[quote=livinincali][quote=flu]Prices have definitely gone up… Significantly….So has rent…And banks are no longer as stupid…Time to go back and play in the stock markets… :([/quote]
It’s all been relative in MM. Looking at the data it feels like prices went up a ton when compared to earlier this year. I happen to have MM data handy and this is what I have.
July 2012 Avg Price 305K, Avg Price/SF $238
February 2012 (low point) Avg Price 260K, Avg Price/SF $212
July 2011 Avg Price 316K, Avg Price/SF $230
Feb 2011 Avg Price 296K, Avg Price/SF $231
July 2010 (Wee tax credit expiration) Avg Price 343K, Price/SF $262
Feb 2010 Avg Price 325K, Avg Price/SF $237
July 2009 Avg Price 335K, Avg Price/SF $246
So we’re still running below 2009 which was supposedly the low, we’re pretty much in line with last year numbers and we’re significantly below the hotness that was the tax credit expiration. I remember 80 homes/condos in 92126 back in mid 2010, we’re double that now, but how quickly we seem to forget.
It feels hot now because of the significant decline in late 2011, but we’ve really only managed to get that decline back. Context is everything and it’s interesting that we tend to have such a short term focus on asset prices that we plan to hold for a long time.[/quote]
I agree with price hasn’t really gone up over the last 3 years. There are some up and down, but I think in general, when you compare apple to apple, they’re basically flat. Were you actively looking for condos back in 2010? Right now, there are only 7 condos that are active (or at least not status not changed to contingent yet) and most of them are way over priced. Supply can’t possibly be much worse than it is now.
