"...The jet stream has had more affect than just on the weather.
I am never one to blame the easing of a real estate market on the weather
or other natural phenomenon. However I think the uninterrupted rain
has had the effect of sellers waiting to come on with listings until
the sun shines and the flowers come into bloom. This doesn’t apply
to all markets, but it has slowed listing activity in a majority of
markets as evident in this week’s report with 11 offices reporting
decreasing listing activity.
"...The buyers in spite of the inclement weather are still flocking
to open homes. The buyers are more discerning than in last year’s
red hot market. There is no shortage of desire to buy. All but two offices
reported having multiple offers. Still the most active market for multiples
is the SF Peninsula, where a shortage of listings has buyers a bit frustrated.
In our SF Van Ness office a listing priced at $4.57 mil received 5 offers
and went well over asking. We are seeing numerous pre-emptive offers
from buyers trying to avoid multiple presentations... The second home
market is still alive and well....
"...Our housing pattern remains steady. We will know the real
state of our current market when the sun begins to shine on a regular
basis. In markets with limited inventory sellers have a unique opportunity
with strong buyer demand to maximize their equity positions. Two caveats
make sure listings are staged properly and priced competitively. Sellers
will then have the best chance of attracting buyers. Buyers can still
take advantage of historically low interest rates and a better bargaining
position than they had a year ago. At a glance we are moving toward
natural equilibrium which bodes well for the Spring marker provided
the weather person cooperates.
"Here are this week’s office numbers; 7 offices showed increasing
listing activity, 12 steady, and 11 decreasing---6 offices showed increasing
sales activity, 22 steady and only 2 decreasing."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
