Sunday, August 12, 2018

Tracking Bay area real estate


Is the bay area real estate finally cooling down ? Going by selling prices of homes in this area, this is definitely a million dollar question :)

List of houses in south bay, especially in highly sought after Sunnyvale, Cupertino, Santa Clara area  that have dropped listing price in first week of August 2018 (as observed from Redfin) -

1. 1686 Meadowlark lane Sunnyvale - dropped listing price by 288k
2. 21980 Mcclellan road, Cupertino - drooped by 100k
3. 10341 N Portal ave cupertino - dropped listing price by 300k
4. 1179 Alderbrook lane San Jose - dropped listing price by 48k
5. 396 Sloat ct Santa Clara - dropped listing price by 150k

In addition to that some of recently sold houses have sold for less than asking price, which is unheard of in Bay area ! Here is list of house that have sold less than asking -

1. 20805 Fargo drive, Cupertino (3000 sqft) sold for less than asking price on Aug 6, 2018.
2. 10180, N Blaney ave, Cupertino, reduced their initial listing price and sold on July 31, 2018.
3. 6022, Countess ave, San Jose, sold for 38k less than asking price on Aug 6.
4.826, Dartshire way, Sunnyvale sold for 250k less than asking on Aug 9, 2018 !

It is hard to tell at this point if this will be a long term trend. But there is definitely a downward pressure on the prices starting Aug 2018.

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