San Francisco Real Estate Market Update for 5/26 - 6/1/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:The long Memorial Day weekend gave Buyers, Sellers, and Agents a bit of a break. Some offices reported a quiet week, but the activity which did occur was mainly tied to sales - consuming more of our already depleted inventory, rather than listing new properties. Menlo Park/El Camino was the exception, reporting that quite a few new properties were introduced at the sales meeting this week. MP also commented on seeing a healthier listing/sales ratio in their marketplace. Dare we look for a balanced market this summer in the Peninsula??? Throughout all of Santa Clara county, there are 40% more properties currently available compared to the same week last year. But looking more closely at our Palo Alto, Menlo Park, Los Altos and Mountain View markets, there are 18% fewer properties available this year over last, holding true to the fact that higher priced communities are selling much more rapidly than the vast suburbs. San Francisco Van Ness reports their new sales outnumbered their new listings 3 to 1, but are looking for more listings coming in now that the holiday weekend is past.
We held almost 400 homes open during the week, and the lower-than-normal Memorial holiday attendance level was anticipated. The coast at Half Moon Bay was quiet largely due to both agents and clients vacationing.
The Bay Area market continues to be predictably unpredictable. In most areas, it is specific neighborhoods, schools, locations and streets that are generating the interest and buyer activity more so than the actual homes themselves. Berkeley, Oakland and El Cerrito saw multiple offers on homes in all price points. In Kentwood, a $3.95 million listing closed for $5 million after having received nine offers. In San Francisco, two properties in the Sunset district received 11 and 22 offers respectively. More frequently the numbers of multiple offers received in the City are closer to 4-6 competitors per multiple-offer sale. A listing of a SFR in the Inner Mission of San Francisco at just over $1M was all set for waiting through a Broker’s Open and the weekend of open homes before seeing offers. Plans changed when a buyer walked into the home unescorted while a painter was there working. They then got their agent involved in making a strong pre-emptive. Of course, that prompted another agent to submit on behalf of their client who had been waiting patiently as told to do. Ultimately the Seller decided to review the pre-emptive offers, issued multiple counters, and accepted a very strong deal before the first open house could be held. As Tim Curran would say: “What a country!”
Of the offices reporting, listing inventory remained steady for 16, increased for five and decreased for eight. Sales activity remained steady for 9 offices. It increased for 13 offices, and decreased in only 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 @ 8:52 AM
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