Pre-emptive offers are increasingly a factor in squashing inventory
to low levels in most areas. Homes that are priced right, staged, and
located in desirable neighborhoods continue to get multiple offers.
This translates into a lot of disappointed buyers out there waiting
for the ideal home to come on the market. One Corte Madera home listed
at $880,000 received 9 offers, while a home with a second unit in San
Francisco’s Ingleside District received 13 offers. Burlingame presented
16 offers to a seller in the $1.4M range this week. Palo Alto reports
that 97% of all this week’s sales were in multiple offer situations.
Half Moon Bay's market had been very slow after the Devil's Slide highway
closure and the general slow-down experienced throughout NorCal last
year, but now reports from our HMB associates are very positive as they
are enjoying brisk activity.
Inventory is starting to trickle back, but supplies remain sparse throughout
most our communities. Buzz is that this month will bring more properties
for sale, and as long as interest rates remain low, sales should be
brisk. Be prepared for a very busy March.
It’s important to note that Coldwell Banker continues to dominate
the luxury home market. We have over 28% of the $2M+ market (listings
sold - last 12 months) in the Peninsula. In San Francisco, we dominate
with 35% market share over $2M. The competition doesn’t even come
close. A $4,895,000 Menlo Park home sold at the first open before the
Broker tour, and Palo Alto reports significant movement in homes listed
at $3.5 million and up. More than seven offices have commented on strong
sales among upper-end homes this week.
Of the more than 450 open houses held open, all continued with surprisingly
high attendance. A west side Burlingame home had 350 groups through.
Inventory is reportedly steady in 16 offices, decreasing for 5 offices
and increasing for 8. Sales activity remains on par with inventory levels
with 14 offices reporting steady activity, decreasing reported by 7,
and increasing for 8. Ratified offers increased again reaching more
than 235 for the week. Another good sign that spring is just around
the corner, and that sellers need to start getting their homes ready
for a quick sale!
Rick Turley
President
Coldwell Banker SF/Peninsula
