🔴[LIVE] Monday Bay Area Reports
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http://blog.abitano.com/2023/02/live-monday-bay-area-reports.html
https://anchor.fm/siliconvalleyliving/episodes/LIVE-Monday-Bay-Area-Reports-e1uvhb0
Welcome to this Monday, February 13th edition. Silicon Valley Living Live. We're talking about the weekly averages across the bay, and it's a lot of the same stuff, but I do have some stories to update you on the weekend.
Bips = Basis Points or .01%
Standby. This is gonna be really quick. So I'm gonna try to keep this down to less than five minutes and let's get going. Okay, so San Mateo is down by a couple points. Bips Marin is down by a couple. Bips. San Francisco is down by a couple bips week over week. This is a week over week. Santa Clara is down by.
11 bips. Napa is down by 30. Santa Cruz is down by just a little tiny bit. Alameda is down. Contra Costa is down. Sonoma is down. Oh, it's oh Sonoma. Everybody's moving to Sonoma. All of a sudden, one of the more affordable areas. But here's the thing. That's from last week. These last 12 months, starting from February 13th.
February 6th, back 12 months. This is all of 2022, and this is all of 2021. But what I wanted to point out is, Since 2021, we're actually in an upward position. I should actually do that reverse next time. This one's down a little bit. San Francisco. Go figure. Santa Clara is up just a little bit. Napa is up fully 200,000.
Santa Cruz is up about a hundred thousand. This is from two years ago, right? Remember we had that upward Curve. , I can't, I don't have that number with me, but that's these 10 Bay area counties. Even though the population is declining, you see the median sales price go up and down a little bit, right? 2022 was the anomaly, but we're seeing it come back down because 2021, there is actually, sorry, there's actually gains from 2020.
I think that's pretty important to digest. This is over a million. Sonoma is now over a million dollars, whereas in 2021 it was under a million dollars. Solano has gone up almost $40,000. That's a huge percentage. Why? Because the value of homes is continuing to increase even though we're in a slight decline.
What does that mean? Rates went up, the economy was going crazy, and inflation was going high. Feds pumped the rates up to seven, seven, and a half. People freaked out. People stopped buying. So rates went back to nominal to normal, and that's where we are right now. Okay. Our house is still selling. Yeah.
Rates are still coming down. Yeah, rates are still at six points, blah, blah, whatever. This is today's rate quoted. Rate 6.5 for a 30-year conventional and 6.1 for a 30-year jumbo. That's without adding points and talking to your broker. Call Hector, Luis, or Scott. This is housing inventory in California, right?
42,000 homes for sale. It's down from what it's normally gonna be on the news that people are freaking out about Yahoo is gonna lay off 20% of their force. There's also all sorts of stuff inside there. Oh yeah, we want to talk about that, but we don't. Okay, so what happened over the weekend?
My overpriced listing had too many offers. Had too many sh quite a few showings. We did get three offers. One of 'em went away. So now we're countering two and we're gonna see it come up. We're not gonna get the price that we want, but that's, I, there's nothing I can do.
When you overprice it and you have hubris based on the condition and location and timing of the market, you are gonna.
When you don't fix things up and everything looks like they're 10 years old, older it's, and you're asking for today's pricing is gonna sit Saturday. I went and showed new homes down in Morgan Hill, Gilroy, and these are beautiful homes and they're getting pricing, they're getting the houses that they, the price that they want because they look brand spanking.
I have a client over there right now signing a reservation form because they want new, for the most part, buyers want new. They want the new colors, they want the new upgrades, they want, they don't want something that's five years old with broken tile, et cetera. You can't ask for a premium price. . And again, buyers don't set, sellers set the initial price, but buyers decide if it's Inc. Con, congruency. Or of value to them, right? They know what they can buy right now and they know 1520 other houses. And I heard this saying the other day, A buyer is willing to go one or 200 square feet less and pay the same price for the house that says completely turnkey and brand spanking, new looking upgrades, paint landscape, you name it the way they want it, they're willing to pay a premium for it.
They're not willing to pay a premium for a house that has, a 20-year-old kitchen or halfway done bathroom, or things that need work, price it accordingly and your house will sell. All right, that was six minutes and 40 seconds. I'm outta here. Have a good Monday, and by the way, the third Thursday is this weekend or this week.
If text me.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
Website: abitano.com
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