"...The Easter Bunny, Spring break and the last (hopefully) of
the rain put a bit of a damper on the market. We saw fewer multiple
offers and listings come on the market. However that didn’t stop
buyers in certain markets who seemed to power right through it... most
parts of San Francisco... seemed unfazed. In San Francisco we had strong
multiple offer activity with the offices having between 25-50% of their
offers involved in multiples and this figure does not include pre-emptive
offers. A listing in our Van Ness office at $4.75 mil. received 5 offers.
In San Mateo we had a listing at $1.248 mil. garnering 9 offers and
a listing in Portola Valley at $1.325mil received 4 offers. These were
all homes in inventory short markets that were priced competitively.
"...San Francisco counties still have a lack of inventory to supply
the current demand. Overall inventories remain in the 2-4 month range
for our markets. Again this reflects a balanced market. Open houses
for the most part were active. Buyers are still more cautious than they
were last year and most sellers still need to negotiate with buyers
unlike a year ago.
"With the weather clearing we will watch with great interest to
see if more inventory begins to come on the market. Certainly, if that
inventory is priced and presented properly we should see an increase
in sales.
"Here are the numbers for the week of April 10-16th: 5 offices
reported increasing inventories, 19 steady and 3 declining---sales activity
showed 5 offices increasing 16 steady and 6 declining."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
