Quote from @Robb Silverstein:
Albany CA where I grew up in the East Bay does not have a SINGLE HOUSE for sale that is currently. Population is around 20000. Inventory is def causing housing prices to stay high out here.
To answer the question. YES , the house has been dropped between June 2022-December 2022.
From January 2023 price is already rising again, now similar to September 2022 level.
Just in three months the market is very different again. It is almost too late to buy now,especially in good area. There're few area that still need to catch up with the trend like oakland,walnut creek and such.....
but last 6 month is defintely good to see there's condo to sell for $398,000 ; or a 2/1 Cupertino house for only $1.2 million ; that's like $200 fashion designer blouse is being re-sold in Ross for $50k. House DOM is 7 day now, just saying.
Look I’ve lived in SF proper for 29 years and the picture is complicated.
SF has a lower per capita murder rate than most large USA cities. It’s the “quality of life” crimes that are out of control….homelessness, car break ins, etc. And the local gov here is too stupid and tied up in its own BS minutia to solve it. It’s like, the year is 2020: defund the police! defund the police! defund the police! The year is now 2023: call in the national guard! call in the national guard! call in the national guard! I kid you not, at the mayors request governor Newsom recently sent the national guard to the tenderloin to help control the fentanyl/homeless crisis in that area. So yeah, local politicians here are looking like king size idiots.
The actual neighborhoods SF is famous for are doing quite well with active daily street life (working from home helps) such as pac heights, mission, north beach, Hayes valley, Russian hill, inner sunset, noe valley, nob hill, etc. etc. The city is still one of the most beautiful in the USA and the only one with significant European style walkability and architectural and natural charm. (Yea there are small levels of homeless walking around but not the crazy encampments as in the tenderloin.) Homes and condos still sell at a premium in the good neighborhoods and many wealthy residents are set up nicely and have no intention of selling. (Remember that many people have tons of equity and really low fixed rates to boot.)
Do I think SF RE is going to double in value like it did for each of the last 3 decades? No. But I think appreciation will still be solid down the road, so keeping quality properties here is still a great proposition. But I’m not sure I’d be buying here any time soon…I’m just glad I got in years ago and now I can coast for awhile and enjoy my daily lattes and neighborhood walks.