SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

This week it appears as if Buyer activity is up, and we have heard of few multiple offers within the city. The pickings still appear to be slim, but agents in our office did announce a number of new listings coming on the market in a few days.

Here are the numbers posted this week: 2/13/08:

• 4 new listings (average price $2,579,500- low $625,000, high $6,995,000)
• 8 ratified sales (pending) (average price $2,200,113- low $499,000, high $8,975,000)
• 4 closed sales (sold) (average price $2,496,156 – low $872,500, high $2,012,122)
• 1 reduced price (price $3,800,000)

- Christine Serventi

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.

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

“LOOSE LIPS SINK SHIPS.” Slogan from World War II Not just clever words of good advice, this phrase was actually part of the US Office of War Information’s attempt to limit the possibility of people inadvertently giving useful information to enemy spies. Now fast forward to present time, as Dallas Fed President Richard “Loose Lips” Fisher’s careless comments last week worked to sink the Bond market, and caused home loan rates to rise about .125%.

Fisher lived up to his nickname last week, almost uncontrollably blurting out off-topic comments and rhetoric during his speech in Mexico City, and roiling the financial markets every step of the way. Long recognized as an “inflation hawk”, he was the lone dissenter against the .50% cut to the Fed Funds Rate on January 30th.

Fisher stated, “Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up inflation once the effect of the new punch kicks in. …My dissenting vote last week was simply a difference of opinion about how far and how fast we might re-spike the monetary punchbowl. Given that I had yet to see mitigation in inflation and inflationary expectations from their current high levels…I simply did not feel it was the proper time to support additional monetary accommodation.”…

Read the entire report here.

- Foster Weeks

Yahoo Travel says this about HANG:

The objective of this gallery near Union Square is to link emerging artists with emerging collectors. Within the modern floor space of steel and canvas this place features work by the best up coming talent in the Bay area at reasonable prices. Find a wide range of styles that are continually rotated. A great choice for young and/or new art connoisseurs, this gallery offers a rental program so buyers can be 100 percent sure they want a piece before they make the commitment. A rewarding experience all-around; unknown artists receive the exposure they deserve, while patrons view art in a pleasant and casual environment.

Neighborhood: Union Square

556 & 567 Sutter Street
San Francisco, CA 94104-4901

+1 415 434 4264
sales@hangart.com

Open Hours 10a-6p M-Sa, noon-5p Su
http://www.hangart.com/

- Christine Serventi

Find other things to do here.

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Potential buyers are still out attending open houses and seem to be realizing this is a great time to buy. According to the numbers posted this week, inventory seems to be low in comparison to last year but many agents have annouced a number of new listings coming on the market soon.

Here are the numbers posted this week: 2/6/08:

• 5 new listings (average price $1,018,000 – low $799,000, high $1,295,000 with one listing price to be determined)
• 6 ratified sales (pending) (average price $2,290,500 – low $599,000, high $8,500,000)
• 1 closed sale (sold) (average price $1,750,000)
• 1 reduced price (price $399,000)

- Christine Serventi

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

Out of curiosity, I looked back in the archives and pulled up the Weekly Market Watch from the same week last year. A lot has certainly changed in the past year as we know. But it is interesting to note the number of things that didn’t change year over year. Potential buyers are out in droves at the open houses in practically every single market. Parts of the Peninsula and the City are still starving for fresh inventory. The high end homes continue to sell quickly and many with multiple offers at over list price. The media continues to drive buyer perception with alarmist headlines and a constant barrage of confusing reports from myriad sources.

Read the entire report here.

What’s different this week? We seem to have less of a stalemate between buyers and sellers regarding price and condition. Sellers have finally figured out that they can’t get peak market prices anymore and are either conceding to reality, or bowing out until the market rebounds. We also now have that feeling of palpable, pent-up demand on the part of buyers that I’ve mentioned before. This time last year, the feeling was that buyers were actually more just “lookers.” Now, with an additional slash in the short term lending rates from the Feds this week, and an economic stimulus package that may include provisions for raising the conforming loan amount, buyers feel like they may actually be able to do what they were hesitant about doing last year – buy. They seem to be realizing that in the Bay Area, now may be the best time to buy in years –especially if the conforming loan amount is increased. (Reminder: The stimulus package passed the House, but could get stuck in the Senate, so contact your Senators and insist on their support!)…

- 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 @ 8:28 AM 0 comments links to this post
Monday

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

“A GOOD CONSPIRACY IS UNPROVABLE. I MEAN, IF YOU CAN PROVE IT, IT MEANS THEY SCREWED UP SOMEWHERE ALONG THE LINE.” Mel Gibson as Jerry Fletcher in the movie, “Conspiracy Theory” And those who believe in the conspiracy theory that the Fed has access to economic data in advance of the official release dates sure felt their position was proven correct last week…let’s take a look.

The main financial event of the week was the Fed, cutting the Fed Funds Rate another .50%, on top of their surprise .75% cut just eight days before. This brings the Fed Funds Rate down to 3.00% and will lower rates for business and consumer loans as well as Home Equity Lines of Credit and Adjustable Rate Home Loans – so please give me a call to discuss how this may help you. Bonds and home loan rates moved with volatility throughout the week, yet ended up close to where they started on Monday…

Read the entire report here.

- Foster Weeks

• Calif. median home price – December 07: $475,460 (Source: C.A.R.) (note: compared to $488,640 last month)
• Calif. highest median home price by C.A.R. region December 07: Santa Barbara So. Coast $925,000 (Source: C.A.R.) (note: compared to $1,075,000 last month)
• Calif. lowest median home price by C.A.R. region December 07: High Desert $244,330 (Source: C.A.R.) (note: compared to $262,650 last month)
• Calif. First-time Buyer Affordability Index – Third Quarter 07: 24 percent (Source: C.A.R.) (note: compared to 07: 24 third quarter)

Mortgage rates – week ending 01/24:

• 30-yr. fixed: 5.48%; Fees/points: 0.4% (note: compared to 6.14% and 0.4% points last report)
• 15-yr. fixed: 4.95%; Fees/points: 0.4% (note: compared to 5.79% and 0.4% points last report)
• 1-yr. adjustable: 4.99%; Fees/points: 0.6% (note: compared to 5.51% and 0.6% points last report)

- California Association of Realtors & Freddie Mac