Weekly Market Watch

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