Tim Murray, vice president of Alain Pinel Realtors, reported today that the peninsula offices of his company are reporting that low available home inventory is the biggest constraint on sales at the moment. The offices are reporting a surge in buyers at all price levels at a time when the inventory of available properties has not recovered after the typical low point of the Christmas and New Year’s holidays.

32 Flint Street, San Francisco

I’ve observed this same trend in San Francisco and have watched as properties all across the City are going into contract at a much quicker pace and some with multiple offers. Besides the properties I’ve reported on in the previous two postings, a remodeled condo asking $679,000 in a newly converted condo scheme four unit building (32 Flint #1) that had no offers last year has reportedly gone into contract with a back-up offer. It is also reported that a second unit in the building will be coming on the market shortly.

I believe the strong earnings in the technology sector is largely fueling the real estate market in our area.

I look forward to your comments.

Lance

415-793-6140