San Francisco Real Estate Market Update for 6/16 - 6/22/07
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:There was no report for the week of June 9-15th due to a family emergency.
Last Sunday being Father’s Day, and the more than 540 open houses held last weekend were mostly well attended. Typically, the summer months see a slowing of the market as it competes with graduations and vacations. We have yet to see that typical slowdown in most areas. Though some areas are reporting lighter activity, others are seeing sales pick up. Once again, the standard patterns of real estate in the Bay Area continue to elude definition. Our reports reflect the week’s activity in each particular branch office, and it appears that “busy” sales weeks directly follow an influx of newer listing inventory in that office’s market. In the City and the Peninsula, we are not seeing increases of inventory followed by slower sales activity. In most offices, it’s quite the opposite.
A $2,795,000 listing in the Liberty Hill/Noe area of San Francisco received four offers. A San Francisco Parkside area home received 21 offers significantly over the list price, however several other properties in the City were lucky to receive one offer. On the Peninsula, inventory is sporadically feast or famine depending on the location. Woodside/Portola Valley, Foster City, Redwood Shores and the most desirable San Mateo area neighborhoods all suffer from low inventory. Menlo Park is seeing a steady, healthy market; listings are picking up, and are selling just as quickly. The past two weeks have seen a few more $5M+ sales on the Peninsula. Buyer confidence is strong; the Dow and NASDAQ have made some local residents more flush which helps fuel the positive activity.
The rest of the Bay Area reports a similar mix of ups and downs. Castro Valley, Livermore and Pleasanton are all reporting that “things are picking up” with their sales activity. New, attractive listings in the core areas of the Berkeley market remain hot commodities. Many markets in the North Bay remain hot, especially in Marin County. Sonoma continues to be haunted by a glut of inventory, however this may bode well in the near future as frustrated buyers from other areas start reconsidering Sonoma as a viable place to settle with a wide selection of well-priced homes. And then we get the reminder we need to hear from time to time; an East Bay office reports that three separate deals each died a day after ratification last week. In a more “normal” market, the hard work and the majority of negotiations simply begin once the property sells.
Listing Activity was reported as steady by the majority - 20 offices. It increased for seven offices, and only decreased for two offices. Even with the seasonal slowing in the market, sales activity for our offices were reported as being steady by 16 offices, increasing for six, and decreasing for seven offices.
In an unpredictable market, an overwhelming “steady” report well into the month of June certainly says a lot about the power and expertise of Coldwell Banker Sales Associates.
- 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 @ 7:05 PM
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