Realty World – Success Plans, Inc.

My buyers are still experiencing multiple offer situations with all of the available listings here on the San Francisco peninsula,  especially with homes that are priced under $500,000.  They are getting frustrated and some have stopped searching all together.  All I can say is to hang in there and something will come your way.  This is still the best time to buy something while interest rates and home prices are still low.   Multiple offers will continue if the inventory continues to be scarce.  There might be some relief soon as banks start to release their huge shadow inventory.  It is estimated that there is more then a million homes that are being held.  Will this HELP?  I hope so. 
Related articles

More forclosures are coming(jefftung.net)
Surviving The Scramble For San Francisco Office Space(techcrunch.com)
Reinflating a New Housing Bubble?(counterpunch.org)
Inventory Shortage: Move Along; Nothing to See Here(redfin.com)
Lafayette CA Real Estate – Still a Bay Area Bargain(teamrothenberg.com)

Home sales have declined in some areas and its due to high demand, low interest rates and a shortage of homes to buy.  This creates a change in the market place.  Not good for buyers but good for sellers.
Buyers around the bay area are going to be happy to see more homes on the market.  Currently homes that are under $400,000 are experiencing a seller’s market.  Most sellers are receiving multiple offers for their home.  Every home that I have made offers for my clients have had more then 1 offer.  One house in Hayward had 18 to 20 offers.  Another house in San Bruno had 6 offers. My listing in So. San Francisco received 2 offers above the asking price, right after my open house, and 1 was all cash.   My other listing in Pacifica received 8 offers, all over the asking price.  It’s like that all over the Bay Area.  It’s pretty discouraging for buyers today.
Maybe there is some relief coming soon.  There is a shadow inventory due to be release around summer.  I hope this will help the buyers that are trying to get into their home.
Related articles

Is the real estate market improving? (jefftung.net)
Inventory Shortage: Move Along; Nothing to See Here (redfin.com)
Reality Check for March 2012 (ilovevacaville.wordpress.com)
Buyers compete for short supply of homes in Bay Area (mercurynews.com)
Understanding the Difference Between Balanced, Buyers’ & Sellers’ Markets in Real Estate Lingo… (sellgrandrapidshomes.wordpress.com)
Forclosures Hold Steady Overall, NY Rate Rises (traditionta.wordpress.com)

It seems like the market is improving.  Sales have been increasing and here are 8 areas that are showing signs of a recovery.
I have been experiencing a market that resembles the last seller’s market not a buyer’s market.  There is not a lot of inventory available for all of the buyers here in the Bay Area.  I have a property for sale in Pacifica, Ca, listed at $338k and received 6 offers and all above the list price.  I have been also representing buyers and making offers to purchase, but have been in bidding wars.   In San Mateo county, it would take approx. 4.1 months to sell all of the homes that are on the market compared to 4.5 months same time last year.  Where are all of the bank owned properties?
Related articles

Sales of single-family Bay Area homes continuing to surge (mercurynews.com)
Bay Area home sales mostly up although prices fall. (mercurynews.com)

 Real Estate is still active in San Francisco.
As expected sales numbers went back down about 31% in San Francisco real estate market from the previous holiday week which included the end of June.  But the total sales volume over the week increased a little over 24% and the number of listings in contract  increased also.  
The number of listing increased by a little over 10% so there is more homes on the market.
Average days on the market increased by 14 days to 62 days.  Homes are still selling between 2 – 3 months. 

MLS Stats for single family in San Francisco
 
Week Ending
 
Week Ending
 
Week Ending
 
Weekly % 

 
6/27/2009
7/4/2009
7/11/2009
Change

# of sales
41
61
42
-31.15%

Avg. Sold Price
$1,185,141
$1,102,472
$1,178,705
6.91%

Avg. Days On The Market (Sold)
58
48
62
29.17%

# of Contingent
103
137
163
18.98%

# of Pendings
175
208
262
25.96%

 
_________
_________
_________
 

Total in Contract
278
345
425
23.19%

# of Listings
465
509
562
10.41%

Avg. List Price
$1,707,339
$1,766,470
$1,620,786
-8.25%

Sold Price % of Listing Price
69.41%
62.41%
72.72%
16.52%

Total Sales Volume
$48,590,800
$39,689,000
$49,505,600
24.73%

  Click here to get a break down in your area