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The Bay Area Condo Market Is HOT
Dated: February 22 2013
Condominiums tend to be the affordable home for most first-time home buyers. Lately condos have been appreciating faster than single family homes. According to DataQuick, sales are at their highest levels since late 2008 and in the last three months of 2012 median prices were up 25 to 35 percent.
With limited supply of new and existing condos, some sellers are receiving as much as 40 offers within a week. Many homeowners are waiting to sell as they watch values rise, some waiting for enough equity to prevent a short sale. Investors also have been busy buying foreclosures and short sales as rents continue to increase.
First-time buyers are not only competing against investors but all cash buyers as well. These all cash buyers are not investors, they are moving in and don’t have to worry about the property appraising to close. Properties are selling over asking price and some as much as $100,000 over asking price!