San Francisco Real Estate Market Update for the week of October 7
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:Our Coldwell Banker Residential Brokerage agents are brimming with enthusiasm. Reports this week indicate that, in many areas, our more than 560 open houses were seeing steady streams of visitors, and buyer interest is up. There are slower spots around the Bay Area to be sure, but for every slow spot, there is another that is seeing exceptional activity. As I keep saying, real estate is a very local industry. The trends, numbers, statistics and “facts” we read about tell a regional story, but that story isn’t indicative of market conditions in specific locations, neighborhoods and communities. There are cold spots with high inventory levels, and there are hot spots where competition to buy a home is fierce.
The reality is this – the increased median prices that are reported in most areas are affected by the fact that, in those hotter markets, the prices have barely dropped, if at all. In addition, homes in the $2 million plus range are selling quickly and often over asking price. There is a wide variety of homes available in several areas of the East and North Bays at bargain prices waiting to be snapped up. In San Francisco and the Peninsula, sales activity is down largely because inventory is down – however offices in both the Peninsula and the City noted activity and sales were more brisk at particular price points...
Read the entire report here.
- Rick Turley
* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with "weekly market report" in the subject line.
posted by SFResidence.com @ 9:55 AM
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