The markets continue to be mixed throughout the bay area region. Well priced properties in great condition are selling and we are seeing a few multiple offer situations in areas with low inventories. The question is, what is well priced?  Remember, real estate prices are heavily influenced by supply and demand. Sellers need to understand this now more than ever. It is confusing to see some areas with little to no available inventory and just a few towns away there can be an oversupply. The Data Quick numbers that come out monthly can be confusing as well. We continue to see unit sales down yet the median prices are holding fairly even. This is due to the fact that a few high priced properties are skewing the numbers. With fewer total sales each month it doesn’t take many high end deals to skew the median upward. Now more than ever. We are dealing with micro markets and the picture can change dramatically from town to town.

Here in Southern Alameda County the picture is equally mixed.  Fremont has 4.2 homes available for every 1 home in escrow (1 to 4.2), Pleasanton has a ratio of 1 to 3.5, San Ramon is 1 to 5.3, Livermore is 1 to 9 and Dublin is 1 to 4.6.

  

A continually increasing buzz of activity is being reported from most areas, and house hunters are becoming more motivated to make informed buying decisions now while interest rates remain low and inventory levels create bargains.  

Our offices held more than 540 homes open last week and attendance was reportedly busy in most areas.  Sellers should continue to take note that the well-priced homes in good showing condition draw the greatest number of potential buyers and get offers.  A well-priced Berkeley Street listing drew 58 visitors, and other listings in the area averaged around 20 visitors each.  Burlingame notes agents writing offers in all price points.  Half Moon Bay, Livermore, San Francisco and most of the Peninsula also report increased buyer activity.

 

Overall, listing and sales activity remains steady for most offices, but with a buzz of excitement and an increased sense of urgency. Sellers are beginning to think about the upcoming holiday season and many may be reconsidering their decision to sell.  While the inventory remains on the market, there are bargains to be had.