Weekly Market Activity Report
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
