There was no report for the week of June 9-15th due to a family emergency.
Last Sunday being Father’s Day, and the more than 540 open houses
held last weekend were mostly well attended. Typically, the summer months
see a slowing of the market as it competes with graduations and vacations.
We have yet to see that typical slowdown in most areas. Though some
areas are reporting lighter activity, others are seeing sales pick up.
Once again, the standard patterns of real estate in the Bay Area continue
to elude definition. Our reports reflect the week’s activity in
each particular branch office, and it appears that “busy”
sales weeks directly follow an influx of newer listing inventory in
that office’s market. In the City and the Peninsula, we are not
seeing increases of inventory followed by slower sales activity. In
most offices, it’s quite the opposite.
A $2,795,000 listing in the Liberty Hill/Noe area of San Francisco
received four offers. A San Francisco Parkside area home received 21
offers significantly over the list price, however several other properties
in the City were lucky to receive one offer. On the Peninsula, inventory
is sporadically feast or famine depending on the location. Woodside/Portola
Valley, Foster City, Redwood Shores and the most desirable San Mateo
area neighborhoods all suffer from low inventory. Menlo Park is seeing
a steady, healthy market; listings are picking up, and are selling just
as quickly. The past two weeks have seen a few more $5M+ sales on the
Peninsula. Buyer confidence is strong; the Dow and NASDAQ have made
some local residents more flush which helps fuel the positive activity.
The rest of the Bay Area reports a similar mix of ups and downs. Castro
Valley, Livermore and Pleasanton are all reporting that “things
are picking up” with their sales activity. New, attractive listings
in the core areas of the Berkeley market remain hot commodities. Many
markets in the North Bay remain hot, especially in Marin County. Sonoma
continues to be haunted by a glut of inventory, however this may bode
well in the near future as frustrated buyers from other areas start
reconsidering Sonoma as a viable place to settle with a wide selection
of well-priced homes. And then we get the reminder we need to hear from
time to time; an East Bay office reports that three separate deals each
died a day after ratification last week. In a more “normal”
market, the hard work and the majority of negotiations simply begin
once the property sells.
Listing Activity was reported as steady by the majority - 20 offices.
It increased for seven offices, and only decreased for two offices.
Even with the seasonal slowing in the market, sales activity for our
offices were reported as being steady by 16 offices, increasing for
six, and decreasing for seven offices.
In an unpredictable market, an overwhelming “steady” report
well into the month of June certainly says a lot about the power and
expertise of Coldwell Banker Sales Associates.
Rick Turley
President
Coldwell Banker SF/Peninsula
