San Francisco Real Estate Market Update for the week of November 11
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:It was a particularly interesting real estate market in the Bay Area this week. Some areas remain sluggish while others are bubbling with activity. Still others that have been on the slow side of the market for months are seeing a spike in buyer activity. We do spend a lot of time talking about how our media buries the positive aspects of our real estate markets behind negative headlines, but even they are starting to tell both sides of the real estate story with more accuracy and balance. We’re starting to see even more headlines like “OK ’08 seen for Bay Area real estate market,” “October Sales Jump,” and “Traditional reasons for home purchase still financially sound.” Perhaps this trend, and initiatives like our Reality Check, are truly impacting the consumer and reducing the hesitancy that buyers have been having about entering the market...
...An interesting phenomenon is being reported in the prime neighborhoods within San Mateo, Burlingame and Hillsborough where there is an increasing number of private “off market” sales. Some Sellers are putting out the word that they will entertain pre-listing offers, and the properties are selling without ever going on the market. San Mateo sales are very strong for a November with multiple offers frequently seen. Palo Alto, West Menlo Park report inventory levels remain at “all time lows” and nearly any home that is well-priced receives multiple offers – however a different market exists east of 101. San Francisco remains strongest in the $1.5M+ properties. Lower and mid-range price points in the City are trending toward multiple counters versus multiple offers. That said, every one of our San Francisco offices will see a well-priced and staged property sell within 0 to 14 days, while others remain listed over a month. TIC and condo inventory overall is growing, currently between 4 and 5 months supply.
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 @ 11:49 AM
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