The sales price of an Newark house is affected by its size. Looking at price per square foot gives a partial adjustment for differences between houses. Furthermore if you look at the average size of an Newark house sold you will see that it varies with time. Part of the variation is due to the random nature of which houses are being sold but there tends to be a increase in the size with time because when a house is replaced with a newer house, the newer house is almost always larger.
One of the best ways to spot a changing real estate market is to look at the sales price vs. list price. When more sales show the sales prices exceeding the list price, the demand for homes is increasing. When purchasing or selling a home, it is helpful to know the typical realationship between sales price and list price.
The most common real estate trend watched is either average or median sales price. These trends help home buyers determine where they can buy a home but show variations due to home size and season making it hard to spot a change in demand for homes.
Many Silicon Valley cities have no more empty land to build new homes on. When a homeowner or home builder wants to build a new home he will have to buy an existing home, demolish it, and then build a new home. Looking at the trend of home sizes sold gives you some insight into what changes are taking place.
Newark has had a diverse history. Wedgewood stoves, then Peterbilt trucks, and more recently Sun Microsystems were all large employers. Currently Logitech, WorldPac and Full Bloom Baking are some of the largest employers.
Keller Williams Realty
505 Hamilton Ave Ste 100
Palo Alto, CA 94301