As single family homes in the Bay Area fly off the market at record high prices, demand for housing has caused the price and inventory of condominiums to follow suit.
The Mercury News reports that according to real estate marketing firm Polaris Pacific, the median price of a condominium in Santa Clara and San Mateo counties last month was $810,000, up 20 percent from the same time in 2017. Meanwhile available inventory has dropped nearly 40 percent, with only about 380 new condos currently on the market in the same counties.
The combination of high-income tech jobs and limited housing choices has driven the condo market, said Paul Zeger, founder of Polaris Pacific. The once-held family dream of a four-bedroom, two-bath house on a large lot has given way to a more affordable plan — a modern condominium in a good school district, he said.
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