We’re happy to report that the weather co-operated with open houses this Sunday. It will take the rest of the week to tell if the buyer’s were doing more than looking. Below is the final analysis of how the local real estate market faired last week, as reported by the office managers.
SF Peninsula — Our Burlingame offices report a steady to improving market. The Hillsborough market over $2 million is “robust” as long as the price is reasonable and the home is well staged. Hillsborough is often perceived as a bargain compared to other high-end markets on the Peninsula.
Across the hill in Half Moon Bay, our local manager says there has been a noticeable drop in activity on the coast these past couple of weeks. Buyers continue looking but are not writing offers. Our Menlo Park offices say they are seeing strong sales in the over $2.5 mil market – a $3.85 million listing in Menlo Park is getting three offers today! Buyers are exhibiting even more discretion as the ratio of houses sitting while others go multiple is rising. Houses sit until the price is reduced and then the buyers jump. The “off-the-market” high-end properties continue to attract buyers. With all the technology we have, word of mouth networking continues to be a factor. One recent off-market sale went for $7.9 million in Atherton. The Redwood City office says inventory is still low. Open houses, particularly first time opens, are extremely well attended. The attitude of the buyers seems to be positive. Palo Alto remains a very strong market with more than half of the transactions getting multiple offers. Finally, the San Mateo and the Woodside markets are holding steady. The over $3 million market is doing well with three sales over this price in the last couple of weeks. Woodside is slowly waking up. Portola Valley has been much stronger the last couple of weeks – brisk sales of $1.3 million to $4 million.
In summing up last week’s Bay Area real estate market, Rick Turley, President, SF Bay Area, Coldwell Banker Residential Brokerage added;
“We continue to see a mixed market throughout the Bay. The common thread seems to be low inventory at the entry level and generally more multiple offers in the entry level. The mid-price market is probably the most perplexing with a lack of move-up buyers. The increased activity at the Luxury end is certainly a strong sign, but common thread here is that this sector remains very price sensitive; luxury buyers are pulling the trigger when they perceive value.”
If you would like to read the entire report , go online to www.cbsfbaymarketwatch.wordpress.com
Ready to start looking at what is available in the area? Start your Home Search today by visiting Coastal Real Estate
