Great news for the Bay Area housing market
There is no news like good news, and in terms of the housing market in San Francisco and other Bay Area cities, the outlook for the future is extremely positive.
New homes for sale in the Bay Area are being built in record numbers as new businesses move into downtown San Francisco, and there is a great variety of available property on the market.
Construction on the rise
In any geographic region, a thriving construction industry means the houses on the market will be higher quality and more varied in design. In San Francisco, experts agree that the recession of the mid-2000s is nearly out-of-sight at this point because regional statistics are so positive.
"We definitely see that we're on our way up off the bottom," said Gary Mayo, group president for Northern California and Nevada at Toll Brothers, according to the San Francisco Chronicle. "The market is improving across the country, with Northern California among the stronger areas. In the Bay Area, sales started to dramatically improve in January. Our sales in the Bay Area on the same [housing developments] as last year are up 100 percent this year."
The Chronicle reported that 86 percent of housing applications in San Francisco became housing starts within one month, which means that an extraordinary amount of contracts are getting approved when compared to previous years. If you are considering a relocation to the Bay Area, it might be prudent to search for a home as soon as possible before new construction drives market interest through the roof.
Both residential and commercial properties selling well
While the explosive growth of the San Francisco market has slowed down as of late, homes in the area are still selling quite well. For example, LoanRateUpdate reported that 6,850 new and resale homes were closed upon in the region in September 2012, which was a 1.5 percent increase from the same time period in 2011. In addition, it was the 15th straight month that home sales had posted a year-over-year gain.
As far as commercial property goes, the Houston Chronicle reported that San Francisco authorities have approved a 61-story, 1.4 million-square-foot tower that will be built near the Transbay Transit Center. Once completed, the building will be the tallest structure on the entire West Coast.
New residential and commercial buildings are sure to sell quickly, so make your own closing on a property in the Bay Area today.