Jeffrey Tung's Real Estate Blog

It seems like the market is improving.  Sales have been increasing and here are 8 areas that are showing signs of a recovery.

I have been experiencing a market that resembles the last seller’s market not a buyer’s market.  There is not a lot of inventory available for all of the buyers here in the Bay Area.  I have a property for sale in Pacifica, Ca, listed at $338k and received 6 offers and all above the list price.  I have been also representing buyers and making offers to purchase, but have been in bidding wars.   In San Mateo county, it would take approx. 4.1 months to sell all of the homes that are on the market compared to 4.5 months same time last year.  Where are all of the bank owned properties?

Related articles

• Sales of single-family Bay Area homes continuing to surge (mercurynews.com)
• Bay Area home sales mostly up although prices fall. (mercurynews.com)

Although home sales have increased, the prices have decreased in 118 markets across the country.  Prices have declined approx. 7.5% in March from a year ago.  This is the eighth straight month of declining prices.  So what’s keeping the sales going?  I believe that the low interest rates and affordable prices are keeping sales alive. 

San Francisco is showing signs of recovery along with San Mateo county.  With gas prices continuing to rise, many buyers are moving back to big cities where they don’t have to use their car.  This may be one reason why San Francisco has been experiencing a brisk recovery.        

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• An Unreasonable Fear Of High Gas Prices May Throttle Recovery (247wallst.com)
• Increase in pending sales in San Francisco (jefftung.net)
• Home sales dropped in April, foreclosures declined (seattlepi.com)
• Home sales dropped in April, foreclosures declined (sfgate.com)
• Home sales drop 0.5 percent in April (csmonitor.com)
• Foreign Buyers Getting Firesale Prices on U.S. Housing (blogs.wsj.com)

I believe San Francisco and San Mateo counties’ prices have stabilized in most areas and may stay at this level until something happens with the projected increase of interest rates and foreclosures, defaulting homeowners and unemployment. Based on a study by Homegain, it is not surprising to see that homeowners and agents have different views about the market place.

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