It was a patchwork quilt of a market in the San Francisco Bay Area
this week with determined buyers aggressively bidding and buying homes
in some areas, and aggressively bargaining in others. Like last week,
place and price continue to be the most critical factors in getting
buyers and sellers to come to terms. Five Petaluma listings were in
multiple offer situations with two-to-three offers per property. Condo
sales in Novato are stagnant, but upper-end homes are moving nicely,
and the rental market is “hot” – even experiencing multiple
lease offer situations. Santa Rosa reports brisk activity at several
price points, but notes the $1M+ properties are seeing the steadiest
activity. The high end also continues to get a lot of attention in Southern
Marin and well-priced homes sell quickly.
Inventory is at an all time high in Orinda, nevertheless prime properties
are going into heavy competition with multiple offers. In Alamo, a three
bedroom, two and a half bath home priced at $1,499,000 received four
offers in five days.
Burlingame, on the other hand, reports more buyers than ever competing
for shrinking inventory in specific prime areas. Palo Alto continues
to report that one-hundred percent of listings were in multiple offer
situations, and Woodside/Portola Valley reports that people are frustrated
with the lack of inventory and are starting to buy in new areas on the
advice of their savvy agents. In San Francisco, a $1 million condo generated
five offers in one day and sold for 22% over asking. More than 90 homes
were reportedly in multiple offer situations.
Listing activity was reported as increasing by 10 offices and decreasing
in only three offices, but remaining steady in 14. Sales activity increased
for nine offices, decreased in six offices and remained steady for 12.
More than 550 busy open homes were held.
Rick Turley
President
Coldwell Banker SF/Peninsula
