Zip Code Spotlight: San Bruno - 94066
This post first Appeared in the August edition of Cirios Trends: Getting to the Bottom of the Housing Market
This month’s spotlight shines on a centrally located, reasonably priced, and easily overlooked section of the Peninsula, San Bruno.
While San Bruno’s proximity to San Francisco International Airport and temperamental weather are often viewed as major negatives, its central location and relative affordability compared to many nearby higher priced markets make it worth a second look for anyone looking to buy a home on the Peninsula for less than $800,000.
Currently listed homes in the 94066 zip code range from a small 2 bedroom near the train tracks listed at $325,000 to a million dollar plus 6-bedroom mansion. The majority of homes — 78% of all active listings — are priced below $800,000. Bay views are common and easy access to public transportation to San Francisco make this area particularly desirable for those looking to live on the peninsula for well under a million dollars. Downtown San Bruno is a quaint, main street style area with several small shops and restaurants.
As can be seen in the graph below, home prices in 94066 have come down significantly since their peak in 2007. Another noteworthy aspect of the sales graph is the enormous spike in supply that occurred in late 2007. As we have explained in the past, these supply spikes correlate strongly with precipitous declines in prices.
On the flip side, as supply pressures ease, values tend to stabilize. Inventory in this area has come down of late, although it seems to have stabilized at a level slightly higher than the historic norm. Prices are likely to come down further in the near future, so a six-month wait may be in order. Savvy prospective homebuyers should probably hold out until inventory approaches lower levels to step into the market.
The public school system in San Bruno is well above average, and several local schools are standouts. Careful selection of location to assure inclusion in the right district could garner an excellent public education for your children.
In terms of commuting to San Francisco, there are several, easy options for commuting, either by car or by train.
