Hello Everyone,
The Marin County real estate market continues its holiday ebb. Buyers and sellers would do well to take advantage of this period. Buyers will have less competition from other buyers, and sellers, less competition from other sellers.
The market will wake up from its holiday nap in January, and we will get an idea of what kind of year it will be. My guess is it will be pretty good.
The monthly city-by-city report, out this week, is showing all cities and towns as buyers' markets with two exceptions. Greenbrae, a perennial top performer, showing balanced with 7 out of 28 properties, or 25%, in contract, and San Anselmo taking this month's all-star crown with 34.6% (17 of 49 listings) in contract.
Single Family Residences a buyers' market with about 20% in contract in all categories except the $2 to $3million range, which is at 18%. We have not seen this in a while, and, while inventory and therefore selection are down, this is an opportunity for smart shoppers-----and likely not to last, based on historical data.
Condominiums a strong buyers' market with just over 13% in contract on an overall basis. Buyers can look at this as opportunity knocking at the proverbial door.
The key to doing well in this market is to utilize the services of an experienced, professional real estate agent with expertise specific to the location of your interest. These agents look at a lot of houses every month. It is their job to know the market and their knowledge is your power.
more next week,
until then, best wishes,
Fred
p.s. for spreadsheets, please see http://www.fredanlyan.com
Saturday, December 8, 2007
Saturday, December 1, 2007
The Anlyan Report. Marin Market Statistics 11.27.2007
Hello Everyone,
The Marin County real estate market slows down every year during the period between Thanksgiving and the new year, and this year is no exception. Inventory and market activity are down, but are pretty much in the same ballpark as last year, per MarketQuest.
The temptation this time of year is for a lot of buyers and sellers to just put their buying/selling plans on hiatus and wait until after the 1st of the year. This discounts the idea that there is sometimes a lot to be gained from doing what everyone else is not doing. Sellers who have their homes on the market at this time of year are serious about selling, and buyers who are still out looking are serious about buying. There are many excellent opportunities to be had during this time of year.
Waiting until the traditional surge of activity at the beginning of the year puts buyers and sellers in a more crowded and competitive arena.
Buyers and sellers who hang in there now could be getting ready to move at the beginning of the year, while everyone else is still looking. As always, an experienced real estate professional with expertise in the local market is an invaluable asset.
Best wishes to all for the Holidays. There will not be a report for the weeks of December 25 and Jan 1. City-by-City report for November will be out next week.
until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
The Marin County real estate market slows down every year during the period between Thanksgiving and the new year, and this year is no exception. Inventory and market activity are down, but are pretty much in the same ballpark as last year, per MarketQuest.
The temptation this time of year is for a lot of buyers and sellers to just put their buying/selling plans on hiatus and wait until after the 1st of the year. This discounts the idea that there is sometimes a lot to be gained from doing what everyone else is not doing. Sellers who have their homes on the market at this time of year are serious about selling, and buyers who are still out looking are serious about buying. There are many excellent opportunities to be had during this time of year.
Waiting until the traditional surge of activity at the beginning of the year puts buyers and sellers in a more crowded and competitive arena.
Buyers and sellers who hang in there now could be getting ready to move at the beginning of the year, while everyone else is still looking. As always, an experienced real estate professional with expertise in the local market is an invaluable asset.
Best wishes to all for the Holidays. There will not be a report for the weeks of December 25 and Jan 1. City-by-City report for November will be out next week.
until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Sunday, November 25, 2007
The Anlyan Report. Marin Market Statistics 11.20..2007
Hello Everyone,
I hope you all are enjoying the long holiday weekend and the wonderful weather.
The Marin real estate market has entered its slower holiday mode and there is not much major news. The Single Family Residence market had 26 new listings, 36 sales, 35 listings that went contingent, and 32 pending. So sales activity exceeded listing activity. Inventory went down marginally. Performance compared to 2006 continued to slip just a bit, with YTD sales going from -6.8% to -7%. There were 49 price reductions, 13 expired, and 25 listings that were withdrawn or temporarily off the market. Average days on market at 70 vs. 63 at this time last year.
