SF Bay Area's inventory of $2.5 million-plus homes grew 17% in Q1

[Bush_Eats_Beef]

Report: Bay Area's high-end home market weaker in Q1
Silicon Valley/San Jose Business Journal - 2:02 PM PDT Monday

http://www.bizjournals.com/sanjose/stories/2006/04/17/daily8.html

Bay Area high-end home sales weakened some in the first quarter of 2006, although not in Santa Clara or Santa Cruz counties, a report released on Monday said. Alain Pinel Realtors said 141 homes of $2.5 million and higher sold from Jan. 1 through March 31 in the region, compared with 150 during the same period a year ago. Sales volume at this level was down 8 percent to $531.9 million.

There was an 11 percent drop in homes that sold for between $1.5 million and $2.499 million in the region, with 575 changing hands in that price range. Volume also fell 11 percent in this group to $1.344 billion

The first-quarter report tracked public records gleaned from the leading multiple listing services in San Francisco, San Mateo, Santa Clara, Santa Cruz, Monterey, Contra Costa and Alameda counties.

Inventory of homes for sale for more than $2.5 million grew nearly 17 percent to 570. At between $1.5 million and $2.499 million, inventory was up 11 percent to 1,870 homes. The highest price paid for a home in the region studied was in Pebble Beach, for $15.9 million.

[MissB]

1. That is because they are moving to Oregon.

Portland's housing prices are a bargain in comparison.

[Warpy]

2. High end homes are NOT SELLING period.

People with that kind of money to throw at a house want to build their own, not inherit somebody else's questionable taste. Those marble monuments to enormous egos are simply not transferrable to another ego.

Bread and butter houses are still selling OK.

[Mayberry Machiavelli]

3. Whew! At 2 mil I JUST MIGHT be able to make my Bay Area dream

come true! :sarcasm: