If leading indicators mean anything to you - and they should - then the Bay Area took another big step in November in the wrong direction (for sellers and owners anyway).
DataQuick's November report shows a 20 year low in sales volume for the month at 5,217 sales - almost 800 fewer sales than the previous low in 1990. This is down a sharp 36.2% from 8,042 sales in November 2006. And sales have decreased on a year-over-year basis now for 34 consecutive months. It remains yet to be seen just how big of an impact the credit crunch, and specifically the jumbo sector, has had on recent numbers. Notwithstanding can anyone say "trend"?
Prices are already coming down across the board from recent peaks - from a 21.9% drop in Solano County to a 2.4% decrease in San Francisco, which has shown the most stability thus far. The median price for the nine-county Bay Area region is down 5.4% to $629,000 from its peak of $665,000 in June and July of this year.
Hang on for an interesting 2008, kids.
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