Market Update

September 5, 2008

Things are going to change – I can feel it…

Seriously, as much as I hate quoting GW senior, there is change in the air.  In San Francisco, twice last month clients and I wrote offers and were BEATEN in multiple offer situations.  One of them had 18 offers and the other had 3!  So, while underpricing has been a strategy used with caution in the last 18 months or so, it seems to be making a comeback.  There is a difference, though, and that is that instead one person going way way over, the fields seem to be very tight.  In the three offer situation, the offers came in all within 1k of each other…  Sheesh.  (Don’t worry, I sold a couple things as well :))

The sales report for the last two weeks (below) reflects closed sales.  I believe that the dramatic situations I and my clients participated in are not reflected as of yet, but you can still see a trend toward overbidding on single family homes.

                                Over     Under        At
SFD                          35           33           9
Condo                      29           50          15
2-4 Units                   3             5            2