Weekly Market Watch

Coldwell Banker Weekly Market Watch
Week of July 15, 2007

This week DataQuick, the real estate information firm relied on by the local media, released its report on the condition of the Bay Area real estate market for the month of June. The report is a solid reflection of what we’re seeing in July as well, and what we’ve been identifying in the Weekly Market Watch for months now – some areas are witnessing high activity and others are struggling. The report indicates that median sales prices have increased, but that sales of homes are down over all in most areas. For a change, however, the report has identified the booming luxury homes market as being not only strong but also largely responsible for elevating that median sale price. Buyers in lower priced markets are adopting a “wait and see” attitude.

Listing inventory is increasing in most every area reporting, however not in all price categories. As we have been seeing, a lack of inventory in the high-end does keep sales activity buoyant, but a fresh crop of homes to sell would provide more variety to eager buyers. Multiple offer situations have slowed down in most areas as inventory ticks upward. A $2,495,000 Menlo Park listing received five offers. One San Francisco office reported that of nine properties that received multiple offers, six of them received those multiple offers pre-emptively. More than 60 of our listings received multiple offers during the week overall.

Most of our more than 600 homes held open last week saw steady, if not excessively busy, streams of visitors. A $1,350,000 listing in Belmont had over 100 people go through and, evidently, this property was on a hill and had little available parking! Woodside/Portola Valley reports “incredibly busy” open homes.

Listing inventory remained steady for 11 offices, increased for 11 offices and decreased in only six offices. 17 offices held their own by reporting sales activity as having been steady. Four offices reported increased sales activity, and activity decreased for seven.
Have a great week!
Rick

Rick Turley
President, San Francisco/Peninsula
Coldwell Banker Residential Brokerage