San Francisco Real Estate Market Update for 1/22 - 1/28/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula said in his latest weekly report:A hunger for inventory seems pervasive in the majority of markets. In most areas inventory is getting sold as fast as it comes on the market. The Peninsula and San Francisco offices report the most frenzied buyer activity and the lowest inventory. A number of agents in San Francisco are back to setting offer dates.
Eager buyers are out in all price ranges and for all types of property, from first time homes to luxury homes. But those buyers are awaiting new listings and selection before sealing the deal. There also seems to be a resurgence of people looking for second home and vacation property, especially up in Sonoma County.
The activity level in the offices has picked up significantly in the last week with 11 offices reporting increasing sales activity. 16 offices report steady sales activity, and 3 of the offices reported declining sales activity.
Multiple offers continued to pick up this week with more than 60 properties receiving two or more offers, as reported by the offices. Some of the listings experiencing multiple offers are still looking at prices at or even slightly under list price – still a good opportunity for Buyers. Many other listings are seeing prices well over asking price, more similar to 2005 and earlier.
In some cases, any “perceived” losses thought to have occurred in 2006, could possibly be turned around within the first two quarters of 2007. Let’s hope potential Sellers see this opportunity and bring more inventory to the market.
Listing inventory is reported as increasing by 9 offices, steady by 17 offices, and decreasing at 4 offices. There were over 480 open houses held and they continue to remain well attended across the board.
- 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 @ 6:03 AM
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