The long Memorial Day weekend gave Buyers, Sellers, and Agents a bit
of a break. Some offices reported a quiet week, but the activity which
did occur was mainly tied to sales - consuming more of our already depleted
inventory, rather than listing new properties. Menlo Park/El Camino
was the exception, reporting that quite a few new properties were introduced
at the sales meeting this week. MP also commented on seeing a healthier
listing/sales ratio in their marketplace. Dare we look for a balanced
market this summer in the Peninsula??? Throughout all of Santa Clara
county, there are 40% more properties currently available compared to
the same week last year. But looking more closely at our Palo Alto,
Menlo Park, Los Altos and Mountain View markets, there are 18% fewer
properties available this year over last, holding true to the fact that
higher priced communities are selling much more rapidly than the vast
suburbs. San Francisco Van Ness reports their new sales outnumbered
their new listings 3 to 1, but are looking for more listings coming
in now that the holiday weekend is past.
We held almost 400 homes open during the week, and the lower-than-normal
Memorial holiday attendance level was anticipated. The coast at Half
Moon Bay was quiet largely due to both agents and clients vacationing.
The Bay Area market continues to be predictably unpredictable. In most
areas, it is specific neighborhoods, schools, locations and streets
that are generating the interest and buyer activity more so than the
actual homes themselves. Berkeley, Oakland and El Cerrito saw multiple
offers on homes in all price points. In Kentwood, a $3.95 million listing
closed for $5 million after having received nine offers. In San Francisco,
two properties in the Sunset district received 11 and 22 offers respectively.
More frequently the numbers of multiple offers received in the City
are closer to 4-6 competitors per multiple-offer sale. A listing of
a SFR in the Inner Mission of San Francisco at just over $1M was all
set for waiting through a Broker’s Open and the weekend of open
homes before seeing offers. Plans changed when a buyer walked into the
home unescorted while a painter was there working. They then got their
agent involved in making a strong pre-emptive. Of course, that prompted
another agent to submit on behalf of their client who had been waiting
patiently as told to do. Ultimately the Seller decided to review the
pre-emptive offers, issued multiple counters, and accepted a very strong
deal before the first open house could be held. As Tim Curran would
say: “What a country!”
Of the offices reporting, listing inventory remained steady for 16,
increased for five and decreased for eight. Sales activity remained
steady for 9 offices. It increased for 13 offices, and decreased in
only seven.
Rick Turley
President
Coldwell Banker SF/Peninsula
