Thursday, March 27, 2014

Tour De Berkeley - March 27, 2014

という事で,本日はこんなかんじで物件見学してきました。

1. 804 Delaware St $499,000 (2bd/1ba, 1218 sq ft)  A perfect location!  Walk to the 4th street restaurants/shops.

とっても可愛いコンドです。Mカフェが自分のだいどころのように近い!若かったら住んでみたいな。なんて思います。

2.1547 Posen Ave Berkeley $635,000 (2bd/1ba, 1139 sq ft), a nice backyard.

色々と修理が必要そうなお家です。最終的にもう少し値段が上がるかもしれませんが,うーん、もう少し安くてもよいのでは?なんて思いました。

3. 1016 Cedar St Berkeley $850,000 (4bd/3ba, 2049 sq ft) a very small lot, interesting layout, small steps go up and down. narrow stairs,

モダンな色使いのしてあるお家です。2046sqftと言えば,結構大きな感じですが、なんだか、狭ーい感じのするお家です。

4. 1035 Shattuck Ave $1,095000 (4bd/3.5ba, 2757 sq ft) a nice location, elegant home,

とてもエレガントです。場所もよいし,大きさもよし。高く売れるでしょう。

5, 486 Grizzly Peak Blvd  $948,000 (4bd/2ba, 1887sq ft) Very end of Grizzly Peak Blvd, the ceiling of upstairs rooms feels low.  Nice views,

景色は良いですね。

6. 2647 Piedmont Ave $1,450,000 (3bd/2.5ba, 3357 sq ft) a nice location,  needs update or restore.

投資できるお金のある方向けのお家ですね。場所が最高です。バス,キッチンなどはアップデートが必要です。

7. 3079 Bateman St $950,000 (duplex) upstairs are completely renovated.

二階は素敵にアップデートされてありました。一階はもうすこしアップデートした方が,というかんじです。

いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)


Wednesday, March 26, 2014

Free Home Buyer Seminar

Free Home Buyer Seminar

ホームバイヤーの為のセミナーを日本語で行います。
 


不動産購入者の勉強会
不動産エージェント:津守弘子/コールドウェルバンカー 
                                       電話:510−409−3472
日時:4月9日 6時より8時まで。
場所:
1495 Shattuck Ave Berkeley, CA (Coldwell Banker Berkeley Office) 
(人数の都合で場所の変更になる可能性もありますが、
バークレー近郊で行います。)
1.不動産購入過程
2、Rent VS. Buy 
3、ローンの審査基準(この中でAssetがOverseaにあるケースやギフトMoneyについて触れます)
4.Preapprovalのプロセス、大切さ
5.ローンの種類
6、不動産エージェント、ローンエージェント、購入者の役割とかかわり合い。
7、不動産エージェンシーとは?
8、購入契約書とは?
9、Q & A 
 
もし都合でいらっしゃれないけれど,資料をという方は,電話またはメイルでお名前,住所、
お電話番号をお知らせください。無料でお送りします。

Tuesday, March 25, 2014

A nice condo in Elmwood

Here is a nice condo in Elmwood.
1 bedroom/1 bathroom 860 sq ft
priced for $425,000

Address:2515 Ashby Unit 1

はい、家の事務所からのりスティングです。とても可愛いコンドです。場所はエルムウッドで最高ですね!




Thursday, March 20, 2014

Thornhill Elementary School Auction is coming

アメリカは公立の学校でも資金集めに毎年沢山の時間を費やします。我が家の子供達の通っているThornhill Elementary Schoolも9月から学期末の6月まで,色々な催しをしながら,資金を集めていきます。日本の学校と違い,例えば体育の先生,アート先生など,親の募金で雇っているという始末です。確か私が小学生の頃は担任の先生が体育も受け持っていたと思いますが。。。。

という事で,今月,オークションパーティーというのがあり,色々な品物をオークションにかけての資金集めです。私は,娘のクラスのオークションバスケット作ってみました。2つあり,一つは一ダースのイタリアのワイン。もう一つもイタリアのワインなのですが,でかいワインもあったので,バスケットに入れてみました。

オプション1

オプション2

オークションで買って下さい!

いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)

Monday, March 17, 2014

Bay Area Real Estate Market Report - Mar 17, 2014

March 17, 2014 
Here is the report from our president, Rick Turly.

