San Francisco Real Estate Market Update for the week of March 9, 2008
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:DataQuick, the real estate information service that the media drools over every month, issued yet another gloomy report on Thursday. Frankly, I think the reports received from our offices each week, and from talking to all of those hardworking Coldwell Banker Sales Associates in the field, should be what’s making the headlines in our newspapers instead of DataQuick’s latest monthly statistics. We are actually working with buyers and sellers and understand our local markets. We comprehend the intricacies of the various communities and neighborhoods we work with, and we actually know what’s happening out there. Quite simply, they don’t know what we know about the market TODAY. They can only report on what closed last month based on transactions that began 30 to 90 days prior. We need to continue to remind our buyers and our sellers that what they see in the newspaper today is a reflection of the recent past – not necessarily a snapshot of the current market. Yes – it’s been a challenging market overall as of late, but we see definite signs of improvement now that just aren’t reported anywhere else.
Here’s something current that I haven’t read about – we’re seeing a drop in month’s supply of inventory in virtually every county in our area. We’re seeing an increasing number of homes going into contract. We’re seeing open houses in most areas that continue to teem with buyers anxious to take advantage of the low rates and plentiful selection. We’re seeing a boost in the number of first-time buyers who don’t have to sell an existing home in order to make their purchase. We’re seeing high-end homes selling off-market - meaning that they sell without ever hitting the MLS - often with multiple offers and well over the asking price, (this also means that DataQuick won’t account for those homes in its statistics for sales and median prices next month).
Read the rest of the March 9, 2008 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 @ 7:55 AM
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