Wow – Huge increase in property values in the Bay Area
OMG, take a look at these numbers, talk about appreciation! Yes, these are our homes and they’re also our biggest financial investment. It’s no surprise, yet still interesting, to see that the cities with the highest value are Palo Alto, Los Altos, and Saratoga for single family houses and Palo Alto, Los Altos, and Menlo Park for townhomes and condos.
Looking at this data, we can see that as house prices have soared, buyers have turned to townhomes and condos as alternatives with the result that those properties are now extremely high too!
The numbers for San Jose don’t really do it justice as San Jose is a lot larger than the other cities I’m tracking. Parts of San Jose are very expensive and other parts are a lot lower so the average sale price doesn’t give a true reflection of the market there. I’m planning on doing a post shortly which will break San Jose down into its different areas and that data will be more reflective of the city’s area values.
I used to work in a market research company so I know information can be manipulated to reflect just about anything; however, there’s no denying the numbers here and what they reflect, that property values have continued to rise steadily as more and more people choose to live and work in the Bay area. Let’s face it, there’s a lot of job security here and that, together with great weather, makes this a wonderful place to call home.
Just the Facts Ma’am!
Covering Silicon Valley. All information from the Multiple Listing Service.
Want information for other areas? Comments? Questions? Send me a message, I’d love to hear from you!
