The markets have moved into the anticipated summertime holding pattern.
With the mid-week Independence Day holiday looming and temperatures
beginning to soar, buyers and sellers alike seemed to need a week to
just relax and breathe.
Still, for upper-tier homes, cash customers continue to keep certain
markets hot, such as in San Francisco and many parts of the Peninsula.
Both areas are still struggling with low inventory levels. Burlingame
is witnessing multiple offers on properties in the $2.5 to $4 million
range. In San Francisco, frenzy continues for attractive properties
(there were seven offers on a vacant investment property) but good inventory
is hard to find.
Other areas, such as Danville and Redwood City/San Carlos, are seeing
increased inventory overall, but a shortage of inventory that buyers
want to buy! Pleasanton reports a healthy market atmosphere - neither
too slow nor too fast - with homes generally selling within 60 to 90
days on the market, and at close to asking price.
Our more than 450 homes held open during the week received reasonable
attendance considering the seasonal lull. Listing inventory was reported
as having decreased by eight offices. It increased for six offices and
remained steady for 10. Sales activity decreased for nine of the offices
reporting, however it remained steady for eight offices, and increased
for seven. Getting back to "normal" next week will hopefully
bring some fresh inventory for the City and Peninsula offices.
Rick Turley
President
Coldwell Banker SF/Peninsula