Condo market still a bit sluggish, with 16 new listings, 14 sold, 10 contingent, only 2 pending. There were 13 price reductions, 9 expired listings, and 5 that were withdrawn or temporarily off the market. YTD condo sales at -21% vs. this time last year. Average days on market at 76 vs. 69 at this time in 2006. Current condo market represents a major opportunity for qualified buyers, especially in Novato. Those who wait for it to get better may be saying "shoulda, coulda, woulda" in a few months.
more next week-----
Wishing you all the best for the Holidays,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
I hope you all are enjoying the long holiday weekend and the wonderful weather.
The Marin real estate market has entered its slower holiday mode and there is not much major news. The Single Family Residence market had 26 new listings, 36 sales, 35 listings that went contingent, and 32 pending. So sales activity exceeded listing activity. Inventory went down marginally. Performance compared to 2006 continued to slip just a bit, with YTD sales going from -6.8% to -7%. There were 49 price reductions, 13 expired, and 25 listings that were withdrawn or temporarily off the market. Average days on market at 70 vs. 63 at this time last year.
Condo market still a bit sluggish, with 16 new listings, 14 sold, 10 contingent, only 2 pending. There were 13 price reductions, 9 expired listings, and 5 that were withdrawn or temporarily off the market. YTD condo sales at -21% vs. this time last year. Average days on market at 76 vs. 69 at this time in 2006. Current condo market represents a major opportunity for qualified buyers, especially in Novato. Those who wait for it to get better may be saying "shoulda, coulda, woulda" in a few months.
more next week-----
Wishing you all the best for the Holidays,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Saturday, November 17, 2007
the anlyan
Hello Everyone,
Starting into the traditionally slower holiday period, the number of active listings is headed downward, a normal trend for this time of year. Inventory figures are just about in line with the same time last year.
Percentage in contract figures for both SFR's and condo's continued their upward trend in almost every price range during the last week SFR's under $1million very close to a balanced market at 23.4% in contract, though they remain, officially, in buyers market territory. Condos in the $1million-$2million price range clocked in this week at 30% in contract, a sellers market, but the sample size is so small (20 units with 6 in contract) that 1 or two units going in or out of escrow can cause a significant swing.
Agents holding open homes reporting great traffic on new listings, slowing as time goes on. Buyers' agents saying that buyers are out there looking and making offers when they see properties they like. Sellers well advised to dress their homes for success and grab the buyers' interest right at the start. Not a time to test the market with overly aggressive pricing. Preparation, pricing, presentation still the buzzwords for this market. Several articles out this week noted a modest turnaround possible for the real estate market in 2008. Based on available facts, this writer would agree. Some agents report investors and high net worth individuals pursuing acquisition of property on the theory it won't go much lower.
Waiting for the bottom of the market often results in having to buy while prices are on the way up.
more next week
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Starting into the traditionally slower holiday period, the number of active listings is headed downward, a normal trend for this time of year. Inventory figures are just about in line with the same time last year.
Percentage in contract figures for both SFR's and condo's continued their upward trend in almost every price range during the last week SFR's under $1million very close to a balanced market at 23.4% in contract, though they remain, officially, in buyers market territory. Condos in the $1million-$2million price range clocked in this week at 30% in contract, a sellers market, but the sample size is so small (20 units with 6 in contract) that 1 or two units going in or out of escrow can cause a significant swing.
Agents holding open homes reporting great traffic on new listings, slowing as time goes on. Buyers' agents saying that buyers are out there looking and making offers when they see properties they like. Sellers well advised to dress their homes for success and grab the buyers' interest right at the start. Not a time to test the market with overly aggressive pricing. Preparation, pricing, presentation still the buzzwords for this market. Several articles out this week noted a modest turnaround possible for the real estate market in 2008. Based on available facts, this writer would agree. Some agents report investors and high net worth individuals pursuing acquisition of property on the theory it won't go much lower.
