Momentum continues to gather as inventory gets sold as fast as it comes on the market in most areas. Even some wall flower listings lingering from last year are being courted by genuinely interested buyers. Most offices report that they are seeing more buyer-controlled transactions, and that sales associates are working with significantly more buyers as well.
Listing inventory remains mostly steady, so these shoppers eagerly await new listings and a wider selection to appear on the market. 15 offices reported steady listing inventory while 9 reported increasing levels and 4 indicated that inventory was decreasing.
Over 450 houses were held open last weekend to large crowds with some first showing garnering 150 to 200 visitors, and more than 50 properties received multiple offers through all price points. One home received 44 offers - but the highest offer was $25k under the list price. Those large numbers of buyers out there are serious, but they’re still looking for bargains. Fortunately, sellers are increasingly willing to negotiate as 16 offices reported steady sales activity and 11 testified to increasing sales activity. One office reported sales activity as declining.
Even our usually nay-saying media is starting to take notice of a market that is showing signs of health with headlines containing words like “stabilization,” “increasing,” and “eases up.”
Keep motoring.
Rick Turley
President, San Francisco Peninsula
Tuesday, January 30, 2007
Tuesday, January 23, 2007
Coldwell Banker Weekly Market Watch - Week of 1/22/07
Freezing temperatures and a three-day weekend didn’t keep savvy buyers away from our 436 open houses held last week. In fact, 16 of our offices report increased open house activity with comments ranging from “open house attendance is growing,” to “the best weekend in months,” and even “attendance continues to rock at open houses…record crowds.” If these are all buyers who buy, then “cautiously optimistic” is the buzz-phrase of the week.
According to DataQuick studies released this week, average sold prices for December ’06 were up by 3.5% over the previous year. This, in combination with tightened inventory levels in most areas, means that now really is the time to buy before prices increase further. The savvy buyers are recognizing this and are out there looking.
We normally see a flock of new listings this time of year as many sellers have held their properties off the market during the holidays. As of the first three weeks of 2007, however, we are not seeing the increase in inventories. This may play well for sellers as fewer properties available means prices should hold up well. Still, listing inventory remains fairly healthy with 11 offices reporting increasing levels, 10 reporting steady levels and 7 reported as decreasing.
Many potential buyers may still be waiting for lower prices (and warmer weather) but sales activity is increasing in 6 offices and steady in 17 offices while reported as decreasing in only 5 offices. Multiple offers are seeing a jump as well with at least 20 being reported - one of them a serious fixer that received 6 offers.
Things are moving. Go catch them!
Rick Turley
President, San Francisco/Peninsula
According to DataQuick studies released this week, average sold prices for December ’06 were up by 3.5% over the previous year. This, in combination with tightened inventory levels in most areas, means that now really is the time to buy before prices increase further. The savvy buyers are recognizing this and are out there looking.
We normally see a flock of new listings this time of year as many sellers have held their properties off the market during the holidays. As of the first three weeks of 2007, however, we are not seeing the increase in inventories. This may play well for sellers as fewer properties available means prices should hold up well. Still, listing inventory remains fairly healthy with 11 offices reporting increasing levels, 10 reporting steady levels and 7 reported as decreasing.
Many potential buyers may still be waiting for lower prices (and warmer weather) but sales activity is increasing in 6 offices and steady in 17 offices while reported as decreasing in only 5 offices. Multiple offers are seeing a jump as well with at least 20 being reported - one of them a serious fixer that received 6 offers.
Things are moving. Go catch them!
Rick Turley
President, San Francisco/Peninsula
Tuesday, January 9, 2007
Goldman's Report (Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area)
Hope all had a festive holiday celebration. It’s that time of year to be with family and friends.
Time to reflect on a year filled with change. Although sales were not as strong as the last several years the market held its own. We moved from a frenzied sellers’ market to one with more sanity. A market that cannot be defined with a broad brush as each market has its own pulse. Sellers had to adjust to a new reality of negotiation and compromise and buyers learned that sellers are not giving away their homes. A year where skilled and experienced realtors are more appreciated for their real estate acumen.
We are ending the year on a positive note. Over the last three months the decline in volume of sales dollars on a per month basis has declined. Year to date through September the market was off about 22%. In the last quarter of the year it has declined to under 15% from the same period last year. Inventories continue to decline. They are lower than both 2002 and 2001at year’s end..
The numbers of multiple offers have declined. However, San Francisco and the Peninsula (Palo Alto, Menlo Park, Burlingame and San Mateo) still generate a good number of multiple offers. This is primarily due to having the lowest supplies of inventories. Those sellers who adjust their prices to the new reality are selling their homes, at times with more than one offer. Buyers are savvier than ever to pricing and value. If you are going to find the willing buyer you will need to use the right bait---meaning pricing and presentation.
It looks like 2007 is shaping up to be similar to 2006. We are not going to see the go-go days of 2004 and 2005. With that said, prices will not drop off the face of the earth. The expected continued rise in listing inventories has not occurred as predicted by the nascent media reporters and some economists. Interest rates should remain relatively stable provided oil prices don’t rise through the stratosphere. The economy is bumping along with unemployment remaining fairly stable.
The numbers for the week of December 11-17th are as follows: 2 offices reported increasing inventories, 6 steady and 19 decreasing---4 offices showed increasing sales, 10 steady and 13 decreasing.
This will be the last report of the year. Due to the holidays, I will be taking a two week break and resuming next year. Wishing all of you a Happy New Year and a year ahead filled with good health, fun and much success.
Avram
Avram Goldman
President and COO
Coldwell Banker San Francisco/Bay Area
Time to reflect on a year filled with change. Although sales were not as strong as the last several years the market held its own. We moved from a frenzied sellers’ market to one with more sanity. A market that cannot be defined with a broad brush as each market has its own pulse. Sellers had to adjust to a new reality of negotiation and compromise and buyers learned that sellers are not giving away their homes. A year where skilled and experienced realtors are more appreciated for their real estate acumen.
We are ending the year on a positive note. Over the last three months the decline in volume of sales dollars on a per month basis has declined. Year to date through September the market was off about 22%. In the last quarter of the year it has declined to under 15% from the same period last year. Inventories continue to decline. They are lower than both 2002 and 2001at year’s end..
The numbers of multiple offers have declined. However, San Francisco and the Peninsula (Palo Alto, Menlo Park, Burlingame and San Mateo) still generate a good number of multiple offers. This is primarily due to having the lowest supplies of inventories. Those sellers who adjust their prices to the new reality are selling their homes, at times with more than one offer. Buyers are savvier than ever to pricing and value. If you are going to find the willing buyer you will need to use the right bait---meaning pricing and presentation.
It looks like 2007 is shaping up to be similar to 2006. We are not going to see the go-go days of 2004 and 2005. With that said, prices will not drop off the face of the earth. The expected continued rise in listing inventories has not occurred as predicted by the nascent media reporters and some economists. Interest rates should remain relatively stable provided oil prices don’t rise through the stratosphere. The economy is bumping along with unemployment remaining fairly stable.
The numbers for the week of December 11-17th are as follows: 2 offices reported increasing inventories, 6 steady and 19 decreasing---4 offices showed increasing sales, 10 steady and 13 decreasing.
This will be the last report of the year. Due to the holidays, I will be taking a two week break and resuming next year. Wishing all of you a Happy New Year and a year ahead filled with good health, fun and much success.
Avram
Avram Goldman
President and COO
Coldwell Banker San Francisco/Bay Area
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