December 2024 Real Estate Market Update
San Francisco's average sales price went down to $1,667,169 in November from?$1,896,800 in October. Years of construction are underway in SoMa on Folsom street including a new recreation center at 270 6th street(pictured above). Researchers claim the city's transit future is the best in the world. The Coastal Commission has approved a huge seawall on Ocean Beach. Talk of the SF nightlife renaissance has been boosted as Stoa in the Lower Haight is declared one of the best new bars in America. Plans are underway to add a lot of parking meters throughout the Marina and Cow Hollow.? "Sleeping pods" planned downtown as a cheap alternative to housing have been blocked by the city at least temporarily. The outgoing Mayor's plan to eliminate the majority of license fees for restaurants, bars and clubs has been approved. AI firms continue to take advantage of the high office vacancy rates?becoming a tremendous presence in the city. The new mayor is promising a major shakeup in the governance structure, echoing the federal tone. A 72 story tower has been granted streamlined approval?downtown.
Berkeley's average price went down to $1,510,210 in November from $1,577,209 in October. The city is planning its tallest dorm yet to be built on the south side - 23 stories with 1500 beds while adopting a tougher stance on homeless camps.At the same time,a homeless youth housing program has reopened on King Street. The city has approved over 700 apartments by the North Berkeley BART station.
Oakland's average sales price went up to $947,548 in November from $940,562 in October.. The master plan for the California College of the Arts Rockridge redevelopment as mixed use residential and retail has been unpaused. A "slow streets" plan to install traffic diverters in North Oakland has been paused. The recalled mayor will be replaced this week, the recalled DA's last day is said to be Thursday. Kaiser is?downsizing downtown.
San Jose's average price went up to $1,572,827 in November from $1,523,372 in October. Some are calling San Jose #1 in America for manufacturing jobs.? The preservation of 18 homes in East San Jose as affordable is being hailed as a large victory for the affordable housing movement. Meanwhile, on the westside,developer SandHill Property cut 100 affordable apartments from their planned development opting to pay an almost 14 million dollar fee instead. 136 tiny homes to house the homeless planned on Cherry Ave should break ground in January. Eos &? Nyx a greatly anticipated restaurant, opened downtown in late November, with much fanfare. A PG&E "green home and tech hubs" project is due to launch next year in San Jose.
领英推荐
WINTER SEASON TIPS FOR HOMEOWNERS:
1)Clear you rain gutters
clogged gutters can lead to pooled water, water intrusion, pest and mold issues
2)Drain your water heater
most do not do this often enough leading to inefficiency and other problemsIt is recommended to seek a professional to assist in either of these endeavors if you are at all unsure of how to proceed on your own.
New home sales are slow and compared to older homes seem to be a deal, and often are - but the devil is in the details. There has been a surge of people moving to California, Single family housing starts have slumped nationwide. The job market has been getting mixed reviews for a while?-private sector jobs have been called the "backbone of California's job growth" and Newsom just unveiled a plan to "create high-paying career pathways."? Even weak job growth is job growth and combined with slower construction and lack of housing inventory makes for?higher prices in the future.?
The NAR settlement was finalized but the DOJ is complaining about the policy of agents making buyers sign an agreement before working with them as their Buyer's agent.Many forecasts for real estate prices and sales next year predict they will continue to rise, citing the usual suspects of strong job data and low housing inventory. While Buyers are sensitive to the fact that rates have risen, NAR and other economists tend to expect them to get used to it, citing a long term average rate in their recent forecast of around 7%.
Rates are currently lower than that.
Uche Nchekwube is a full service real estate broker active throughout the Bay Area. Text or call (415)322-0774 or send an email to [email protected] to get help to buy/sell real estate or more information on affordable housing. Information here is not legal advice, for information purposes only, deemed reliable at time of posting subject to errors, omissions and change at any time.
#realestate #california #sanfrancisco #oakland #sanjose #berkeley #bayarea #realtor #realestateagent
dre# 01750107