San Francisco Single Family Housing Inventory Constrained; Santa Clara University Pens Expansion Deal
By Alex Girda, Associate Editor
After months of growth in terms of price and number of sales, San Francisco’s housing market reached an important milestone earlier in the year when the median value of a single family home in the area exceeded the $1 million mark. The improving market has clearly taken its toll on the city’s housing stock as The San Francisco Business Times recently reported that there are 30 percent fewer houses on the market now than the same time last year.
According to data provided by listing aggregator Zillow.com, the number of available homes for sale in the San Francisco area dropped to 4,528 from last year’s 6,496. The reduced number of homes available for sale might have further effects on the median transaction value as homebuyers try to find the right property in a market that offers fewer single family houses.
In other news, Santa Clara University is set to begin an expansion operation of its El Camino Real campus starting with January 2014, as it recently signed a new lease at the property. The institution will now occupy the entire 26,000 square foot building at 475 El Camino Real, having previously occupied one of the two stories. The Silicon Valley Business Journal reports that the facility is part of University Station, a Bixby Land Company-owned research and development and retail campus.
Image courtesy of drhorton.com