This week DataQuick, the real estate information firm relied on by
the local media, released its report on the condition of the Bay Area
real estate market for the month of June. The report is a solid reflection
of what we’re seeing in July as well, and what we’ve been
identifying in the Weekly Market Watch for months now – some areas
are witnessing high activity and others are struggling. The report indicates
that median sales prices have increased, but that sales of homes are
down over all in most areas. For a change, however, the report has identified
the booming luxury homes market as being not only strong but also largely
responsible for elevating that median sale price. Buyers in lower priced
markets are adopting a “wait and see” attitude.
Listing inventory is increasing in most every area reporting, however
not in all price categories. As we have been seeing, a lack of inventory
in the high-end does keep sales activity buoyant, but a fresh crop of
homes to sell would provide more variety to eager buyers. Multiple offer
situations have slowed down in most areas as inventory ticks upward.
A $2,495,000 Menlo Park listing received five offers. One San Francisco
office reported that of nine properties that received multiple offers,
six of them received those multiple offers pre-emptively. More than
60 of our listings received multiple offers during the week overall.
Most of our more than 600 homes held open last week saw steady, if
not excessively busy, streams of visitors. A $1,350,000 listing in Belmont
had over 100 people go through and, evidently, this property was on
a hill and had little available parking! Woodside/Portola Valley reports
“incredibly busy” open homes.
Listing inventory remained steady for 11 offices, increased for 11
offices and decreased in only six offices. 17 offices held their own
by reporting sales activity as having been steady. Four offices reported
increased sales activity, and activity decreased for seven.
Rick Turley
President
Coldwell Banker SF/Peninsula
