AGENT MLS HOME FINDER

The San Bruno real estate market, a subsidiary of the larger Bay Area real estate market and the metropolitan San Francisco real estate market, seems to be at the end of a short term, temporary recovery that may have begun prematurely. This premature start may have been the result of the government stimulus package that offered eight thousand dollars to first time home buyers, and boosted home sales in the short term. According to a September 17, 2009 article in the Mercury News, “After four-straight months of price gains, the median sales price of a Bay Area home fell by $35,000 from July to August while the number of homes sold also fell on a month-to-month basis.”

The long term prognosis is significantly more bleak, at least for 2010, at least according to an Associated Press article released on October 7, 2009. The article, by Alex Veiga, stated that “Home sales in California are expected to dip next year, bucking the national trend, as unemployment and the loss of a tax incentive for homebuyers weigh on the country’s largest housing market, a forecast showed.” San Bruno home sales, as well as the rest of the Golden State, will face the following prognosis: “The California Association of Realtors’ 2010 housing market forecast calls for home sales to slow by 2.3 percent from a projected 540,000 homes this year to 527,000 next year.”

Another negative sign for real estate  in San Bruno and San Francisco at large was reported by a September 17, 2009 article in Reuters. The piece found that “Home sales in the San Francisco Bay area fell 14.3 percent in August from July as buyers found fewer bargains due to a slimmer inventory of foreclosed properties, MDA DataQuick said on Thursday.” According to an article from DQNews.com and TheStreet.com, “Bay Area home sales bucked the seasonal norm and fell last month from July, though they remained higher than a year ago for the 12th consecutive month. The region’s overall median sale price also declined as a greater portion of sales occurred in more affordable areas, a real estate information service reported.”