San Francisco Real Estate Market Update for the week of December 9
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:From Castro Valley to San Francisco, Menlo Park to Walnut Creek, we’re hearing that buyer activity is surprisingly busy for this traditionally slower time of year. In some areas, this can be attributed partly to the great selection of value-priced homes, in other areas it can be due the lack of new inventory on the market combined with strong demand. There are fewer buyers and fewer sellers around during the holiday season – and the ones that are in the market are very serious about buying or selling a home. In San Francisco and the Peninsula, a continued short supply of $1.5M+ new listings are keeping Buyers moving quickly to see the latest new properties in their desired neighborhood. I am hearing our agents comment that December is proving to be an excellent month to bring on a new listing. In areas with more inventory, negotiations between buyers and sellers remain fierce – one office reports that up to five and six counter offers are not uncommon before a deal can be struck. Fortunately, skilled negotiators are commonplace among Coldwell Banker agents and deals are successfully closing.
Attendance at open houses was as scattered as our micro-markets are. Sebastopol reports light attendance at opens, but lots of sales activity on properties near $1 million and over. Buyers haven’t slowed down in the Peninsula. Menlo Park reports that many agents are as busy now as they usually are during more traditionally busy months, and that open houses were “surprisingly well attended.” One listing in Palo Alto had 10 offers and was ratified at approximately 20% over the asking price. “Above average” to brisk open house attendance is also being seen in Half Moon Bay and in San Francisco...
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 @ 11:48 AM
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