San Francisco Real Estate Market Update for 1/8 - 1/14/07
Recently, Avram Goldman stepped down as President to take a position with GMAC. Read what Rick Turley, new President of Coldwell Banker, San Francisco/Peninsula said in his latest weekly report:Freezing temperatures and a three-day weekend didn’t keep savvy buyers away from our 436 open houses held last week. In fact, 16 of our offices report increased open house activity with comments ranging from “open house attendance is growing,” to “the best weekend in months,” and even “attendance continues to rock at open houses…record crowds.” If these are all buyers who buy, then “cautiously optimistic” is the buzz-phrase of the week.
According to DataQuick studies released this week, average sold prices for December ’06 were up by 3.5% over the previous year. This, in combination with tightened inventory levels in most areas, means that now really is the time to buy before prices increase further. The savvy buyers are recognizing this and are out there looking.
We normally see a flock of new listings this time of year as many sellers have held their properties off the market during the holidays. As of the first three weeks of 2007, however, we are not seeing the increase in inventories. This may play well for sellers as fewer properties available means prices should hold up well. Still, listing inventory remains fairly healthy with 11 offices reporting increasing levels, 10 reporting steady levels and 7 reported as decreasing.
Many potential buyers may still be waiting for lower prices (and warmer weather) but sales activity is increasing in 6 offices and steady in 17 offices while reported as decreasing in only 5 offices. Multiple offers are seeing a jump as well with at least 20 being reported - one of them a serious fixer that received 6 offers.
- Rick Turley
* 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 @ 7:43 AM
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