Momentum continues to gather as inventory gets sold as fast as it comes
on the market in most areas. Even some wall flower listings lingering
from last year are being courted by genuinely interested buyers. Most
offices report that they are seeing more buyer-controlled transactions,
and that sales associates are working with significantly more buyers
as well.
Listing inventory remains mostly steady, so these shoppers eagerly
await new listings and a wider selection to appear on the market. 15
offices reported steady listing inventory while 9 reported increasing
levels and 4 indicated that inventory was decreasing.
Over 450 houses were held open last weekend to large crowds with some
first showing garnering 150 to 200 visitors, and more than 50 properties
received multiple offers through all price points. One home received
44 offers - but the highest offer was $25k under the list price. Those
large numbers of buyers out there are serious, but they’re still
looking for bargains. Fortunately, sellers are increasingly willing
to negotiate as 16 offices reported steady sales activity and 11 testified
to increasing sales activity. One office reported sales activity as
declining.
Even our usually nay-saying media is starting to take notice of a market
that is showing signs of health with headlines containing words like
“stabilization,” “increasing,” and “eases up.”
Rick Turley
President
Coldwell Banker SF/Peninsula
