Summer Real Estate Market

The Bay Area housing market usually picks up in March, April and May and then slows down over the summer for vacations, graduations, weddings and other activities. But this year it seems like that’s being reversed.
After a rather slow spring, the local housing market has been heating up this summer with strong sales in June and even into July in many areas. Sales activity has been especially busy in the higher end of our markets, which is over $1 million in much of the Bay Area...but even the mid-level market was surprisingly active
There is an interesting trend in last month’s sales figures: In most of the Bay Area, we had the highest level of million-dollar home sales since the summer of 2008, just before our economy went into a tailspin.
Certainly, the Bay Area’s relatively strong economy...especially in the tech sector... ­is playing a key role in our housing market. Inman News wrote in a Friday article, “Tech is back -- and tiptoeing along behind it, at least by some measures, is the San Francisco-area real estate market.”
This doesn't mean that the housing market is completely out of the woods, because real estate is very much a local business. While many of our markets are on the mend, others are still softer than they were a few years ago, and there are still distressed properties coming on the market as bank owned REO sales in the months ahead.
With the national and state economies still fragile, we are fortunate to live and work where we do. Limited housing stock, a diverse job base and great weather are all factors that help home buyers focus on these terrific home values and low mortgage rates.
The best homes are getting lots of offers, and in our Cupertino office, the majority of sales are with multiple offers. Seems like we are having a delayed spring.