"The fall market is still hibernating although the bears are starting
to rustle. Open house activity continues to be active in most markets
particularly with homes that are being held open for the first time
i.e. the 50 groups through a new Albany listing and the 35 groups through
an El Cerrito new listing. Listing inventories are rising once more.
"Fewer multiple offers were reported this week, although some
markets continue to be strong with multiples----Palo Alto (60%), San
Francisco (avg. 40%), San Mateo (45%) and Los Altos (60%). It is the
same story that homes priced well and prepared extraordinarily sell
quickly---a $3 mil. listing in Marin had 8 offers, a Danville listing
for $1.879 mil. received 8 offers and a Berkeley listing at $1.295 had
7 offers and went well over. Those priced over market and not prepared
are sitting.
"Price reductions abound as sellers are seeking price points that
buyers are willing to pay. Buyers are cautious and have some resistance
to moving too quickly. The continual negative press doesn’t help.
There does seem to be more buzz in the air. The feeling is as sellers
become more realistic and buyers begin to see inventory moving the market
should kick up a notch. Lower interest rates could be a stimulus. There
is no guarantee these rates will stay at current levels.
"Here are the numbers for the week: 12 offices reported increasing
inventories, 15 steady and 4 decreasing---5 offices showed sales increasing,
17 steady and 9 decreasing."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
