San Francisco Real Estate Market Update for 7/24 - 7/30/06
Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area said in his latest weekly report:The theme this week is status quo----sort of. There is a change that we haven’t seen for awhile---some marketplaces showed inventories decreasing. This was due to an increased number of expired listings and fewer listings coming on the market. San Francisco and San Mateo counties are the first to see this trend. Only time will tell if this trend will continue. What it means in San Francisco and San Mateo is the reduction of months supply of inventory which helps to keep those market moving and active. As of the end of July both San Francisco and San Mateo are a little under 3 months supply which indicates a balanced to a sellers market depending on price and property class (single family residences vs. condos). Santa Clara is a little under 4 months. Alameda and Marin are at a little over 4 months---balanced to buyer’s market. Contra Costa and Sonoma counties are over 6 months showing more of a buyer’s market. As a reminder you cannot paint a whole county with a broad brush. Even in more challenged markets there are pockets where demand outstrips supply. We need to focus on what is occurring in your specific market.
Buyers are still being patient and cautious. Multiple offers have tailed off. The majority of these transactions are still occurring on the SF Peninsula. The most active price area on the Peninsula is $1-1.5 price category among single family homes. We are still observing good open house activity. This is exemplified by the 130 groups through a Burlingame open house. This is certainly not the rule. First time open listings are generating the largest crowds.
The rule is for those homes that are totally prepared for the market and priced strategically are selling quickly and at the highest prices. That means total staging and all deferred maintenance taken care of. Pricing is also critical as buyers are more price conscious than they have been over the last 8 years
- 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 @ 9:42 PM
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