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House Prices Near SF vs. San Mateo House Prices

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House prices in cities near San Francisco have been appreciating more slowly than in San Mateo. San Mateo house price appreciation is barely higher than that of San Mateo County.

House Price Appreciation

If house price trends in San Mateo County are carefully examined, 2018 appears to have been a turning point for house prices. The short-term spikes in 2018 and in early 2022 are very noticeable, but the trend from late 2018 to 2026 is flatter than that from 2012 to 2018.

In early 2022, house prices fell further from their 1st-quarter 2022 peak for cities near San Francisco than for San Mateo.

Age Of Houses Sold

If the age of the houses sold in a city such as San Bruno, located close to SF, is compared to San Mateo, there is a significant difference beginning in mid 2019.

The faint red line shows the average age of houses sold in San Mateo, while the strong red line shows the average age of houses sold in San Bruno. The age of houses sold in San Mateo did not increase as much as in San Bruno.

Cause Or Simply Correlation

Events and market conditions can cause quick changes in real estate trends, but there are almost always multiple factors affecting home prices. A change in interest rates can quickly change how many new homes developers want to build. Local governments can change zoning, affecting the types of housing built.

New homes almost always sell at a premium over older homes. A significant change in the number of new houses sold would affect the average sales price. The graphs above show that the median age changed little, while the average changed significantly. This implies that a relatively small number of younger, likely new homes were affecting the average age, but their numbers dropped dramatically in 2019.

The real estate trends for this article come from https://julianalee.com/blog/san-mateo-county-vs-santa-clara-county-real-estate-trends-age/

Selling? … Manage Your Expenses

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In recent years the amount of money spent fixing up a home, by homeowners wanting to sell, has been insane.

Value Of Remodeling Project

PROJECT20202019
Add Bathroom (midrange)77.8%66.0%
Add Bathroom (upscale)65.9%65.5%
Bath Remodel (midrange)69.5%74.5%
Bath Remodel (upscale)52.9%65.5%
Minor Kitchen Remodel (midrange)100.5%90.4%
Major Kitchen Remodel (midrange)72.5%73.4%
Major Kitchen Remodel (upscale)59.6%63.3%
Deck Addition (wood)69.7%65.1%
Grand Entrance (fiberglass)50.6%80.8%
Garage Door Replacement166.1%93.2%
Window Replacement (wood)78.8%81.6%
Manufactured Stone Veneer199.4%131.4%
Roof Replacement (asphalt shingles)67.5%76.3%

As shown in the table above, a midrange bathroom remodel returned 69.5% of the cost. If you spent $10,000 remodeling your bathrooms you would have got back about $7,000, and essentially given $3,000 to your real estate agent to promote himself.

If you would like to watch the recorded webinar please see the webinar-net-more-when-selling and please use a real estate agent who wants you to receive more when selling your home.

Venture Capital Is Growing In Silicon Valley

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The news media has reported both tech companies and venture capital firms leaving Silicon Valley. Indeed the percentage of all US venture capital activity has declined in the Bay Area over the last decade. However end of year 2020 venture capital data (from PitchBook) shows over 2,500 VC deals completed in the Bay Area which is over that of 2019, with more data still expected.

Over the last five years, over $151 billion of fundraising has happened in the Bay Area which exceeds the rest of the US combined. Bay Area VCs have funded 17 of the 22 US companies to ever receive a private valuation of $10 billion or more. Los Angeles had 3, New York had 1, and North Carolina had 1. Over the past five years, 23.6% of completed VC deals in the US, and 40.9% of the capital invested, have gone to Bay Area-based companies.

Although real estate prices can move quickly, any changes in Silicon Valley real estate trends caused by the venture capital industry growing in other areas, are probably quite a few years away.

Google Continues Silicon Valley Expansion

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Google has modified its plans to include 7,000 residential units for Google’s campus in north Mountain View. Google has proposed that 20% of the homes (1,400) be “affordable” homes. That is double the number of affordable homes already in Mountain View. The plans include 3.1 million square feet of office space and 265,000 square feet of local shops. Google is continuing to expand its presence in Silicon Valley.

Google was reported on Dec 14, 2020, to have notified its employees to live within commuting distance of their assigned office. They will be expected to show up three days a week. Google has delayed working-in-person until Sept 1, 2021, for its employees.

Downtown Mountain View Home Prices

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At the beginning of the Covid-19 pandemic there was speculation that urban home prices would suffer. Looking at Mountain View house prices through the end of December, 2020, there is no indication that home prices in Downtown Mountain View are affected.

Downtown Mountain View House Prices

More information about the Downtown Mountain View neighborhood, including more real estate trends and downtown attractions, is available at: Downtown Mountain View.

Are Closed Campuses Affecting Home Prices?

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With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Stanford University is adjacent to the Palo Alto College Terrace Neighborhood. Many of the Stanford students and even visiting professors rent a place to stay, near the campus.

Palo Alto College Terrace House Prices per sq.ft
Palo Alto College Terrace House Prices per sq.ft.
<a href="<a href="https://julianalee.com/palo-alto/college-statistics.htm#houses-sq-ft-price">College Terrace House Prices per sq.ftPalo Alto College Terrace Condo Prices per sq.ft.
Palo Alto College Terrace Condo Prices per sq.ft.

The pandemic does not appear to have changed the Palo Alto real estate trends (for what could be imagined to be the most impacted areas) significantly at this time.