San Francisco Real Estate Market Update for 7/17 - 7/23/06
Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area said in his latest weekly report:The weather was hot, the market was not. The summer months have historically been a slower time of the year for sales, but this combined with the unseasonably hot weather and the uncertainty of world events may have additionally taken the market down a gear. This is a general overview of the market. As I have said in past reports, you cannot oversimplify the distinct Bay Area markets.
For example open houses in SF and the upper half of San Mateo county were well attended, maybe because they were the coolest parts of the region. Multiple offers were still strong in Berkeley, Burlingame, So. Marin, Palo Alto, parts of Menlo Park and the southern half of San Francisco.
Buyers are continuing to be cautious and patient in their purchases. The demand is out there, it is just not exercising itself. Again the trend for sellers is that those homes that are well prepared for the market and priced at or below current market values are selling. We are seeing increasing numbers of price reductions as sellers are felling their way to find the new pricing levels. The number of expired listings is increasing as those sellers who do not have an immediate need to sell are pulling their homes off the market.
As the number of sales slow and new listings continue to come on the market, inventories in the North and East Bay continue to rise. The SF Peninsula with few exceptions is holding steady. The upper end inventories of a number of markets are beginning to see their levels increase. A nice surprise is sales activity has picked up on the Monterey Peninsula, as the second home buyers have reappeared.
Here are the numbers for the week of July 17-23rd: 7 offices reported increasing listing inventories, 18 steady and 5 decreasing---sales activity increased in 2 offices, 18 steady and 10 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 @ 12:07 AM
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