April 25th, 2012
San Francisco Real Estate Update
by Probate and Trust Realtor:
Pat Rock
San Francisco Real Estate is Hot!
SF Real Estate Update - This is one broken record that home owners will never get tired of… fueled by
low inventories, pent up buyer demand and the loosening of lender guidelines the San Francisco area real
estate market continues to be hot, hot, hot!
The turn-around gained traction in late 2011, and buyer frustration has been in full bloom ever since.
Hundreds of buyers are out touring open houses on weekends. On two occasions over 100 parties come
thru my open houses resulting in multiple offers and over the asking price. In some pocket areas home
values have risen 10 – 20% over last fall. Appraisers are being challenged by the spike in values.
Some reports attribute the mild Spring weather for buyers early turn out. Long-time San Francisco Realtor
Pat Rock with Coldwell Banker simply attributes the turn around to pent-up demand outweighing feeble
inventories. Foreclosures and short sales dried up late in 2011 drying up inventories. Recently though it’s
been reported that the large Banks are getting ready to sell a glut of homes currently in foreclosure which
would slow down the recovery though other reports contradict this claim.
While Washington’s spending continues to be out of control and the European economy is tenuous at best,
the Bay Area economy continues to outpace the Nation led by the technology sector. Add to that the recent
and upcoming IPOs and you can see where demand is heading. Hang on and stay tune for more SF Real
Estate Updates…
Enough of the news, below is an update of Coldwell Banker’s recent activity by location:
San Francisco Real Estate Update – The majority of new transactions over the last month have resulted
in multiple offers. Properties that have languished on the market are now selling with multiple offers. The
buyer frenzy going on is unlike anything seen since 2004. 120 groups came thru an Easter Sunday open
house resulting in 23 offers 3 days later. San Francisco Real Estate at every price point is benefiting from
the turn-around.
SF Peninsula Real Estate Update – All cash and contingency free offers were commonplace last month.
Inventory is scarce and likely will remain this way until the Facebook IPO nears. Many properties are selling
before ever making it to the Multiple Listing Service.
East Bay Real Estate Update – Open houses continue to be jammed with eager buyers, from 80 – 200
on several properties resulting in multiple offers several over the asking price. With inventories down 45%
from last year sight unseen offers are not unheard of.
For additional SF Bay Area Real Estate Updates and information go to: www.CourthouseRealtors.com
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