Inventory is picking up a bit - that's a good thing in most of our
markets. Open houses are still very well attended. Multiple offers continue
to be the norm in the areas with the least available properties for
sale.
Among the hot spots, Palo Alto reports that multiple offers exceeding
20% of list price are not unusual. In San Francisco one low priced listing
received 51 offers. A home in the Avenues received 20 offers, and the
only listing available in St Francis Wood, an upscale neighborhood west
of Twin Peaks, was a fixer which hadn't been remodeled in over 50 years.
The list price was $1.2M, there were 33 offers, and one of our agents
found that writing $300K over asking put his buyers somewhere in the
bottom third of offers. San Mateo is seeing multiple offers on at least
80% of all listings. Half Moon Bay reports that, while pricing is still
key, they are averaging 20 to 30 groups at open homes.
In the North Bay, some positive signs of sustained activity are being
witnessed in Greenbrae with an up-tick in inventory and buyers and sellers
meeting at a comfortable level. Petaluma is seeing buyers starting to
write offers and Santa Rosa is enjoying generous (but not excessive)
inventory levels for their buyers to select from. Sebastopol and Southern
Marin/Belvedere are still seeing the upper end homes moving quickly.
In fact, a Kentfield property listed at $2.1 million had seven offers.
Inventory was reported as increasing by 12 offices and steady by 14
offices, while decreasing inventory was only reported by four. Sales
activity, though sluggish due to the Spring Break and tax deadlines,
was reported as increasing by six offices, steady by 17 offices and
only decreasing by seven.
Rick Turley
President
Coldwell Banker SF/Peninsula
