The Mercury News delivered an interesting and not-so-surprising report this week about the popularity of condos in the Bay Area as skyrocketing housing prices render single-family homes out of reach for many people.
And, according to the newspaper, “the hottest cities in the Silicon Valley condo market were Santa Clara, Sunnyvale, Campbell and Cupertino, where prices rose 30 percent in the last year.”
This, of course, is driving the cost for condominiums up, and the inventory down. Last month, the median sales price for a condo unit in Santa Clara and San Mateo was $810,000, up 20-percent from the same period last year, according to the The Mercury News, citing real estate firm Polaris Pacific.
A quick search on Redfin.com Friday turned up three condos for sale, the least expensive being a one-bedroom, one bathroom, 884-square foot unit in the Waterfalls Complex on Nile Drive. That unit is listed at $875,000, not including a monthly home owners association payment of $448.
“Even the first step into the real estate market for many buyers — condominiums — is getting harder to reach in the Bay Area,” the newspaper reported.
Read the Merc’s full report here.