"The market is trying to define itself----if there is a pattern
or trend is that there is none. One week activity is up and the next
week it is down. There are some general trends in most geographic areas,
but that can vary. In most areas we are in a balanced market. Multiple
offers are the exception not the rule in most markets, excluding San
Francisco and the Peninsula where the number of sales are down from
last year, but they are still seeing good numbers of multiples and pre-emptive
offers among single family homes.
"Here is what we see generally, the number of price reductions
are increasing, buyers are in no hurry as they feel they can wait as
inventories continue to increase, homes that are priced at market or
below and are staged have the best chance of entertaining multiple offers,
there is an increase in the cases of buyer’s remorse as the media
continues to pound the public with negative conjecture, in spite of
the negativity, open house activity is fairly brisk, even if the seller
and the listing agent feel they have accurately determined a listing
price many of these listings are still sitting, condo inventories are
increasing at a faster pace than single family homes, and condo markets
in most areas are now a buyer’s market.
"As we circle the Bay and the Monterey Peninsula here is how it
looks: San Francisco and the Peninsula have the lowest inventories and
the most multiples indicating a seller/balanced market---a few examples
in the under $1milion range 11 offers on a 4 bedr home in the Richmond—three
pre-emptive offers in the SF Lombard office one going over $250K, and
finally a listing at $700k went $50,000 over; we have seen an increase
of activity in the No. Bay---Marin is a balanced market under $2 million
over it is a buyer’s market, Sonoma is a balanced/buyer’s
market depending on area and price range; the East Bay with the exception
of Oakland is a balanced to buyer’s market—we have seen an
increase in activity in So. Alameda county which has been slower since
the beginning of the year, the Monterey Peninsula has seen a slowing
trend since the beginning of the second quarter and is now a buyer’s
market with a large inventory.
"Here are the numbers for the week of June 5th-12th: 12 offices
reported increasing listing inventories, 16 steady and 3 decreasing----10
offices showed increasing sales activity, 16 steady and 5 declining."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
