San Francisco Real Estate Market Update for the week of November 25
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:While we are experiencing the traditional seasonal slowdown in our real estate market, we continue to see pockets filled with activity. San Francisco and the Peninsula especially continue to defy negative headlines and supposed housing market trends. For example, in Palo Alto there were 20 offers on a $1.4M house. As the Menlo Park El Camino manager points out, this left 19 buyers disappointed. Between Menlo Park and Palo Alto there are only 13 homes on the market between $1.2 and $1.M7 – not enough for 19 buyers in that price range. In the City, a “fixer” in the Sunset district was listed at $629,000, received 29 offers and sold for more than $125,000 over the asking price.
Other areas are seeing increased buyer activity as well, but note that buyers are also negotiating heavily to get prices and terms into alignment with what they are reading in the headlines. While C.A.R. reported that the state’s median resale home price fell 9.9% in October, the report also stated that many communities saw increases during the same time period including Redwood City (20.6%), San Carlos (9.5%) and San Ramon (14.4%) among the top ten in the state. The same report indicates that year-over-year prices in the San Francisco Bay Area as a whole have increased 8.9%. It is important for consumers to make informed decisions based on individual needs and the actual local market and timeliness in a given area, community, neighborhood or street.
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 @ 11:11 AM
0 Comments:
Post a Comment
<< Home