Waiting for the bottom of the market often results in having to buy while prices are on the way up.
more next week
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Thursday, November 8, 2007
Marin County Real Estate Statistics 11.06.2007. The Anlyan Report
Hello Everyone,
City-by-City report out this week shows percentage in contract up in Sausalito, Belvedere, Tiburon, Larkspur, Greenbrae, and Kentfield. Also notably up in San Rafael and Novato, two areas that have lagged in recent weeks, perhaps an early sign of improvement in these two markets--- but still plenty of room for smart buyers with an eye for value to do well. Mill Valley and Fairfax both holding steady, Mill Valley just on the south side of balanced, in buyers market territory, and Fairfax deep into buyers' market territory. Remember these are general market conditions and certain properties always defy the norm, so the advice of an experienced real estate professional is invaluable. Corte Madera surprisingly edged into buyers' market territory after a long run as a strong sellers' market. Probably temporary but bears watching. Ross and San Anselmo also down significantly.
Single Family inventory down again, to 888 overall, and down at every price point. Percent of SFR's in contract overall is up slightly, mostly due to renewed strength in the "entry level" under $1million market. The over $1million price range down moderately at every price point. Overall SFR volume down 6.6 percent from the same time last year, and days on market up slightly from 63 to 70, but average sale price still up at $1,377,194 vs. ytd 2006 of $1,248,383.
Condominiums down in volume just over 21 percent at 440 units so far for the year vs. 559 in 2006, but average sale price of $646,484 still trumps 2006's $611,435. Days on market at 76 vs. 2006's ytd of 68. Just two units sold in the past week, but enough went pending to push the percentage in contract over 15% for the first time in quite a while, taking the overall condo market to "buyers' market" from "strong buyers'". Don't know whether this is a trend or not, but I join several hundred condo owners in hoping that it is. We will keep an eye on this for further developments. Meanwhile, condo's in Marin continue to be a great opportunity for buyers.
More next week.
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
City-by-City report out this week shows percentage in contract up in Sausalito, Belvedere, Tiburon, Larkspur, Greenbrae, and Kentfield. Also notably up in San Rafael and Novato, two areas that have lagged in recent weeks, perhaps an early sign of improvement in these two markets--- but still plenty of room for smart buyers with an eye for value to do well. Mill Valley and Fairfax both holding steady, Mill Valley just on the south side of balanced, in buyers market territory, and Fairfax deep into buyers' market territory. Remember these are general market conditions and certain properties always defy the norm, so the advice of an experienced real estate professional is invaluable. Corte Madera surprisingly edged into buyers' market territory after a long run as a strong sellers' market. Probably temporary but bears watching. Ross and San Anselmo also down significantly.
Single Family inventory down again, to 888 overall, and down at every price point. Percent of SFR's in contract overall is up slightly, mostly due to renewed strength in the "entry level" under $1million market. The over $1million price range down moderately at every price point. Overall SFR volume down 6.6 percent from the same time last year, and days on market up slightly from 63 to 70, but average sale price still up at $1,377,194 vs. ytd 2006 of $1,248,383.
Condominiums down in volume just over 21 percent at 440 units so far for the year vs. 559 in 2006, but average sale price of $646,484 still trumps 2006's $611,435. Days on market at 76 vs. 2006's ytd of 68. Just two units sold in the past week, but enough went pending to push the percentage in contract over 15% for the first time in quite a while, taking the overall condo market to "buyers' market" from "strong buyers'". Don't know whether this is a trend or not, but I join several hundred condo owners in hoping that it is. We will keep an eye on this for further developments. Meanwhile, condo's in Marin continue to be a great opportunity for buyers.
More next week.
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Friday, October 26, 2007
The Anlyan Report. Marin Market Statistics 10.23.2007
Hello Everyone,
Back from the East Coast, and ready with this week's statistics and analysis.
Single Family inventory has not changed much, but percentage in contract is up moderately in all price points. The $2M-$2.99M and the $3M and up ranges moved from "strong buyers" to "buyers". Other categories all continue as "buyers" , but with higher percentage in contract, and approaching balanced market. Per Market Quest, accepted offers so far in October have exceeded new listings. Sale price/list price, 3 month average sold $, 3 month average $/sq.ft, and 3 month average sale price/list price ratio all trending up.
