San Francisco Real Estate Market Update for the week of March 31, 2008
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:A recent Forbes Magazine article ranked the Top Ten Best Cities for Home Sellers. San Jose and San Francisco were at the top of the list. The article points out that San Jose and San Francisco came out on top because they fit the profile of a sellers' market--low inventory rates that were still shrinking, good job creation, a large scale cutback in new home construction and a boost in the credit market from new Fannie and Freddie loan limits. This fits neatly with what we’ve been saying for weeks now and reinforces the fact that real estate is local, and national headlines about the real estate market simply don’t apply to every market. It also helps to explain why the majority of our open houses remain so busy.
Some areas of our market, particularly on the Peninsula, Berkeley and in San Francisco, continue to suffer from a shortage of desirable, saleable properties, so when they do come on the market, they generate a lot of interest from potential buyers. In Palo Alto, the luxury market continues to thrive and preemptive offers are not uncommon at all. In San Francisco, the markets change from neighborhood to neighborhood – Noe and Eureka Valleys are highly sought after, and the market is very active in the $1.5 million-plus range. A listing in Noe Valley had more than 100 groups attend its open. There are also more REO properties coming on the market in San Francisco which, because of their perceived value, generate much interest from potential buyers.
Read the rest of the March 31, 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 @ 4:49 PM
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