From Rick Turley, President, San Francisco/Peninsula Coldwell Banker Residential Brokerage
Typically, the summer months see a slowing of the market as it competes with graduations and vacations. We have yet to see that typical slowdown in most areas. Though some areas are reporting lighter activity, others are seeing sale pick up. Once again, the standard patterns of real estate in the Bay Area continue to elude definition. Our reports reflect the week’s activity in each particular branch office, and it appears that “busy” sales weeks directly follow an influx of newer listing inventory in that office’s market. In the City and the Peninsula, we are not seeing increases of inventory followed by slower sales activity. In most offices, it’s quite the opposite.
A $2,795,000 listing in the Liberty Hill/Noe area of San Francisco received four offers. A San Francisco Parkside areas home received 21 offers significantly over the list price, however several other properties in the City were lucky to receive one offer. On the Peninsula, inventory is sporadically feast or famine depending on the location. Woodside/Portola Valley, Foster City, Redwood Shores and the most desirable San Mateo area neighborhoods all suffer from low inventory. Menlo Park is seeing a steady, healthy market; listings are picking up, and are selling just as quickly. The past two weeks have seen a few more $5 million+ sales on the Peninsula. Buyer confidence is strong; the Dow and the NASDAQ have made some local residents more flush which helps fuel the positive activity.