Hi Mike,
I work out of the Bay Area and know that the homes that were listing for $300K early on in the year were getting multiple offers and bid up. For the Bay Area, that is a very attractive price point and a great starter price home. There is a lot of competition at that price point by investors and home buyers alike. I have been working with quite a few buyers who were scouring the internet for homes around $300K, only to find that they actually got multiple offers and seldom sold at $300K! I advised them to look at a lower price point, and make a better offer on those homes, in order to get in the running. This seems to have helped. The Buyer expectation in this market has been that it is a buyer's market, however on starting price homes, the buyer who gets the deal is usually a strong buyer with a lot of money down, or a quick close loan.