The fact that there are limited choices out there may have played into
the rise of ratified offers, over 240 for the week. Inventory shortages
seem to be the primary factor in agents’ strategy, whether working
with Buyers or Sellers. Springtime is known for Open Houses industry-wide,
but our ability to meet new Buyers is hampered by the amount of homes
available to be held open.
There are remarkable reports of “micro-climate market” activity
in several areas and it will be interesting to watch how they evolve
as spring nears. The Greenbrae office noted inventory continues to be
a controlling factor, but that some neighborhoods are red-hot while
others are tepid at best. A somewhat original condition Eichler home
in San Rafael seemed poised for many offers, one of the lowest list
prices available in the area – however just a few offers came in,
and not as far over the asking as what one might have expected.
In other areas, multiple offers are once again the rule. The Burlingame
office reports 18 offers on a property in San Mateo and 8 offers on
a San Carlos home. The Palo Alto office is seeing 82% of its listings
in multiple offer situations. In San Francisco’s Sunset district,
a fixer-upper had 9 offers and went for well over the asking price.
Lest Sellers get too carried away – it’s worth noting that
a 3/2 in San Francisco priced at $1,275,000 received 11 offers, and
a very similar listing just blocks away at nearly the same list price
received one.
Some offices report a fair amount of stale inventory – Buyers
are not “panic buying” – not buying just to buy. Buyers
and their Agents alike are looking for value. It’s important to
note that some sales are coming together on homes pulled off the market
a few months ago. This is a product of networking at our sales meetings
- very critical, and a great value we bring to our Buyers and our Sellers.
Rick Turley
President
Coldwell Banker SF/Peninsula
