Past housing statistics prove Bay Area real estate market on the rise
Just like when lawyers cite precedent in legal cases, real estate experts in charge of the homes for sale in the Bay Area look to the past to confirm that the recent uptick in housing statistics is no joke. San Francisco is currently experiencing a surge in popularity that is not being replicated anywhere in the United States.
For example, on a month-by-month basis, home prices in San Francisco declined steadily from November of 2007 until May 2009. After a slight resurgence, the average home value dropped to an all-time low of $648,000 in September 2011. However, since February 2012 prices have increased steadily, with the average price almost above $700,000. Those kinds of numbers have not been seen since 2010, and could signal the permanent recovery of the California real estate market.
Now is a good time to consider checking out some of the available property in San Francisco, because if home prices continue to rise, you'll be hard-pressed to find quality listings. Plus, if you eventually sell your house down the road, the improving market should allow you to generate a much-higher asking price in the future.