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