San Francisco Real Estate Market Update for the week of February 3, 2008
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:Again, we saw a week of very busy open homes in practically every area. Historically, Super Bowl weekend is fairly calm, but we saw large numbers of groups moving through our more than 330 open homes in all prices ranges on both Saturday and Sunday.
It’s a good move on the part of those buyers to be actively looking for the perfect home right now. The wide selection of homes to choose from remains excellent in many areas, but a recent report from the National Association of Realtors says that the number of existing homes on the market is starting to see a steady month-over-month decline.
Moreover, we are only one stroke of one pen away from seeing the F.H.A., Fannie Mae and Freddie Mac venture into jumbo loan territory. Optimism is rampant.
In Danville, inventory decreased in the market and an increase in sales activity. Inventory in Berkeley, Albany and Kensington areas are very low. R.E.O. properties in Livermore are generating multiple offers. In Oakland, when properties are perceived as values, they are generating five and more multiple offers. In Burlingame, great homes in all price ranges are garnering multiple offers. Menlo Park saw three sales over $6.5 million, and a $1.4 million property received six offers without even going on tour. San Francisco is also seeing a return to multiple offers in many neighborhoods, and the City has noticed a stabilization of inventory and an increase in the buyer population. There are as many stories about the listing the Buyers didn't get due to competition, as there are regarding properties that are taking a while to sell. Price and condition are key...
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 @ 12:18 PM
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