Feb 2025 Real Estate Market Update
San Francisco's average sales price went up to $1,576,606 in January from $1,493,190?in December. The owner of the Chronicle is buying a 16 story office tower to move its publications while it develops a 400 condominium tower in its historic site. Mazra, a well known Middle Eastern restaurant on the Peninsula is now selling their food over the counter at a gas station on Mission and 30th.?Increased foot patrols and undercover police work concentrated downtown in certain places like the sixth street corridor marks the new mayor's approach to crime. He also is working to speed up the housing permit process. 47 apartments are being planned in a residential infill project on San Bruno Avenue overlooking highway 101.
Berkeley's average price went down to $1,332,707 in January from $1,505,471 in December. Owners of property with unwarranted backyard cottages, converted garages and rooms can take advantage of a program that allows them to prove the added home is safe to live in and also avoid fines and correction orders. Berkeley's government is being observed as very disorganised in its record keeping of its real estate, and increasing fire hardening in the hills including incentives for home hardening and a new firebreak zone.?
Oakland's average sales price went down to $865,331 in January from?$903,033 in December. A series of distressed sales and foreclosures have added to a decline in new housing?reported at 32% of new construction in the Town as the vacancy rates go up to ~7.7% and rents decline ~3.2%. An 11 story building on Franklin at St has gone to the lender as commercial office vacancy downtown goes up over 25%. The new D.A. is assuring the Town she will prosecute crimes faster.
San Jose's average price went up to $1,503,828 in January from $1,492,091 in December. 45 affordable homes are being planned at the Branham light rail station.? RV street parking is now temporarily banned in some parts of the city as?part of an encampment removal campaign. An established Asian grocery chain from Canada is opening its first California location at the Westgate Center. San Jose (metro area) is ranked 108 out of 200 2025 Best Performing cities in a report from the Milken Institute.?That is a drop in ranking. Some foster youth aging out of group homes are getting ~$4,000 a month in rental support from a new San Jose program, becoming tenants in one of the most expensive markets in the country. There are plans to bring street homelessness to "functional zero."
The cost of living is increasing faster than wages are across San Jose and the rest of Santa Clara County. The state mandated county level housing plans for over 3,125 homes by 2031?have been approved. Features include more housing developments in unincorporated areas of the county, .
Economic impacts of Trump administration policies on Real Estate:
Nationally, prices on single family homes went up year over year for the fourth quarter 2023-2024?and new housing construction starts are higher than expected. Office recovery has reached a post-pandemic high recently. Home Owners Insurance premiums are going up as the state reviews plans to?loosen price increase restrictions. San Jose and San Francisco remain two of the most expensive markets in the country.?#5 and #2 respectively.
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.
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