September 2024 Market Update
San Francisco's average price went down to?$1,619,520? in August from $1,630,549 in July. X(Twitter) is expected to move out of San Francisco, and possibly into San Jose. Evictions started last month at Potrero Hill's public housing projects, long ago plans to develop mixed income housing at the site are moving forward after over a decade. There seems to be a bright spot in the commercial office market - medium size office spaces have seen a lot more interest recently.
Berkeley's average price went down to?$1,355,731 in August from?$1,556,947 in July. A 26 story 456 unit building at Oxford and Center streets downtown was recently approved. Berkeley residents can expect to see many local measures on the ballot in November including new and/or increased taxes to improve roads, sidewalks, libraries and parks.
Oakland's average sales price went down to $917,950 in August from?$995,459 in July. The governor announced a few weeks ago the CHP surge in Oakland yielded 803 arrests. Oakland Crime Stoppers has been exposed as offering rewards without having cash?to pay. ZO Oakland Apartments, completed in 2019 on Webster Street, was seized by the lender. Kaiser sold the office tower at 1950 Franklin to a luxury apartment developer.
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San Jose's average price went down to?$1,479,345 in August from?$1,508,766 in July.? A new report claims that the cost to rent for 20 years is less than half the cost to buy a home. (I find that assertion questionable and wonder if they accounted for rent increases). Water rates are expected to increase by 10-20% by 2027 depending on a potential settlement. AI company Couchbase is moving its HQ to Santana Row.?Twitter is supposed to as well, and San Jose is expected to attract a lot of other AI companies in the near future. King Street is going to be part of? a multimillion dollar Berryessa Transit Corridor upgrade a State Grant will help pay for. San Jose again ranked as the most expensive place to rent or buy?in the U.S. (compared to the most populous US cities). Lake Cunningham is targeted for revitalization and may become swimmable again.
Average prices falling for several months in a row is not the whole story; at the same time average price per square foot Month over Month is up in San Francisco, and flat in Santa Clara county. Average listing price is lower than the average closing price in each of the 4 cities I focus this report on, and most places selling over asking is a sign of the market going up, average prices going down can also mean more of the less expensive homes are selling, rather than the prices of homes coming down.?
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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