_____

Inventory Shortage Slowing Sales and Boosting Prices in Bay Area

Bay Area homebuyers continue to scour the landscape for homes on the market, crowding open houses, fighting each other in multiple-offer situations, but often coming away empty handed due to the severe shortage of listings. Lack of inventory continues to have a significant impact on the housing market, slowing sales and driving up prices of what few properties are for sale.

DataQuick, the La Jolla-based information services firm, reported this week that lack of inventory contributed heavily to a six-year low in home sales last month. A total of 4,963 new and resale houses and condos sold in the nine-county Bay Area last month, the lowest for any February since 2008.

But what's been bad news for buyers has been good news for those savvy homeowners who do decide to list their home right now. Lack of inventory (and competition from other sellers) has been driving up sale prices rapidly. In some cases, prices are near or above their all-time highs once again.

The median price paid for a home in the Bay Area in February climbed to $540,000, up 2.9 percent from $525,000 in January and an amazing 33.3 percent from $405,000 in February last year, according to the DataQuick report. On a year-over-year basis, the median has risen the last 23 months, with gains above 20 percent for the last 16 months.

"At some point rising home prices will trigger a more significant increase in the number of homes on the market," said John Walsh, president of DataQuick. "It’s just a question of when.”

That's what agents – and their buyers – are asking as well. Here's the DataQuick report and the sales and price chart is below:

FEBRUARYSales VolumeMedian Price
All homesFeb-13Feb-14 % Chng  Feb-13Feb-14 % Chng  
Alameda             1,144       919   -19.7%    $372,000    $470,000     26.3%
Contra Costa        1,148       962   -16.2%    $311,000    $405,000     30.2%
Marin                 201       195    -3.0%    $650,000    $755,000     16.2%
Napa                   91        79   -13.2%    $415,000    $450,000      8.4%
Santa Clara         1,159     1,202     3.7%    $554,000    $670,000     20.9%
San Francisco         356       451    26.7%   $700,500   $945,000     34.9%
San Mateo             414       446     7.7%    $635,000    $705,000     11.0%
Solano                488       358   -26.6%    $214,250    $264,000     23.2%
Sonoma                403       351   -12.9%    $345,000    $407,000     18.0%
Bay Area            5,404     4,963    -8.2%    $405,000    $540,000     33.3%
Source: DataQuick, www.DQNews.com

Below is a market-by-market report from our local offices:

North Bay – Not as many Previews listings or sales this past week, according to our Greenbrae manager. In Novato, overall sales decreased in past few weeks due to low inventory. Several new listings expected in coming weeks. But there has been increased listing activity of $1 million plus properties in Novato with two new listings over $2 million. Listing inventory is increasing slightly in the San Rafael area. There are still many multiple offers with offers way over asking. Open houses are very well attended. The lower end of Previews market (below $2 million) is super-hot, according to our Southern Marin manager. For example, three Mill Valley listings listed by CB-Southern Marin asking just under $2 million received multiple offers and each one received offers for more than 30% over list price. The over $2 million market has leveled off and only the most desirable properties receive multiple offers. Under $1 million is almost all multiple offers. $1 to $2 million are seeing just over 50% multiple offers. Over $2 million the multiple offer % drops way off with only the most desirable properties receiving multiple offers. The upper high end (above $3 million) is selling at 2X the rate of 2013, but there is an abundance of listings available, particularly in Tiburon-Belvedere (94920).

San Francisco – Our Lakeside office manager says new listings are well received and sell right away if priced well. Multiple offers are off the charts in frequency, with a high number of offers and amount of overbid. Networking by active agents has been resulting in successful pre-emptive offers to secure properties for their buyers, and top agent negotiating skills have resulted higher sale prices even when pre-emptive offers seem attractive. This is definitely a time when choice of agent makes a big difference.  Our Lombard office notes that there are more off-market and pre-emptive offers raising the frustration level for buyers and agents. The San Francisco Association of Realtors' latest stats have the one-year change in median SFH price rising 35.7% percent with the sale price averaging 110.4% of list price. February was another record closing month with nearly twice the closed volume of 2013, according to our Van Ness Avenue office. Agents are seeing bidding go as high as 40% over the asking price on large Noe Valley homes.

