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Median Price in Bay Area Falls in December
San Francisco saw a drop in its median price in December, falling almost forty-five percent compared to the previous year. Many new homeowners took advantage of
the excessive amount of foreclosures on the market.
In my last article I talked about the fact that the Marin real estate market was one of the few areas in the Bay Area that did not see an increase in home sales. The median price for a home in the Bay Area overall, dropped more than $250,000 compared to the year
before. This was the lowest the median price has been since early 2000 and it also represents a decline of fifty percent compared to the summer months of
'07.
Due to the amount of foreclosures on the housing market in the Bay Area, home sales did jump considerably, rising more than thirty-five percent in December, compared to
the same month a year ago. The eastern areas of San Francisco had the most foreclosures dropping the median price to nearly fifty percent in some areas.
Luxury real estate in Marin and San Francisco has been moving at a slow rate, mostly due to tighter lending standards from banks. The jumbo loans market must see some form of recovery before the higher end Marin real estate market begins to catch up. Jumbo loans once accounted for more than half of the area's financing, but has dropped to just over twenty percent in December.
Marin Real Estate Blog
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