San Francisco Real Estate Market Update for 11/20 - 11/26/06
Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area said in his latest weekly report:"Some things never change. Thanksgiving week is and has been traditionally a slower week and for good reason---it is a time to give thanks for all of our wonderful abundance. Both new listings and sales were lackluster.
"Open house activity was mixed. Most found fewer buyers out and about. However, a few areas particularly on parts of the Peninsula, had good numbers through their opens.. The most active areas for sales the past week were Berkeley, Palo Alto, parts of San Francisco, Menlo Park, Monterey Peninsula, Novato and Oakland. Most of these areas had the highest number of multiple offers---having between 40-100% of their open escrows involved in multiple offers. Doesn’t sound like a buyer’s market. All these areas, with few exceptions, have very limited inventories. Menlo Park and Palo Alto have 2 months or less of single family homes available. San Francisco is a little over 2 months. The buyer demand is still alive and well. Buyers sense of urgency is dependent on inventory levels. The record this week was in Santa Rosa. A home listed at $ 385,000 had 15 offers, but sold just a little over asking.
"Homes that are priced at market levels and staged properly are selling most quickly. Others take longer accompanied by seller frustration and a number of price reductions. Transactions are still taking longer to negotiate in most markets and escrow periods are dotted with further negotiations after reports are received. It is still a market that demands patience.
"The public is becoming more and more irritated with the media, particularly the SF Chronicle, which continues to bludgeon the real estate market with doom and gloom. Consumers no longer believe it. I have attached a Letter to the Editor (second one entitled 'Enough is Enough') from a doctor in Tiburon.
"Activity has seemed to have picked up after the holiday weekend, but we will discuss this next week.
"The numbers for the week of Nov. 20th-26th are as follows: 5 offices reported increasing listing inventories, 8 steady and 10 decreasing---3 offices showed increasing sales activity, 11 steady and 18 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 @ 7:42 AM
2 Comments:
Hello SF,
Thank you for speaking up for the people! I have watched the mood of the housing market dim as people trusted in the written word via newspapers and the evening news. I firmly believe that the market can be turned around by the people that are in it!
I own a home staging ebusiness offering home staging instructions to home sellers as well as real estate agents. This nitch is very satisfying and helpful in any market condition but particularly now. Staging a home lifts the spirits and the hopes of all concerned.
Now that the fat cats have taken their cream, the average person needs to pick up the pieces and make the real estate market what it needs to be...a reasonable environment where families can live where they need to live and move where they need to move to so they can support their families.
Again, keep up the good fight for everyone.
www.how2homestage.com
Thank you for your kind words.
It is somewhat mystifying why the media would constantly report bad news about the housing market... even BEFORE it started to slow down! Then it was pointed out that the news agencies are owned by people who want us to have our money in the stock market, not in real estate. This explanation makes sense to me...
- Mick Orton
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