San Francisco Real Estate Market Update for 4/14 - 4/20/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:Inventory is picking up a bit - that's a good thing in most of our markets. Open houses are still very well attended. Multiple offers continue to be the norm in the areas with the least available properties for sale.
Among the hot spots, Palo Alto reports that multiple offers exceeding 20% of list price are not unusual. In San Francisco one low priced listing received 51 offers. A home in the Avenues received 20 offers, and the only listing available in St Francis Wood, an upscale neighborhood west of Twin Peaks, was a fixer which hadn't been remodeled in over 50 years. The list price was $1.2M, there were 33 offers, and one of our agents found that writing $300K over asking put his buyers somewhere in the bottom third of offers. San Mateo is seeing multiple offers on at least 80% of all listings. Half Moon Bay reports that, while pricing is still key, they are averaging 20 to 30 groups at open homes.
In the North Bay, some positive signs of sustained activity are being witnessed in Greenbrae with an up-tick in inventory and buyers and sellers meeting at a comfortable level. Petaluma is seeing buyers starting to write offers and Santa Rosa is enjoying generous (but not excessive) inventory levels for their buyers to select from. Sebastopol and Southern Marin/Belvedere are still seeing the upper end homes moving quickly. In fact, a Kentfield property listed at $2.1 million had seven offers.
Inventory was reported as increasing by 12 offices and steady by 14 offices, while decreasing inventory was only reported by four. Sales activity, though sluggish due to the Spring Break and tax deadlines, was reported as increasing by six offices, steady by 17 offices and only decreasing by seven.
- 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 @ 10:22 PM
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