SF Peninsula – Open Homes were very well attended on the Peninsula with 60-150 groups reported at homes in San Mateo, Burlingame, and Belmont. Pre-emptive offers have been winning the day as buyers strive to reduce the number of competing offers. Agents are reporting the beginning of buyer reticence to continue participating in the scheduled multiple offer presentations where there is great competition. Counter offers made by sellers asking for even more money than the overbid already presented to them, are often being declined by buyers or countered back at the existing offer price. Hillsborough currently has 32 active and 17 pending listings. This is a smaller inventory than we saw all of 2013. The value proposition for Hillsborough (minimum half acre lots) sought after schools, prestige and privacy, has never been greater. This community is truly the best value on the Peninsula, according our Burlingame manager. Our Menlo Park manager reports that multiple offer offers are rampant: 19 offers for a Palo Alto home listed at $1.8 mill and sold for about $2.5; 18 offers for a $1.8 million listing in San Carlos that sold for $1.72, 46% OVER the list price); four offers for a $3.2 million Menlo Park home that sold for about $3.5) Half acre tears downs in Menlo Park going for $3.5 to $4 mill. Why? When WHATAPPS was bought by Facebook for $19 billion dollars – after VCs were paid, 55 employees split the rest. Do the math. In Palo Alto the beat goes on: Healthy market, high demand, no supply.  Our Redwood City-San Carlos manager says the sale price of homes, particularly in San Carlos, continues to rise. Two ”fixers” – both 3/1 – listed at $839,000 and $849,000, sold with multiple offers. The $839,000 had 10 offers and the $849,000 had four offers. Both sold over $1 million. Our San Mateo office reports very little change over the past couple of weeks. Lack of inventory is driving prices to new heights and appraisers are having a problem with fast-moving prices. Our Woodside-Portola Valley manager says this is the busiest the country offices have been in quite a while; almost no foreign money buying there but lots of locals moving within the area to bigger properties.

East Bay – Pre-emptive offers are surfacing again in the Berkeley area, and some “relative” offers. Still expecting more inventory this month, which is encouraging but buyer competition remains very high. Inventory continues to be the challenge in the Danville area market, with lack of inventory holding down sales. Our Oakland-Piedmont manager notes that the only two transactions recently that were not multiple offer situations were pre-emptive offers. An agent held an open house in Berkeley, printed up 250 flyers, ran out and that was after the neighbors bypassed taking one. To say that he was overrun with buyers is an understatement. All the open houses have been heavily attended with the largest group of buyers coming over from San Francisco. Inventory has picked up but still not enough to meet the pent up demand. It’s very challenging time for buyers and their agent especially when some of them have lost out by a hair many times. The Lamorinda inventory continues to grow at a slow but steady pace. Open homes are heavily attended with many large groups touring at once. Over asking price continues to be the norm when homes go into contract. Walnut Creek agents are seeing lots of visitors at open homes. They seem to be serious buyers and not just looking. What little inventory is coming on is selling with multiple offers, driving prices upward.

Silicon Valley – The number of multiple offers per property seems to be decreasing, according to our Cupertino manager, but the most desirable homes are still going crazy. Most buyers have a better chance today than they did a month ago. Multiple offers continue to drive the Los Gatos area market. A property listed in town for $1.3 million recently sold with multiple offers for $1.57 million. Inventory is increasing in the San Jose Almaden area. They're up to 34 SFR’s available in Almaden, up from 25 available two weeks ago. The local Willow Glen market is starting to see some relief with a much-needed increase in listing inventory. However open house traffic has been extremely busy with active buyers ready to pull the trigger. Agents continue to see price gains in all segments, and some neighborhoods have reached new high water marks. Buyers continue to write zero contingent offers well over list price on well-appointed homes.

South County – In the South County, as soon as homes are listed offers just come pouring in. This is happening in all price ranges. A Morgan Hill agent recently listed a home in San Martin, listed at $2.8 million. There were three offers, and it ultimately sold with a quick close and for all cash. Another Morgan Hill home was listed at $1.1 million and had several offers immediately after it hit the MLS. A Gilroy agent listed a home in Soledad—priced around $350,000 that garnered four offers. Homes on acreage seem to be especially popular with South County buyers. The inventory in both Gilroy and Morgan Hill remains very low and it continues to be a “sellers’ market."

