San Francisco Real Estate Market Update for the week of December 2
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:How many different economic reports came out this week? It seems that every day, another dozen or so indices, studies, surveys and reports about the housing industry make the headlines. Perhaps too many, as we are seeing many buyers finally decide not to listen to all of these numbers, and are instead getting financing approved, making offers, signing contracts and moving into the home of their dreams.
We traditionally experience a slow down during the holidays, this time of year many home sellers are focused on selling their home before the New Year. There is a lot of negotiating still going on out there and buyer activity continues to increase with a sense of urgency that may be attributable to a holiday decrease in inventory in many areas, and the desire to buy or sell before the end of the year.
Many areas of the Peninsula continue to suffer from a shortage of inventory. Burlingame and Woodside/Portola Valley also report an increase of off market listings – homes selling before they ever hit the MLS - especially in the $2-4 million range. There’s a different story in northern San Mateo County, where more REO properties and short sales are showing up. In San Francisco, well-priced listings continue to garner multiple offers, and though our offices report a lot of negotiating and counteroffers, activity is robust for many properties. Several offices have reported an increase in escrows falling out, and one office reported each fall out was quickly replaced with a new sale.
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 @ 10:27 AM
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