Time to look back at the Peninsula housing market in 2011.
Being in the trenches we know well ahead of the reported statistics how the housing market performed but it’s always interesting to look back and see what the numbers bear.
These two charts below represent the median home price for the past three years in Belmont and Palo Alto. We chose Palo Alto because that city enjoys leaded edge price stability and recovery. Belmont is less insulated from market volatility and is probably more typical of the average Peninsula city housing trend.
[Click on the images for a full-size graph]
As denoted by the red trend lines in both of these graphs, Peninsula housing prices, while suffering from typical seasonal fluctuations, are overall showing signs of a steady but slow increase in the median home price.
If this doesn’t seem to jive with the media reports of continual home price erosion it’s probably because the reports you’re hearing are for cities such as the one in our third chart below which represents a continual decline in home values in highly affected areas to our the north such as South San Francisco, Daly City and Colma.
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The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.