San Francisco Real Estate Market Update for 3/19 - 3/25/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:The Bay Area real estate market is in full bloom. Even with negative media focused on subprime issues, most of the Bay Area is seeing a steady, if slow, increase in inventory. Sales activity has seen an escalation in most areas with the number of multiple offer situations dipping.
Inventory is still not coming on fast enough in San Francisco and most of the Peninsula where they are still seeing multiple offer situations. Palo Alto is seeing 53% of listings in multiple offers, and Redwood City and Burlingame noted strong open house attendance even for condos and townhouses. San Francisco is also strong where one home had 114 groups. Even properties on the market for 5 or more months are garnering multiple offers. San Mateo notes 85-90% multiple offers.
The luxury home market – especially in the $2-3 million range - continues to show solid figures in all areas. An Atherton listing for $2.8 million had 4 offers. A San Francisco home garnered 20 offers and went for substantially over the $1.295 million price.
Even with increasing inventories, multiple offers occur on homes that are well-priced and desirably located – especially in the East and North Bay areas. One Berkeley property received 18 offers. Another, listed in the $800 thousand range, sold for $450 thousand over asking. Healthy and stable describe Walnut Creek, Orinda, Danville, Livermore, Pleasanton and Fremont market areas where sales are brisk in all categories and buyers are very competitive for the right homes.
More than 550 homes were held open with most noting heavy attendance. More than 260 offers were ratified, and well over 100 properties were in multiple offer situations.
Overall, listing inventory actually increased for 5 offices, remained steady for 21, and decreased in 4. Sales activity increased for 10 offices, remained steady for 17, and only decreased for 3.
- 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 @ 8:40 AM
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