Wednesday, August 29, 2007

Weekly Sales Report

People are constantly asking, "So how's the market looking these days?" Especially lately with all the happenings in the financial world and the gloom and doom talk in the media, everyone wants to know what is actually happening in their local market. Every Wednesday morning our office holds a sales meeting. It is a time for all of the agents to come together and report on their activities for the week. There are actually two Coldwell Banker offices in San Francisco that attend this same meeting which puts attendance well over one hundred agents. I look at this meeting every week as a mini market study. Because we have such a large number of agents who cover all of San Francisco, looking at the weeks activity for these offices give us a general idea of what is going on in San Francisco as a whole. We not only share sales numbers, but also stories that might help each other in the field, and we can use this forum to help get the word out on some of our own listings. I thought I would share this weekly sales report with you so that you have a sense of what is happening in San Francisco's real estate market.

There were thirty seven escrows reported open this past week, and ten of those were multiple offer situations. That means that just over one quarter of the sales for the week were multiple offers, two or three offers in each case. This is low for San Francisco but still shows a healthy market. There were fifteen closed escrows reported. Once escrows close we can finally see what they actually sold for. In this case, six went over asking, five went under, and four sold right at asking price. The largest overbid of the week was 125 Richland in Bernal Heights which sold for 20% over asking! And you thought those days were gone! Another property in West Portal was close behind at 17% over asking. It all comes down to supply and demand. The desirable neighborhoods tend to have a smaller inventory and lots of interest. That will always drive the prices up. The market seems to be well balanced at this moment anyway, with almost the same number of properties selling over and under. We'll have to wait and see what comes of this week! I imagine activity will be slow because of Labor Day Weekend (don't forget the Bay Bridge is closed) but things will pick up in September and October. Enjoy the sun!

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