San Francisco Real Estate Market Update for 5/12 - 5/18/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:DataQuick numbers were released this past week and the media swarmed to extract a pattern of doom for the housing market from the report. DataQuick reported a slowdown in sales and an increase in median prices and attributed the results to a “continued buyer-seller standoff.”
However, the only true pattern emerging in Bay Area real estate over the week is one we’ve already identified before – pricing and condition are crucial to a reasonably quick sale. And as DataQuick pointed out, when interested-but-wary buyers meet sellers who are reluctant to negotiate, a no-sale situation is the result. For our City and Peninsula offices, no-to-low inventory is still the main story.
Multiple offers are up again, and the upper-tier properties remain the hot tickets in most areas. A $3.9 million Kentfield listing had nine offers. In Mill Valley, a $2.8 million listing received multiple offers. Oakland/Piedmont and Menlo Park both report multiple offers in all price ranges. Our San Francisco offices reported approximately 1 in 3 sales involved multiple offers for the week. All in all, more than 80 multiple offer situations occurred.
Listing inventory remained steady as reported by 14 offices, increased in 10 offices and decreased for five. Sales activity also remained steady for 14 offices, while it reportedly increased for 12 offices and only decreased for 3.
DataQuick is an excellent resource, and reading the report provides a fair reflection on the previous 60 to 90 days. However, no matter how the media tries to spin it, DataQuick is a reflection only - not necessarily a current depiction of the market. Thankfully, our Buyers and Sellers have true professionals like you in the field; helping them evaluate precisely what is happening at the very moment in your specific market and neighborhood.
- 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 @ 7:54 PM
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