San Francisco Real Estate Market Update for 3/5 - 3/11/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula said in his latest weekly report:It was beautiful and warm everywhere in the Bay Area last week, but the real estate market continues to have some microclimates that are actually sizzling! Buyers are out “kicking tires” in every area, causing multiple offer situations to escalate, especially in the City and on the Peninsula. Woodside/Portola Valley reports that most agents are in multiple offer presentations with some prices going 10 to 15 % over asking. San Francisco notes that the number of offers in multiple situations is climbing higher each week, now seeing 6-13 offers on many properties. Southern Marin offices are seeing multiples becoming commonplace on properties listed for over $2 million. Areas of Fremont are seeing 4 to 10 offers per listing.
Pre-emptive offers are increasing which makes for a successful and faster property sale – with a downside that they are keeping much need inventory from coming to the market. In San Francisco, sales for the most part still outnumber listings, especially in the upper-tier market and neighborhoods. Contra Costa County and areas of Alameda County are experiencing a very balanced market where inventory has seen some stabilization, although some very hot micro-markets exist.
Listing inventory is increasing according to 12 office reports, steady for 17, and only decreasing in one office. Sales activity continues to increase for 11 offices and remains steady for 13 - decreasing for 6. Of the reporting offices who tracked the number of multiple offers which occurred for the week, more than half of the offices reported that over 50% of their total sales were in a multiple offer situation.
The media is taking a detour with their focus on the subprime mortgage crisis. No doubt - this is a very serious situation nationwide involving a particular sector of lending - but it should be kept in context for what it is. It is not a primary driver of our local real estate activity and health. Buyers and Sellers alike should be encouraged by another headline found in this Sunday’s Chronicle: “Mortgage rates are lowest since mid-December”. What a great time to move up!
- 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 @ 7:42 AM
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