Is a bear Catholic."