Green Escrow Services, Inc

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If You’ve Got $3 Million to Spend…

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… then the Bay Area is definitely the place to be as home sales of properties over $3 million doubled in February over February 2017. Analysts cited the usual reasons – continued job growth and low inventory in the region – but also suggested that the stock market’s recent volatility might have enticed some investors to sink their money in Bay Area real estate.

Conversely, sales of homes valued at under $1 million declined drastically: 8 percent in Contra Costa County; 16 percent in Alameda County; 34 percent in Santa Clara County and a whopping 47 percent in San Mateo County from February 2017 to February 2018.

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Even Some at Google and Apple Can’t Afford to Buy

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In an interesting twist, the same high-tech workers – engineers at Apple and Google – who are often blamed for the sky-high home prices in the first place – are now finding it difficult to buy a home within a 20-minute commuting distance from work.

For example, the median price of a home in Cupertino – Apple’s base – is $2.2 million. Homes within a 20-minute commuting distance have a median price of $1.2 million while the average software engineer’s salary is $188,000, which makes for 33 percent of monthly income, significantly higher than the recommended 28 percent.

Some companies such as Facebook and Google are looking to partly remedy the situation by backing the development of homes in Menlo Park and Mountain View, respectively.

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