San Francisco Real Estate Market Update for the week of March 23, 2008
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:Baseball season has begun and we’re starting to see buyers "sliding into home". Yes, from all indications, the Bay Area real estate market is blooming just in time for spring. We were even able to squeeze a few positive headlines out of the media this week after NAR announced an unexpected increase in February sales figures, and CAR announced that sales have been increasing each month in our state for the past four months.
Compared to this time last year, the reports still indicate very slow sales. But a dip in the median price, a copious selection of homes on the market in many areas and near-historically low mortgage rates are enticing buyers off of their fences. According to CAR, a number of cities in our area are starting to see increases in median prices again, which may be an indication that those markets are already bouncing back. Some who may have been waiting for the “bottom” in some areas may have missed it.
Open houses continue to bring in high numbers of attendees in the majority of areas, even on a holiday weekend, and multiple offer situations continue to increase on desirable, well-priced homes. A “not very attractive” home in the Berkeley flats was listed at $549,000, had 50 disclosure packets out and sold with 15 offers on the table. A San Ramon open home had more than 50 groups attend. A TIC in San Francisco drew multiple offers and sold for $50,000 over asking. Woodside/Portola Valley had three sales in multiple offer situations last week – one of them listed for more than $11 million. Menlo Park reports 75% of sales in multiple offer situations...
Read the rest of the March 23, 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 @ 7:23 AM
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