Weekly Market Watch

January 16, 2008



The New Year seems to be starting off with a bang! Yes - the headlines continue spouting the latest “factoids” about the implosion of the housing market from whatever company is cranking out the latest set of numbers. However, buyers may have reached the tipping point and seem to realize that the only way to find out if they can get the best deal on the home of their dreams is to TRY. And they’re out in full force doing just that in most of our markets. Is it a sea change? It’s too early too tell, but it is motivating to know that both buyers and sellers seem more willing to listen to their real estate professionals now, and are putting less faith in Ivory Tower economists who don’t live in the Bay Area or understand the nuances and intricacies of our housing markets.



Over and over, our offices are reporting listings and open houses that are buzzing with activity. An open house in the Crocker Highlands district of Oakland is listed at $1,599,000 and had more than 300 groups of visitors go through. Open houses were well attended in Petaluma and there was a “big increase in open house activity” in Walnut Creek. In Burlingame, agents were “very surprised at the excellent turn out and open enthusiasm of open house attendees this weekend. Buyers were serious.” Even on a rainy weekend, Half Moon Bay too reports that open house activity was the best it’s been in many months.



In Redwood City, there was “remarkably good attendance at the open houses…It seems that the buyers are ready to start looking again, and sellers are evaluating their need/want to sell.” In San Francisco, open houses were also exceptionally well attended and activity in all price ranges has picked up since the holidays. Activity was slower in the North Bay areas for the most part, however we are hearing reports of agents gearing up for a spike in action over the next 30 days after shaking off the glitter of the holiday season.



It’s pleasant to report that not only are buyers out there looking – they’re also buying. A $429,000 Livermore home received multiple offers. In San Francisco, REO listings in multiple categories are also finding themselves in multiple offer situations. In Mill Valley we just closed a 10 million dollar transaction which shows us the big money is still in the market for property. It’s been said many times before, but it bears reminding everyone that proper and smart pricing of a home is truly key to entering into a speedy sale. As the San Mateo manager aptly noted, “Inventory, priced right, is getting a lot of attention. If it’s not, it’s not.”

We are off and running for the New Year and I want you all to know how proud I am of your fantastic performance from last year. Getting back to the basics will take you a long way this year.