"The theme this week is “A Tale of Many Markets”. The
only common thread among the varying markets is that more new listings
are coming on the market as overall inventories continue to increase.
With that said, monthly inventory for single family homes and condos
vary widely among Bay Area counties and the Monterey Peninsula. Contra
Costa county, Sonoma county, and the Monterey Peninsula have the largest
build ups of inventories with supplies over 6 months. The lowest inventories
are in San Francisco, San Mateo and Santa Clara counties all under 4
months. Marin and Alameda counties are between 4-5 months.
"Inventory supplies define the markets. The lowest supplied counties
are still experiencing good numbers of multiples indicating they are
still in seller’s market. Those counties in the 4-5 months supply
are in a balanced market and those over 6 months have transitioned to
a buyer’s market. These are general trends. Still within each county
there are areas and types of properties that don’t follow the county
trend.
"Open houses slowed a little in some markets over the holiday
weekend. However there still appears to be good buyer demand, although
buyers are more deliberate and patient in making offers. As inventories
grow, offers are taking longer to negotiate. As has been the case all
this year pricing listings properly and preparing homes for market are
essential for maximizing equity gain and minimizing time on the market.
Appreciation has slowed to single digit levels. This is a positive sign
as it gives the market an opportunity to cool to sustainable appreciation
levels."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
