Most of the news lately has been about sales at the entry level, where multiple offers are becoming the norm. The median price, although increasing slightly in April over March in the Bay Area, had previously been falling due to the heavy activity in foreclosures at the low end. It's important to contrast this with what we're seeing at the branch office level at the other end of the market. Here is an incomplete list of some of our Coldwell Banker Bay Area closings just this past week:
$7+ Million – Atherton
$5+ Million – Portola Valley
$4.8 Million – San Francisco
$3.2 Million – Santa Rosa
$3 Million – Hillsborough
$2.9 Million - San Francisco
$2.9 Million - Belvedere
$2.6 Million – Los Altos
$2.2 Million - Menlo Park
$2 Million - Los Altos
$2 Million – Monterey
...and many more in the $1 to $2 Million range
You won’t likely be reading about this activity in the local newspapers, because their focus is elsewhere. Besides these recent closings, nearly every office is reporting ratified offers and new Pending Sales in the higher end in the past week or so, which is not what we were seeing a few months ago. I can't call this a trend yet, but it's nice to see strong activity and confidence in the high end.
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