The loan panic seems to have quieted down a bit. Large surviving lenders like Countrywide are making some adjustments to loan terms in order to keep existing borrowers out of default. Mortgage money is available again, albeit with more oversight and stricter qualification guidelines.
There are enough price reductions, expired, and inactive listings for me to continue preaching seller caveats about preparation, pricing, and presentation. Novato and San Rafael continue to be more challenging markets than other parts of the county, and also represent huge buyer opportunities. An old friend of mine always says "better is the enemy of good". For every buyer who manages to successfully call the bottom of this market, there will be quite a few who will be wishing they had bought now. It may have already turned.
Condo's continue to lag a bit, with inventory up moderately. My guess is that this will change as SFR inventory tightens up. This is another huge window of opportunity for savvy buyers, especially those who may have formerly been priced out of the market.
For spreadsheets, please see http://www.fredanlyan.com
more next week
until then,
Best wishes,
Fred
Back from the East Coast, and ready with this week's statistics and analysis.
Single Family inventory has not changed much, but percentage in contract is up moderately in all price points. The $2M-$2.99M and the $3M and up ranges moved from "strong buyers" to "buyers". Other categories all continue as "buyers" , but with higher percentage in contract, and approaching balanced market. Per Market Quest, accepted offers so far in October have exceeded new listings. Sale price/list price, 3 month average sold $, 3 month average $/sq.ft, and 3 month average sale price/list price ratio all trending up.
The loan panic seems to have quieted down a bit. Large surviving lenders like Countrywide are making some adjustments to loan terms in order to keep existing borrowers out of default. Mortgage money is available again, albeit with more oversight and stricter qualification guidelines.
There are enough price reductions, expired, and inactive listings for me to continue preaching seller caveats about preparation, pricing, and presentation. Novato and San Rafael continue to be more challenging markets than other parts of the county, and also represent huge buyer opportunities. An old friend of mine always says "better is the enemy of good". For every buyer who manages to successfully call the bottom of this market, there will be quite a few who will be wishing they had bought now. It may have already turned.
Condo's continue to lag a bit, with inventory up moderately. My guess is that this will change as SFR inventory tightens up. This is another huge window of opportunity for savvy buyers, especially those who may have formerly been priced out of the market.
For spreadsheets, please see http://www.fredanlyan.com
more next week
until then,
Best wishes,
Fred
Friday, October 5, 2007
The Anlyan Report. Marin Market Statistics 10.2.2007
Hello Everyone,
The monthly city-by-city report is out this week, along with the other reports. (see http://www.fredanlyan.com)
The market performance summary is as follows: Five towns and cities improved; Six experienced declines; and two were essentially unchanged. Mill Valley went into buyers' market territory for the first time in a long time, but further investigation revealed this was largely due to lagging condo sales. Removing condo's from the mix leaves Mill Valley SFR's at just about 25%, a balanced market-- --still a substantial cooling from just a few weeks ago. Sausalito experienced an increase in properties in contract, from just over 12% to a bit over 22%, leaving the market still in buyers' territory, but not by much. If Sausalito condo's are removed from the mix, the SFR market there is at about 33% in contract, a sellers' market. San Rafael extended its decline a bit, as did Novato, where a substantial supply of unsold inventory is creating major opportunities for buyers who may formerly have been priced out of the market. The message here is that the market is segmented, with buyers going after what they perceive to be the prime residential properties. Buying and selling homes in this kind of market requires the kind of professional experience that comes from constant exposure and current knowledge of local real estate conditions. Fortunately, here in Marin, this kind of assistance is readily available from the pool of experienced, professional REALTORS. At the risk of being redundant, I'll just say that pricing, preparation, and presentation are critical factors. It is not unusual for this kind of "staging" to make the critical difference in perception required to put a property into the "prime" category and have it sell quickly.
