San Francisco Real Estate Market Update for 2/5 - 2/11/07
Read what Rick Turley, new President of Coldwell Banker, San Francisco/Peninsula said in his latest weekly report:It’s very interesting to review the past several weeks’ market reports and notice the geographical migration of low inventory concerns throughout the Bay Area. Several weeks ago the communities further east and north were largely commenting on lack of sales activity - listed properties not moving. The same week, San Francisco and the Peninsula were starting to comment on the lack of new properties coming to the marketplace. Notice this week that sales activity is picking up in the north and east bays, while San Francisco and Peninsula offices are genuinely concerned about the shortage of inventory.
In Pleasanton, our office reports that 67 new homes came on the market during the week, and 63 homes went pending. Inventory in the Danville market has dropped below a three month supply. Coastal inventory in Half Moon Bay is down dramatically. Palo Alto reports that 65% of all of their offers are multiple offers. Menlo Park cries “We’re starving for houses to sell.” Burlingame reports multiple pre-emptive offers at a $3M price-point listing. That being said, there are some properties in both San Francisco and the Peninsula in the $2.5M+ range which aren’t flying off the shelves, indicating that a sensitive list price is still key.
Of the more than 485 open houses held by our offices, all were well attended. In San Francisco an approx. 950 sq ft home w/o dining room in Bernal Heights had more than 300 visitors. By mid-week, it sold for more than 20% over its $699,000 LP with 13 offers. Another San Francisco home in the Westwood Highlands district had 43 disclosure packets out and 21 offers submitted after only 4 days of showings.
Listing inventory overall was reported as being steady by 16 offices, increasing by 6 and decreasing by 10. Sales activity reportedly increased in 7 offices, decreased in 4, and was steady for 18 offices. Of the offices reporting, there were more than 200 ratified offers.
There is a lot of buzz indicating that sellers are waiting for late spring before putting their homes on the market. Hopefully, those sellers aren’t looking at the media headlines and thinking they’re indicative of a bad time to list. The buyers are out there…waiting for something to buy!
- 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 @ 8:19 AM
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