"The market has hit its midpoint. We are clearly in a balanced
market. There are almost the same number of offices with increasing,
decreasing and steady sales activity. The number and velocity of multiple
offers has slowed. San Francisco, the Peninsula and Marin continue to
lead with the highest percentages of multiples as their inventories
are relatively low compared to other Bay Area markets... Special homes
and properties wherever they are located receive special attention by
buyers...
"Open homes in most markets were still busy as evidenced by the
300 people that came through a first time open listing. However, the
activity overall lessened from previous weeks as the good weather prompted
buyers to take a break---can't blame them...
"Inventories still continue to increase. For sellers this means
pricing their properties competitively and preparing their homes for
market becomes all the more important. Buyers have more choices and
with that, more negotiating power... buyers know what they want and
know what they want to pay.
"Open sales in April were slower than (they have been) in May.
Was it the weather or is the market trend changing? Buyers are showing
more constraint and may continue to do so until the economy sorts out
the oil situation. The buyers are out there, they are just being more
selective. May open sales will give us a good indication of where the
market is headed as more listings come on the market.
"Here are the numbers for the week: 17 offices reported increasing
listing inventories, 10 steady and 4 decreasing---10 offices showed
increasing sales activity, 12 steady and 9 decreasing."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
