10/22/07
Our company distributes an internal market summary each week. It's authored by Coldwell Banker's N. Ca. President and it often contains some surprising insights. I'll share it with you............

"Offices throughout the San Francisco Bay Area reported increased sales, increased activity and optimistic sales associates.  Of our more than 560 homes held open, the majority of areas reported moderate to heavy attendance and many reported an influx of new buyers who aren't letting the barrage of mixed messages about the real estate market frighten them away from diving into the waters.  We are also hearing of newly invigorated buyers who have finally realized that this really is the time to buy.

In remembering that real estate markets are local in nature, let's take a snapshot of some of the markets in the Bay Area this past week.  From the North, reports indicate that new listings in Santa Rosa were seeing a good turnout of qualified buyers.  Sales activity is increasing in Southern Marin and Greenbrae areas, and higher-end home sales continue to be strong.  From the Peninsula, Burlingame reports that sales in upper-end communities continue to be very strong, and that many agents report meeting new savvy buyers at busy opens in a variety of price points. Menlo Park notes increased sales activity and very busy open homes.  Palo Alto simply states, "Low, low inventory. High, high multiple offers." In the East, it is reported that the inventory of active listings in the Livermore/Tri-Valley area is declining.  Homes under the $1 million price point in Lafayette and Orinda are selling with multiple offers.  The hills of Oakland are swarming with buyers who are willing to go into multiple offer situations on the right properties. A home in Lafayette was listed for $910,000 last week and received 7 offers all over asking price. There is a decent market out there regardless of what the media is telling people.

We can't repeat the message often enough - now is the time to buy! Let's have a quick reality check: Inventory levels in most areas are starting to decline.  The median price for homes in the San Francisco Bay Area rose almost 1% in September.  Rents are soaring.  There is still a wide, but declining, selection of homes for sale in many areas and there are bargains to be had.  It's time to make that long term investment - now.

Understandably, there are still many buyers who are milling around trying to figure out who to trust!"