Generally speaking the Bay Area real estate market has seen a bit of a bounce this summer with sales increasing in all categories...in entry level homes and condos up to the high-end market.
National figures showed June with an 11% increase in home sales and the Bay Area seemed to share that trend with July sales up 15% over July 2008. As the number of sold units continues an upward trend, price recovery is a bit of a mixed bag depending on the area. The entry level median price is increasing in all counties, due to very little supply against a healthy demand. The just-under, just-over $1M mark seems to be holding its own, with a few multiple offers out there for the right property in a sought-after community. The higher end properties...over $2M... have, in the past 30 days, seen more activity than at any time this year, but price remains a critical factor as to which properties seeing this activity actually go into contract. The higher the price-point, the more critical it is to have a very attractive list price. Sellers who are selling are very realistic about marketing price, and Buyers who are buying are recognizing good value when they see it, and are taking action swiftly. For cash buyers or those with large down payments, this could be a great time to pick up a bargain in the luxury home market.
Several of our offices are talking about a post Labor Day surge in new listings. The Buyer appetite seems to be there, as long as the listings are priced right. Typically August is the slowest of summer months with vacations taking priority, however this month has seen the best Buyer activity all year long for many offices.
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