"The theme this week is status quo----sort of. There is
a change that we haven’t seen for awhile---some marketplaces showed
inventories decreasing. This was due to an increased number of expired
listings and fewer listings coming on the market. San Francisco and
San Mateo counties are the first to see this trend. Only time will tell
if this trend will continue. What it means in San Francisco and San
Mateo is the reduction of months supply of inventory which helps to
keep those market moving and active. As of the end of July both San
Francisco and San Mateo are a little under 3 months supply which indicates
a balanced to a sellers market depending on price and property class
(single family residences vs. condos). Santa Clara is a little under
4 months. Alameda and Marin are at a little over 4 months---balanced
to buyer’s market. Contra Costa and Sonoma counties are over 6
months showing more of a buyer’s market. As a reminder you cannot
paint a whole county with a broad brush. Even in more challenged markets
there are pockets where demand outstrips supply. We need to focus on
what is occurring in your specific market.
"Buyers are still being patient and cautious. Multiple offers
have tailed off. The majority of these transactions are still occurring
on the SF Peninsula. The most active price area on the Peninsula is
$1-1.5 price category among single family homes. We are still observing
good open house activity. This is exemplified by the 130 groups through
a Burlingame open house. This is certainly not the rule. First time
open listings are generating the largest crowds.
"The rule is for those homes that are totally prepared for the
market and priced strategically are selling quickly and at the highest
prices. That means total staging and all deferred maintenance taken
care of. Pricing is also critical as buyers are more price conscious
than they have been over the last 8 years."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
