The Bay Area real estate market is in full bloom. Even with negative
media focused on subprime issues, most of the Bay Area is seeing a steady,
if slow, increase in inventory. Sales activity has seen an escalation
in most areas with the number of multiple offer situations dipping.
Inventory is still not coming on fast enough in San Francisco
and most of the Peninsula where they are still seeing multiple offer
situations. Palo Alto is seeing 53% of listings in multiple offers,
and Redwood City and Burlingame noted strong open house attendance even
for condos and townhouses. San Francisco is also strong where one home
had 114 groups. Even properties on the market for 5 or more months are
garnering multiple offers. San Mateo notes 85-90% multiple offers.
The luxury home market – especially in the $2-3 million range
- continues to show solid figures in all areas. An Atherton listing
for $2.8 million had 4 offers. A San Francisco home garnered 20 offers
and went for substantially over the $1.295 million price.
Even with increasing inventories, multiple offers occur on homes that
are well-priced and desirably located – especially in the East
and North Bay areas. One Berkeley property received 18 offers. Another,
listed in the $800 thousand range, sold for $450 thousand over asking.
Healthy and stable describe Walnut Creek, Orinda, Danville, Livermore,
Pleasanton and Fremont market areas where sales are brisk in all categories
and buyers are very competitive for the right homes.
More than 550 homes were held open with most noting heavy attendance.
More than 260 offers were ratified, and well over 100 properties were
in multiple offer situations.
Overall, listing inventory actually increased for 5 offices, remained
steady for 21, and decreased in 4. Sales activity increased for 10 offices,
remained steady for 17, and only decreased for 3.
Rick Turley
President
Coldwell Banker SF/Peninsula
