San Francisco Real Estate Market Update for 6/19 - 6/25/06
Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area said in his latest weekly report:"The week of June19-25th showed a bit of an upswing. Although the market is not moving anywhere near the velocity of last year, the best priced and staged homes are selling in historically short periods of time. Yes, more homes are available than we have seen since 2003, but are nowhere near the slow cycles of the early 80’s and 90’s.
"We are seeing fewer multiple offers around the Bay with the exception of the SF/Peninsula where percentages run from 20-75% of listings sold being involved in multiple offers. We are still having shortages of good listings in the SF/Peninsula market under the $1-1.5 mil. price range and the upper ends of those markets still are moving where there are shortages of available listings.
"Open house activity is slowing, particularly for the listings that are being held open for the 3rd or 4th times. Well priced and prepared homes being held open for the first time are attracting large groups of buyers. There are still plenty of buyers looking; they are just taking longer to make their decisions. The volume of price reductions has increased as motivated sellers are trying to find buyer price points. I am attaching an article from the Wall Street Journal discussing the advantages of different pricing and reduction strategies.
"What we are noticing is that the flow of new listings coming on the market is beginning to slow. I think over the next several months we will see those sellers that don’t have a compelling reason to sell taking their homes off the market. This will be a positive sign for the market as it will accurately reflect the true inventory available. Now is a great time for buyers as choice is at the highest point in years and interest rates are still under 7% which is historically low.
"Here are the numbers for the week: 14 offices reported increasing inventories, 13 steady and 5 decreasing----8 offices showed increasing activity 19 steady and 5 decreasing."
- Avram Goldman
* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.
posted by SFResidence.com @ 3:44 PM
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