Home prices in Fusion, one of the South Bay’s only newer construction gated communities, has done nothing but go up in the past two years. Prices that once seemed impossible are now the norm and many buyers are kicking themselves for not buying when the market was down. As with any real estate market with skyrocketing prices….it has to end, or at least dramatically slow down, at some point.
The question is….are we at that point? It’s a bit tough to say as part of the reason the few listings that are currently for sale are sitting (which hasn’t happened in a long time) is that they are priced beyond peak values. 3 bedroom units had been selling in the high $600,000s 16 months ago and the most recent new listing came out at an unbelievable $825,000. See the home and all new home listings in Fusion South Bay here.
Only time will tell whether the slight slowdown is simply do to temporary overpricing or if the market has gotten too rich for buyers in general.