"Listings abound. The volume of new listings coming on the market
is at the highest level of the year. The general pattern of sales continues,
as the bulk of the multiple offers occur in San Francisco, the Peninsula
and a few markets in the East Bay. Sales activity levels are either
at last week’s pace or slightly declining. It is not unusual to
see sales slow in June as graduations and the start of vacations tend
to decrease buying activity through the summer.
"We are seeing more price reductions as the listing inventories
increase and buyers have more choices. Open homes for the most part
are well attended, however buyers are being more patient and deliberate
before making offers. Offers are taking longer to negotiate and buyers
are more likely to be asking for concessions after inspections. Sellers
need to weigh buyer requests as the buyers are more willing to walk
away from a transaction, as they feel that they will be able to find
another acceptable home. With that said, there are still properties
that buyers must come in with strong over asking offers or write a pre-emptive
offer if they want to be the winning offer.
"Here are this week’s numbers: 15 offices reported increasing
listing inventories, 15 steady and 1 declining---sales activity showed
2 offices increasing, 22 steady and 7 declining."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
