Sunday, February 27, 2011

Market Watch - 02.11.11 - SF Peninsula

From my boss, Rick Turley of CB:

SF Peninsula — The spring buyers are out and ready to buy when they can locate the right inventory, our Burlingame managers report. We are routinely seeing multiple offers on well-priced homes under $1 mill. Open house activity has increased with as many as 100 people through one open house. Buyers are more positive and sellers more flexible on price.

Across the hills in Half Moon Bay, there seems to be two extremes in the market – the very low end selling quickly or the upper end second home, all cash, selling quickly.

Our Menlo Park offices report that they are definitely seeing a stronger high-end market in that community. Buyers are not afraid to spend $2.5 million for a house anymore. The inventory is slowly increasing, our Redwood City office says. Buyers are taking their time before making a decision. Agents are working with both buyers and sellers for longer periods of time. Overall attitude seems to be positive.

The Palo Alto market is extremely tight in inventory. The $2.5 million price range is strong and getting multiple offers. One example: a Palo Alto listing at $2,195,000 had 118 groups through open house, 14 packets are out, offers on Wednesday.

Our San Mateo offices say open houses are still very well attended, although many buyers still on the fence.

Finally in Woodside, our local manager says sales activity and inventory have dipped. Still a lot of interest, but no action.

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