San Francisco Real Estate Market Update for 5/19 - 5/25/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:Almost 700 homes were held open in celebration of our Great American Open Home Event, and most all areas reported excellent attendance. The event provided us the opportunity to showcase a wide variety of listings throughout our communities, and the potential buyers were out in full force. One Half Moon Bay property saw a surprising 80 visitors, and a Millbrae home drew over 130 potential buyers. In the City, it was the typical “double-park Sunday-scramble” as Buyers attempted to get in as many Opens as time permitted.
The upper-tier properties are still seeing strong activity in most areas, but in areas where inventory is higher, buyers are better referred to as “window shoppers.” More prevalent in our outer East and North Bay offices, these Buyers are looking at everything available, but are difficult to pin down when it comes time to write an offer. In areas where inventory is tighter, pre-emptive and multiple offer situations are happening in more than half of the reported sales. There were 5 offers on a San Mateo property that went for substantially more than the $2.5 million list price. Menlo Park reports a pre-emptive property that went for 20% over asking. The Lombard office in the City reported every sale this week either in multiple or pre-emptive offers. Market Street and SF Lakeside reported 16 out of 26 were in multiple offers. SF Noriega offices states a fixer in Inner Richmond district had 17 offers and went more than $100,000 over asking. From Burlingame to San Mateo, the past week’s more than 50 closings in MLS were showing roughly 85% sold at list price or greater.
The past two week’s office reports have included more comments regarding transactions being re-negotiated prior to the closing, and some occurrences of deals falling through. Back-up offers can be key for Sellers in many of these situations. In some cases, a Buyer is simply looking for a small consideration prior to close, in others it may be a full-blown case of Buyer’s remorse. Strong listing and selling Agents are helping their customers stay focused on the main objectives in Buying or Selling.
Of the offices reporting, listing inventory remained steady for 12, increased for eight and decreased for six. Sales activity remained comfortably steady for a whopping 16 offices. It increased for eight offices, and decreased in only two.
- 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 @ 12:41 PM
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