The Goldman Report for July 7, 2009
He's back! After a long absence, Avram Goldman is back online with a new blog! While Avram Goldman is no longer with Coldwell Banker, he is a friend and associate at Pacific Union with an excellent handle on San Francisco Real Estate:Can You See the Bottom Yet?
I am consistently being asked, “have we reached bottom yet?” Whether it is buyers, sellers, the press or agents, everyone wants to know is the worst behind us.
The current Bay Area data reflects that the watermark in the under $500K market has been set. Median price has either been flat or rising in all counties in that price range over the last 90 days and depending on the county, we are beginning to see price stabilization in properties up to $700K. Last week you might have thought is was 2005, our SF Sunset 2 bedr. 1ba. listings priced at $545K received 53 offers. A new record for this market. Now some may say the property was a bit under priced, maybe, however it went well above the asking price. This listing demonstrates that there is certainly strong demand for that neighborhood and that buyer’s confidence is rising.
These price ranges are steadying because of diminishing inventories and sellers, which includes both banks and individuals, now coming to a more realistic view of pricing. Buyers have done their homework and know values. There is no “greater fool theory” operating. More and more buyers are evaluating based on dollar per sq. foot...
Read the entire article on our blog.
- Janis Stone - DRE 00517072
posted by SFResidence.com @ 5:06 PM
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