Coldwell Banker Weekly Market Watch
Week of May 6, 2007
It was a patchwork quilt of a market in the San Francisco Bay Area this week with determined buyers aggressively bidding and buying homes in some areas, and aggressively bargaining in others. Like last week, place and price continue to be the most critical factors in getting buyers and sellers to come to terms. Five Petaluma listings were in multiple offer situations with two-to-three offers per property. Condo sales in Novato are stagnant, but upper-end homes are moving nicely, and the rental market is “hot” – even experiencing multiple lease offer situations. Santa Rosa reports brisk activity at several price points, but notes the $1M+ properties are seeing the steadiest activity. The high end also continues to get a lot of attention in Southern Marin and well-priced homes sell quickly.
Inventory is at an all time high in Orinda, nevertheless prime properties are going into heavy competition with multiple offers. In Alamo, a three bedroom, two and a half bath home priced at $1,499,000 received four offers in five days.
Burlingame, on the other hand, reports more buyers than ever competing for shrinking inventory in specific prime areas. Palo Alto continues to report that one-hundred percent of listings were in multiple offer situations, and Woodside/Portola Valley reports that people are frustrated with the lack of inventory and are starting to buy in new areas on the advice of their savvy agents. In San Francisco, a $1 million condo generated five offers in one day and sold for 22% over asking. More than 90 homes were reportedly in multiple offer situations.
Listing activity was reported as increasing by 10 offices and decreasing in only three offices, but remaining steady in 14. Sales activity increased for nine offices, decreased in six offices and remained steady for 12. More than 550 busy open homes were held.
I personally stopped in a few Opens today, and found it to be very busy for a Mother’s Day. Let’s all pull together for a huge effort in taking new listings the next four weeks. It doesn’t appear we’ll have any trouble selling them in the beginning weeks of the summer.
Have a great week!
Rick
Rick Turley
President, San Francisco/Peninsula
Coldwell Banker Residential Brokerage
Friday, June 1, 2007
Weekly Market Watch
Coldwell Banker Weekly Market Watch
Week of April 29, 2007
Those serious buyers mentioned in last week’s edition of the Weekly Market Watch are busy writing offers, some are writing at under list price, while others are making strong Pre-emptive offers. In many cases, Sellers, however, seem to be sticking to their list prices – sometimes it works, sometimes it doesn’t. The lesson this week? Proper pricing is crucial.
Multiple offer situations are simmering down in most areas, though Berkeley agents are still scratching their heads about the 15 offers received by a two bedroom El Cerrito listing under $600,000. Homes priced in the $1-3+ million range seem to be the most likely multiple offer candidates in many areas. A small Mill Valley home listed at $1,345,000 had five offers. Pleasanton too notes that the upper end homes tend to move faster than lower priced properties. Walnut Creek reports that inventory in the $1-2 million range is moving quickly, and in San Francisco, the sales price during the week for one office averaged $2.7 million. More than 60 properties, all in all, were in multiple offer situations.
Of the more than 555 houses held open, most all of them were busy with buyers willing to negotiate. A new Piedmont listing saw 100 groups go through. A Millbrae listing had over 150 visiting groups. Over 100 buyers came to a new Palo Alto listing, and over 200 to a new listing in San Jose.
Listing inventory was reported as increasing by 15 offices, steady for 10 offices and decreasing in only two. Sales activity remained steady for 14 offices, increased for eight offices and decreased for five.
Sellers understandably want to get the most amount of money possible for their home. However, like art, a home is really only worth what a buyer is willing to pay for it. Pricing that is derived from a true understanding of market conditions, home condition, and other carefully considered factors is most conducive to a timely sale.
Have a great week!
Rick
Rick Turley
President, San Francisco/Peninsula
Coldwell Banker Residential Brokerage
Week of April 29, 2007
Those serious buyers mentioned in last week’s edition of the Weekly Market Watch are busy writing offers, some are writing at under list price, while others are making strong Pre-emptive offers. In many cases, Sellers, however, seem to be sticking to their list prices – sometimes it works, sometimes it doesn’t. The lesson this week? Proper pricing is crucial.
Multiple offer situations are simmering down in most areas, though Berkeley agents are still scratching their heads about the 15 offers received by a two bedroom El Cerrito listing under $600,000. Homes priced in the $1-3+ million range seem to be the most likely multiple offer candidates in many areas. A small Mill Valley home listed at $1,345,000 had five offers. Pleasanton too notes that the upper end homes tend to move faster than lower priced properties. Walnut Creek reports that inventory in the $1-2 million range is moving quickly, and in San Francisco, the sales price during the week for one office averaged $2.7 million. More than 60 properties, all in all, were in multiple offer situations.
Of the more than 555 houses held open, most all of them were busy with buyers willing to negotiate. A new Piedmont listing saw 100 groups go through. A Millbrae listing had over 150 visiting groups. Over 100 buyers came to a new Palo Alto listing, and over 200 to a new listing in San Jose.
Listing inventory was reported as increasing by 15 offices, steady for 10 offices and decreasing in only two. Sales activity remained steady for 14 offices, increased for eight offices and decreased for five.
Sellers understandably want to get the most amount of money possible for their home. However, like art, a home is really only worth what a buyer is willing to pay for it. Pricing that is derived from a true understanding of market conditions, home condition, and other carefully considered factors is most conducive to a timely sale.
Have a great week!
Rick
Rick Turley
President, San Francisco/Peninsula
Coldwell Banker Residential Brokerage
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