Santa Cruz County – The upper end of the market is still a little sluggish, but there have been a few sales recently. Beach homes have taken a little hit due to the increased flood insurance costs.
Buyers are actively previewing homes and if a property is priced well and desirable there will likely be multiple offers. The number of homes on the market is creeping up and there are a lot of listing appointments as of the last few weeks. It appears that values continue to slowly creep up, but it does appear that the inventory is going to start to increase, which may level things off a bit.

Monterey Peninsula – The Pebble Beach market has experienced a nice increase year to date with 81 listings in MLS and 19 under contract. The Carmel market has 141 listings and 39 under contract, which combined is about 25% of the listings are in escrow. Comments from our top agents have said that the high-end market will continue to heat up especially as we get closer to car week in August. Tuesday it was 83 degrees at the lodge in Pebble Beach – a picture perfect day to showcase the natural beauty of this area and the reason so many people purchase a vacation or full time residence on the Monterey Peninsula. There currently are 171 listings in the system and 39 are currently under contract, which is just over 20% of the listings. Total inventory in the county as of March 1 is 819 single family and townhomes currently available, which is a 3% increase over January 2014 and a 5% decrease over 2013. Buyers are cautious to write an offer in the over $1 million price, but we are seeing multiple offers in the entry-level price point.


いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)

Wednesday, March 12, 2014

2013 Berkeley Market Highlights

Shockingly 30% price appreciation in Berkeley in 2013. And the market is sizzling! 



いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)

Friday, March 7, 2014

Berkeley Real Estate Sales Report in Feb 2014


Address
 List Price Sold Price SqFt BR Bth DOM Remark
434 VASSAR AVE $1,395,000  $1,450,000 3168 4 3 0
617 GRIZZLY PEAK BLVD $1,149,000 $1,366,000 2650 3 3 12
1186 Laurel $1,097,000 $1,210,000 3000 4 3 14
525 CRAGMONT AVE $1,175,000 $1,172,000 2114 4 3 8
2512 Hill Court $899,000 $1,080,000 1503 2 2 11
2776 SHASTA RD $850,000 $1,005,000 2349 3 2 13
1500 ARCH ST $699,000 $1,000,000 1856 3 1 9
1139 THE ALAMEDA $839,000 $985,000 1544 3 2 13
1877 THOUSAND OAKS BLVD $965,000 $980,000 2126 3 2 13
54 TUNNEL RD $625,000 $950,000 1830 3 2 13
1937 RUSSELL ST A $875,000 $900,000 0 7 3 54
975 REGAL RD $825,000 $837,500 2140 3 2 30 Short Sale
651 NEILSON ST $749,000 $765,000 1268 3 1 23
1521 BERKELEY WAY $589,000 $764,500 1203 2 1 14
1703 RUSSELL ST $535,000 $763,000 930 2 1 8
50 LATHAM LN $649,000 $750,000 1188 2 1 11
2900 Harper Street $599,000 $730,000 1807 4 2 9
801 JONES ST $649,000 $717,000 1376 2 1 16
1612 JULIA ST $650,000 $655,000 1240 2 1 27
3139 ELLIS ST $469,900 $654,000 3 2 16
1721 LINCOLN ST $525,000 $652,000 984 3 1 7
1031 Delaware $699,000 $647,000 1552 3 1 68
2746 CALIFORNIA ST $559,000 $615,000 1184 3 2 9
1027 GRAYSON ST $495,000 $585,000 636 2 1 5
1327 derby $529,000 $536,000 1008 3 2 13
2105 BROWNING ST $550,000 $490,000 1193 3 1 0 REO
1101 PARKER ST $499,000 $465,000 1043 2 1 51 Short Sale
1042 DWIGHT WAY $399,000 $460,000 600 2 1 12
2630.5 BENVENUE AVE $445,000 $433,000 900 2 1 37
Median Price $649,000 $763,000 Avg DOM 18

Are you curious about finding out your property value?   Are you thinking of selling?  Please contact me at 510.409.3472 anytime. 


Berkeley Real Estate Trend Feb 2014

59 properties were listed in February, 2014 in Berkeley, compared to 45 a year ago.  And 43 went pending this February, compared to 28 last February.  The # of closed listings was also higher this year.  33 properties closed in this February, and 23 last year.

There were more activities this February. Thanks to more available listings!  Though the inventory was higher this February than last February, we considered it as shortage. And properties received multiple offers,  though the number of offers received was smaller than that of last year.

The median price listed was 15% higher this year.  It is still a great seller's market!  If you would like to find out value of your home, please feel free to contact me at 510-409-3472.






いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)

Thursday, March 6, 2014

Beautiful Condo in N. Berkeley for $489,000

北バークレーのコンドミニアムのご紹介です。この物件,1ベッド、1バス、844sqftで価格が$489,000。とても美しい!場所もシャタックの側(2201 Virginia St nit 14,)で,最高! 2014年。去年よりは少しだけ,競争率が低いかな?というところです。まだまだ、バイヤーさんにとっては困難なマーケット。がんばれ!





いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。(510.409.3472, hiroko@sfbaymodern.com)

Monday, March 3, 2014

Bay Area Real Estate Market Report - Mar 2, 2014

Here is a bi-weekly report from our president, Rick Turley.

Bay Area Luxury Housing Market Remains Strong

                On the heels of an outstanding 2013, the Bay Area's luxury housing market is off to a good start in 2014.
                The first month or two of any year is never enough time to draw conclusions about how the full year will turn out, but so far sales in the Coldwell Banker Previews International luxury segment of the market have posted solid year-over-year gains despite a serious lack of inventory.
                Sales of homes over $1.5 million in Silicon Valley jumped 22 percent in January versus the same period a year ago. And uber luxury sales did even better. There were seven sales over $3 million last month, up from just two in January 2013.
                Also encouraging – homes in the Valley sold faster on average (45 days), and sellers received a higher percentage of their asking price (105 percent) when compared to last year. Both of those are important signals of a market's overall health.
                In Marin County, sales over $1.5 million surged in January with 29 properties selling over that level, more than double the 14 luxury transactions in January 2013. Sales were off slightly from December, although it's not unusual to have a drop from year-end closings.
                Meanwhile, the median sale price of a luxury home in Marin County spiked to $3,075,000 from $2,179,400 a year ago. The big jump in median prices reflected a much greater number of ultra, high-end sales. There were 23 sales over $2 million last month, almost triple the number in January 2013.
                And across the Bay, million-dollar sales in Alameda and Contra Costa counties climbed 17 percent in January with 90 high-end transactions compared to 77 the previous January.
                We'll have San Francisco's first quarter luxury report out at the end of next month and it will be interesting to see if The City follows up on a very strong fourth quarter 2013.
                The strong high-end sales figures so far this year are encouraging for the luxury market – and the overall Bay Area housing market – as we approach the traditional spring selling season. But the market still faces some challenges as the year unfolds.
                We continue to struggle with far too little inventory to meet the strong buyer demand, which in the long run will slow sales gains. Gradually, we're seeing some new listings come on the market with promises of more to follow in the weeks ahead. Only time will tell whether it will be enough.
                Additionally, while this is still a strong seller's market – make no mistake about that – agents in some areas have seen an ever-so-slight shift in the market. Properties are still getting multiple offers, just not quite as many per home as they had before. And many properties are still selling over the asking price, but perhaps not as wildly over.
                All of this is to say that there are subtle signs that the frenzied seller's market may be starting to come back into more balance. If so, that can only be good news in my mind as we move back to a healthier equilibrium between buyers and sellers.
Below is a market-by-market report from our local offices:
North Bay – The luxury market is much improved over last year, according to our Mill Valley downtown office manager. The rate of $3 million sales is going at approximately twice the rate in 2013. Our Southern Marin offices are exceeding last year’s sales of $2 million plus by more than 2 times. The demand for property continues to far exceed the supply, resulting in a multiple offer market in most price points. We are seeing a gradual increase in listings, which should help move the market toward a more balanced market, but we still have several months to go. Cash buyers are still 33% of the local market. Agents continue to see all cash, five-day close of escrows, and non-contingent offers on the most desirable properties. One Sunday open house in East San Rafael had over 200 visitors. There's been very little inventory added this week, our local manager said.
It's still quiet in Novato with agents looking for spring listings. Buyers are getting impatient. Our Petaluma manager says sales of homes over a million more than doubled from last year at this time. Attendance at open houses has been phenomenal. Every open house had 20 groups or more – one had 90 groups through. There have been a limited number of homes held open due to lack of inventory. Houses on the market are going contingent soon after they are available in the MLS.

