February 1, 2013
San Francisco Real Estate Update
by Probate and Trust Realtor:
HOT BAY AREA HOUSING MARKET CONTINUES!
The local real estate market did a 180 last year. It’s as though the recovery switch was turned on January 1st and by the time December 2012 came along values in some San Francisco districts had rebounded as high as 40%. Recently DataQuick, A La Jolly based information company, said the median sale price in the Bay Area in December rose to $442,750, a stunning 32 percent increase from a year ago and the biggest jump in 25 years of record keeping, according to DataQuick.
Supply and demand is driving the sharp increase in values. My hope is that homeowners who have been sitting on the sidelines will begin to realize that this market presents a tremendous opportunity for them to get top dollar for their home. Right now, it’s a red-hot seller's market. But as we know, it won't always be that way. If traditional patterns apply, there will be some added inventory in March / April. This will bring more opportunities for Buyers, but also brings additional competition between Sellers, as compared to today.
Below is a market by market report from our local Coldwell Banker offices:
San Francisco – We currently have record-low inventory, but hoping a post-cliff, post-football season will bring on some new stock. Listings are starting to slowly increase, but not nearly enough to meet the buyer demand. As such, offer dates and multiple offers remain the order of the day. The San Francisco Market is HOT, HOT, HOT!
SF Peninsula — Our Burlingame office said the local market is still very tight in all cities. Inventories are at all-time lows. Pre-emptive offers are happening as buyers will do whatever it takes to secure a property. We’re seeing strong activity throughout the northern Peninsula including Daly City and Pacifica. Open houses are packed, sellers are jubilant, and therapists are busy listing to frustrated buyers.
East Bay – At the beginning of the year, there were only 19 homes for sale in Berkeley and only 2 were new listings. The Oakland-Piedmont market is still teeming with anxious buyers and not enough homes to buy. Open houses were slammed this week with several properties having over 100 groups through. Buyers are starting to feel less hopeful in regards to getting their offers accepted. This leads to buyers making offers over asking. In some cases they are also paying over appraised value, reminiscent of 2005.
For additional information go to:www.CourthouseRealtors.com