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Health & Fitness

Real Estate Beat: Multiple Offers

Buyers that have decided the time is "now" are competing for the small number of homes for sale.

Multiple offers are becoming a commonplace occurrence in our market—yes, again. For example, last week in Danville, a house came on the market for $743,000. Nice house, beautifully remodeled, staged to perfection—it received (are you sitting down?) 17 (!) written offers, driving the price well over asking (and that price remains a secret until COE, but I will certainly update you when that happens).

It’s not every house that is experiencing multiple offers, but it is happening across all price ranges for the most desirable homes. In fact, did you see the paper on Saturday? Front page of the business section, to be specific. I had three people mention this article to me before I saw it myself. The article is all about the multiple offers we are seeing—a result of a small inventory and a large amount of buyers who have deemed the "time is right."

The spotlight home in the article is a very ordinary (some might say “tear down”) house in Palo Alto that listed for $1,200,000 and sold with 38 (yes, THIRTY-EIGHT) offers for $1,650,000. In many towns you can buy a nice home for $450,000; that’s how much this one was bid up by. It’s even more baffling if you scroll through the photos included in the article.

But the point of the article is that inventory is low—and that is certainly true. Here are the inventory numbers (and the change over the week) for the last two weeks.

This week:

  • Alamo – 50 (-2)
  • Danville – 127 (-7)
  • Blackhawk – 29 (same)
  • San Ramon – 108 (+8)
  • Dublin – 84 (+15)
  • Pleasanton – 117 (+8)
  • Lafayette – 58 (-1)
  • Orinda – 43 (+3)
  • Pleasant Hill – 43 (-3)
  • Walnut Creek – 106 (-7)
  • Rossmoor – 63 (+1)
  • Antioch – 130 (-7)

 

Last week:

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  • Alamo – 52 (-4)
  • Danville – 136 (-1)
  • Blackhawk – 29 (+1)
  • San Ramon – 100 (-23)
  • Dublin – 69 (-7)
  • Pleasanton – 109 (-12)
  • Lafayette – 59 (+2)
  • Orinda – 40 (+7)
  • Pleasant Hill – 46 (same)
  • Walnut Creek – 113 (+4)
  • Rossmoor – 62 (-3)
  • Antioch – 137 (-16)
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