The median Bay Area single-family home price has increased 20% from last year’s prices. That’s pretty impressive considering that the beginning of the year is usually the slowest time for home sales. In San Francisco the median is $713,000, a 23% increase over last year’s prices. According to realtors, there are a lot of foreign buyers seeking to buy homes in the Bay Area, particularly from Singapore and London. In London, the average home price in coveted Kensington and Chelsea neighborhoods is £717,174 ($1,351,945 in today’s exchange rate). With the exchange rates being what they are it is no wonder that British buyers are seeking to buy homes here. What does this all mean? This means that our home has appreciated at least 20% in the last year and maybe closer to 23%, San Francisco’s appreciation rate. Damn, I feel like a Lotto winner. Kickass! |
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