The market — like the weather — has been hot, hot, HOT.
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The personal stories of one realtor’s battles and triumphs in the highly-competitive Bay Area real estate market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
In fact, it’s been busier than any third quarter I can recall as August proved to be incredibly fruitful for both Buyers and Sellers alike, especially here in Piedmont, where demand remains high. Demand usually lasts until Thanksgiving when Buyer interest cools considerably and their attentions are diverted to holiday festivities and family gatherings. If a property hasn’t sold by Thanksgiving, we’re typically removing it from the market and reintroducing it in the Spring. Per the Multiple Listing Service (MLS) Piedmont currently has 16 active listings on the market, eight pending properties, and 91 closed sales and those numbers will climb through September. In total, that’s 115 properties under contract NOT counting several that have sold off-market and weren’t officially reported. In a town with fewer than 4,000 homes, there’s always a limited supply of available housing stock, but it feels even tighter now. (The number of units sold year over year continues to diminish across all price points.) In short, Piedmont continues to favor Sellers.
The lowest sale sold at 429 Linda Avenue off-market for $760,000, which is well below the current marketplace, while the highest recorded sale was 44 Farragut Avenue at $11,750,000. The average selling price was $2,883,945. The median was $2,328,000 and the average price-per-square foot was approximately $1,100.
Of course, home purchases aren’t necessarily mathematical equations (nor should they be); they’re emotional ones, which is why many sales defy the odds, such as our listings at 32 Caperton Avenue which we sold earlier this year for more than $1,500 a square foot, or 10 Muir Avenue, which sold for $1,400 a square foot; two exceedingly beautiful properties that both proved to be VERY compelling opportunities, and not surprisingly, both commanded far more than the “average” price.
Did the Buyers overpay? Not at all. They paid what the market would bear. They paid what it took to secure the home in competition. Nobody but NOBODY thanks the Agent who doesn’t ultimately deliver a house. Make no mistake, these are heavy-weight prize fights come the offer dates.
Listening to my good friend, Brady Thomas, of La Salle Mortgage, this morning, (he is the host of PepTalk Mortgage which he posts on Instagram several times a week.) he reminded his viewers that our homes aren’t meant to be investments the way our stock portfolios are. Our homes are places to raise our families and build memories. If we retain them, maintain them, and don’t treat the growing equity like an ATM, they should also build a nest egg over time (“time” being the operative word), but our personal dwelling’s main role is to function as our living space, to get our from under rent (and eviction potential), and to enjoy the lifestyle we create. (Our house, our choices).
Which is why, when we meet with Sellers, we’re often pushing them away from their choices to present the house in the way WE think will have the greatest impact and the highest return. Sometimes it’s as simple as getting everything in working order. While, other times, we’re asking them to take a leap of faith with us while we renovate kitchens and bathrooms, update the lighting, landscape the yard, and professionally stage the home. For those Sellers that can quickly learn to let go, they’re typically far better rewarded than those who prefer to hang on tightly and micromanage the process. (That too, is a choice.)
While this may be difficult for many Sellers, when you’ve hired a professional, take the next step and listen to their advice, and then let them do the job you are paying them to do. We’re not going to ask you to support anything we don’t believe will return a higher percentage on the other end, nor are we in the habit of spending your money unwisely. In fact, you’re not “spending” money, you’re investing it in the home, to receive a greater return. (Got it?)
That being said, it’s still your house, and as the Owner you have final say. If you’re okay doing less and making less, we’ll follow your lead. However, if presenting your house in its best light interests you, we’re available for consultation. The fall market is actually an excellent time to contemplate a sale next spring, and stagers are already booking into 2027, as are Realtors®.
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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