San Francisco – Our Lombard office manager says listings of any sort remain golden. There are many frustrated buyers and some are dropping out of the market. One probate property went 45% over asking. This seller's market is not for the faint-of-heart. Our Sunset office manager reports that the inventory level continues to be historically low and therefore it is affecting the number of sales. According to the agents, there is no shortage of buyers; there is just nothing to sell. As of February 26, according to the local MLS, there are only 161 single-family homes actively listed in San Francisco!

SF Peninsula – Our ever resourceful agents in Burlingame continue to find properties that are not on the MLS, and even those not for sale. They are creating inventory where there is a severe shortage and making the dream possible for their clients. Sellers are very aware of the need for more homes to sell, but they are debating ”where will I go” or thinking that prices will escalate more over the next 6 months so they are in a waiting mode to see which direction the market takes. Pre-emptive offers are prevailing quite often as buyers are really stepping up to get the attention of the sellers. The desirable properties in Menlo Park and Atherton are in huge demand There were 18 offers on a $1.4 million tear down in downtown Menlo Park on a 6,000 square foot lot, and it sold for $1.7 million. A $27 million property just closed in Atherton to a foreign national. Menlo Park is the new Atherton and Atherton is the new Hong Kong, our local manager quips. Our Redwood City office was involved in a recent transaction that had 35 offers. The property was listed in high $900,000 and sold for over $1,200,000. Some buyers are thinking it is time to take a break. In San Mateo area, listings are picking up and the number of multiple offers on a single property is declining. Woodside is starting to move with some good sales and good buyers.

East Bay – Not much has changed overall in the past few months in Berkeley. The market is still short of inventory, and agents are receiving and competing against multiple offers on most properties. Properties continue to go 6-30% over asking. Home inspectors, pest control inspectors and stagers are busy, so that is a good sign of more inventory coming soon. Fremont agents are still experiencing multiple offer situations due to low inventory. One listing in the $750K range had 15 offers – of which 3 were cash offers. Finally, there are six new listings on the market this week in the Oakland-Piedmont area, and agents are hoping this could be the start of the growing inventory. There is still a lot of attendance at open houses with many buyers coming over from the city. Ratified deals are still going over list price, some WAY over list price in most areas of Oakland and Berkeley. Pleasanton agents are still seeing multiple offers on homes under $1.5 million. Homes are coming on the market but inventory is still low.

Silicon Valley – Our Cupertino manager says the Previews luxury segment of the market is getting stronger, and the overall market would explode if only agents had more inventory. In Los Gatos, multiple offers and lack of inventory continue to be the hot topic. Properties priced at market value are continuing to receive multiple offers. In the San Jose Almaden area, multiple offers still going strong. Almaden SFR actives listings have finally exceeded 20, with 25 active listings as of this week. The local Willow Glen listing inventory is growing. For the first time since the new year agents saw a substantial weekly increase in listing inventory. There were a net nine new units for the week with just four pendings. Homes that show well and are move-in ready are still drawing a lot of attention with multiple offers well over the list price. Agents are experiencing a new trend in that market –multiple preemptive offers to the seller prior to an established offer date. The Saratoga market is gaining steam. Buyer confidence seems to be up as long as seller expectations are in line. Overall market inventory is up 44% in Saratoga and 60% in Cupertino/Sunnyvale since the first of the year. Inventory is still at an all-time low but certainly headed in the right direction.

South County – The supply and demand scenario continues in the South County. There is huge demand and very little supply. For first time buyers (under $450,000) there is just nothing to select from. “Move-up” buyers are very reluctant to list their homes for fear that they will not be able to secure a replacement property. Investors are equally as frustrated—as of yesterday there were only four multi-family properties for sale in both Gilroy and Morgan Hill. Agents seem to be pulling out all of the stops in trying to convince sellers that the time has never been better to list their homes. Many agents are going “back to basics”: door knocking, cold calling and sending out personal letters to entire neighborhoods. It would seem that it has never been more incumbent upon agents to “get the word out” that sellers can currently demand top dollar for their homes.

Santa Cruz County – The Santa Cruz region seems to be picking up steam. Listings and sales are growing. Agents are getting very busy and our local manager reports that the market is experiencing some multiple offers.

Monterey Peninsula – February sales and the median home sale price are trending up for the month with several new listings in contract over the last two weeks. The Monterey Peninsula inventory is still stronger than the Bay Area, which is an opportunity for out of area buyers to purchase their second or future retirement home. The under $500,000 purchase price continues to be a tight market for first time buyers in this area.