Is the housing market in the Bay Area rebounding?
That's the word from CBS 5's Hank Plante, whose piece states that there have been more home sales in the area in the past two weeks than there have been in the past six months. He even talks to a real estate agent who just had 40+ offers on a single home up for sale in the Excelsior District.
But some readers of the real estate blog SocketSite disagree with
Plante's appraisal. The blogger who linked to the CBS 5 piece calls this resurgence an instance of seasonality (this is the time when lots of people buy.) Here's a sampling of
responses:
-"Last two weeks activity does not signify a thing relative to long term trends."
-"One thing I learned in taking two semesters of statistics is that it is
a math of complete manipulation! Get an idea in your head and, prove it
using stats! Homes in Excelsior? Sunnyside? $500k Infinity condos? Come
On!!!!!!"
-"I feel as the real story behind this story may be SF's southward
gentrification trend. Nowadays the rails of the train are getting
greased by superconforming and 20% down for "affordable" areas."
-"Hank may be right...I think below median priced homes are being sold
fairly quickly...especially if a the 10-20% price drop allows someone
who is living in a tiny 1 bedroom to move up to a 2 bedroom in the city. [...] I think the pain is being felt by what I call the "middle class
luxury" units...the 2/2's priced in the 700-1000k range that are now
dropping, but still not investment-worthy for those who don't have
money to burn."
What do you think?
Check out Plante's piece on the San Francisco real estate rebound, and draw your own conclusions. Be sure to leave those conclusions in the comments.
