Last week I reported on what happened with prices of single-family homes in San Mateo County and the Silicon Valley in 2013, and how that compared with 2012. In every town on which I reported, prices were up--way up--over 2012.
Now we'll take a look at the condominium and townhouse sales in those same areas. This market segment had a wider swing of results, with lower-cost Pacifica soaring up 51% in one year, while high end Menlo Park obtained only 91% of 2012 median prices. However, Menlo Park's next door neighbor, Palo Alto, with even more costly properties, was up 6%. San Carlos and Belmont each saw appreciation of 33% and 32% respectively, a higher increase than in the single-family home segment.
Sellers, if it makes sense for you to sell, you might wish to take advantage of the strong market in San Mateo County and the Silicon Valley and sell sooner rather than later.
Buyers, although prices are high, appreciation is anticipated in 2014, although not at the same rate as in 2013. Buying now, before interest rates reach the expected 5.0% range, increases your purchasing power; equally important, it gives you a place to call home, settle in and put down roots in the community.