Wednesday, June 17, 2009

Bay Area home price trends

In order to figure out what lies ahead for the home prices in Bay Area in 2009 lets take a look on the recent home price change in the several newest Cupertino communities.

Two years old two bedroom, two bathroom condo in Metropolitan Cupertino was sold in 2007 for $649,000, not the asking price for this beautiful unit at 19503 Stevens Creek Stevens Blvd 351, Cupertino, CA 95014 is $595,000.

The same listing price $595,000 is set for two bedroom, two bathroom condo in Villagio Cupertino condominium, but this new Cupertino home was sold in 2007 for $709,500. The property address is 20500 Town Center Line 279, Cupertino, CA 95014.

In the nearby Sunnyvale, the asking price for two bedroom one bathroom condo, in the famous Cupertino Villas condo conversion project, was around $319,000 in March, but still no buyers. This condo at 880 E Freemont Ave, 328, Sunnyvale, CA 94087 has been sold in 2006 for $475,000.

Looks like the new homes in the South Bay Area are now affordable, but as home prices fall, demand for housing will raise, and conditions will ultimately find a new balance.

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