Buyer’s Market? You bet it is. I will be speaking about the low end of each market area. On the Peninsula and San Francisco we talk about Single Family homes priced under $700,000. In the East Bay it is below $400,000. Buyer’s Market yes but not in the traditional way. Today’s buyer cannot expect to purchase a home for 20% off the list price, but they can expect to purchase a home 30-60% off of 2004 prices. Today’s buyer cannot expect the seller to take care of all necessary repairs, but the buyer can expect to receive an $8000 Federal Tax Credit and an extra $10,000 State Tax Credit if they are purchasing a brand new home. Today’s first time buyer cannot expect to be the only offer, but they can expect to receive the lowest interest rates in 40 years. I think it is just in a different way.
The Real Estate Market in San Bruno, South San Francisco, Daly City, San Mateo is hot just like the weather. Prices are based on supply and demand. Demand is strong as all smart people want to take advantage of the buyers market. By the way the $8000 Federal Tax Credit terminates Nov. 30 of this year. many people do not understand this credit. It is a true gift. When this concept was originally introduced the credit was really a loan and needed to be paid back. In 2009 it became a true credit. You could just amend your 2008 taxes and receive your check in less than 2 months is what many buyers have seen. Other are choosing to claim it when they file 2009 taxes. Inventory is drying up. Please look at the chart. We are seeing less homes for sale today than we had last month or last year. If you remove the short sales that have received offers (maybe 25% of the homes available we are probably close to the inventory of the hot market in 2005. Please not the difference in the higher end and lower end of the markets.
| Belmont | Bur. | D.C. | F.C. | Mill. | S.Bruno | S.Carlos | S.F. | S.Mateo | S.S.F. | S.M. Cty. | |
| Jun. 09 Inv. | 62 | 70 | 92 | 34 | 31 | 57 | 73 | 140 | 175 | 89 | 1554 |
| May 09 Inv. | 62 | 65 | 100 | 42 | 27 | 65 | 73 | 179 | 178 | 95 | 1619 |
| Jan. 09 Inv | 41 | 39 | 170 | 26 | 43 | 65 | 64 | 210 | 134 | 109 | 1452 |
| Jun. 08 Inv | 61 | 63 | 213 | 32 | 52 | 122 | 71 | 184 | 193 | 170 | 1957 |
| Jun. 05 Inv. | 36 | 41 | 84 | 15 | 26 | 46 | 42 | 372 | 96 | 61 | 1013 |
| Jun. 09 Sales | 20 | 18 | 37 | 13 | 12 | 18 | 25 | 178 | 50 | 36 | 420 |
| May 09 Sales | 14 | 14 | 31 | 9 | 8 | 14 | 16 | 139 | 41 | 24 | 321 |
| Jan. 09 Sales | 3 | 6 | 31 | 6 | 2 | 13 | 5 | 81 | 24 | 12 | 163 |
| Jun. 08 Sales | 20 | 21 | 31 | 11 | 18 | 21 | 29 | 275 | 40 | 18 | 376 |
| Jun. 05 Sales | 36 | 32 | 43 | 26 | 19 | 37 | 32 | 211 | 87 | 37 | |
| Jun. 09 Av. Pr | 888,175 | 1416438 | 506,145 | 955,541 | 910,308 | 530,588 | 963,773 | 995,024 | 950,807 | 559,887 | 945,717 |
| May 09 Av. Pr. | 831,250 | 1164000 | 493,419 | 1,004,555 | 944,875 | 525,142 | 963,509 | 973,483 | 877,318 | 933,698 | 933,698 |
| Jan. 09 Av. Pr | 813,333 | 1,330,208 | 510459 | 1,008,000 | 925,000 | 580,134 | 1,122,200 | 747000 | 778,124 | 526,416 | 683,900 |
| Jun. 08 Av. Pr. | 854,318 | 1,386,086 | 580,088 | 1,149,626 | 1,114,216 | 637,140 | 1,123,682 | 1,248,334 | 933,032 | 628,833 | 1,157,966 |
| Jun. 05 Av. Pr. | 987,373 | 1362750 | 751,485 | 1,104,995 | 981,107 | 749,864 | 1,059,218 | 1,210,739 | 985,005 | 756,017 |
Information deemed reliable but not guaranteed.