There are still quite a number of properties with price reductions, as well as a substantial number of expired, and withdrawn/temporarily off market listings. Inventory stabilized and came down just a bit last week after growing for several weeks prior. While we are entering the traditionally slower last quarter of the year, we still have an active market here in Marin. Mortgage money is available at good rates to qualified buyers, and buyers and sellers are negotiating their way to successful deals every day.
more next week----- Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
The monthly city-by-city report is out this week, along with the other reports. (see http://www.fredanlyan.com)
The market performance summary is as follows: Five towns and cities improved; Six experienced declines; and two were essentially unchanged. Mill Valley went into buyers' market territory for the first time in a long time, but further investigation revealed this was largely due to lagging condo sales. Removing condo's from the mix leaves Mill Valley SFR's at just about 25%, a balanced market-- --still a substantial cooling from just a few weeks ago. Sausalito experienced an increase in properties in contract, from just over 12% to a bit over 22%, leaving the market still in buyers' territory, but not by much. If Sausalito condo's are removed from the mix, the SFR market there is at about 33% in contract, a sellers' market. San Rafael extended its decline a bit, as did Novato, where a substantial supply of unsold inventory is creating major opportunities for buyers who may formerly have been priced out of the market. The message here is that the market is segmented, with buyers going after what they perceive to be the prime residential properties. Buying and selling homes in this kind of market requires the kind of professional experience that comes from constant exposure and current knowledge of local real estate conditions. Fortunately, here in Marin, this kind of assistance is readily available from the pool of experienced, professional REALTORS. At the risk of being redundant, I'll just say that pricing, preparation, and presentation are critical factors. It is not unusual for this kind of "staging" to make the critical difference in perception required to put a property into the "prime" category and have it sell quickly.
There are still quite a number of properties with price reductions, as well as a substantial number of expired, and withdrawn/temporarily off market listings. Inventory stabilized and came down just a bit last week after growing for several weeks prior. While we are entering the traditionally slower last quarter of the year, we still have an active market here in Marin. Mortgage money is available at good rates to qualified buyers, and buyers and sellers are negotiating their way to successful deals every day.
more next week----- Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Friday, September 28, 2007
The Anlyan Report. Marin Market Statistics 9.25.2007
Hello Everyone,
Only marginal changes in the numbers again this week.
For Single Family Residences:
New Listings 104; Price Reductions 90; Contingent 43; Pending 36; Sold 39; Expired 15; Withdrawn/Temporarily off Market 21.
Average list price for YTD sold properties $1,407,462, Average Selling Price $1,379,544, Average Days on Market (DOM) 70
For Condo's:
New Listings 31; Price Reductions 27; Contingent 13; Pending 8; Sold 3; Expired 7; Withdrawn/Temporarily off Market 14
Average list price for YTD sold properties $650,143, Average Selling Price $613,262, Average Days on Market (DOM) 76
It is interesting to note that in both cases, the number of price reductions almost equals the number of new listings. Add the Withdrawn/Temporarily Off Market, and Expired listings to the number of Price Reductions to get a sense of the importance of proper pricing.
Even though all market categories are in "buyers' market" territory, it does not mean that buyers have "carte blanche". It simply means that sellers need to get in sync with the market. This includes proper preparation, pricing, and presentation.
Experienced, professional REALTORS can help with this process. They know the market and they know what is selling. Buyers are also wise to take advantage of the knowledge and experience available from an experienced real estate professional to target specific areas or homes and zero in on equitable value according to the latest market conditions.
Mortgage rates have eased somewhat since the Fed's actions last week and the fear and psychology of scarcity are starting to abate. Well qualified buyers can still obtain financing, and at historically low rates. Working with a knowledgeable, reputable lender or mortgage broker is critical to ensure that loans will fund and fund on schedule.
Homes in Marin have always held an allure and an inherent value that insulates them a bit from the full fluctuations of the real estate market. Market values may soften, but, historically, they don't drop precipitously. To see statistics going back to the 1960's, go to http://www.greathomes.org Click on the bar graph in the center of the page that says "sales statistics" , then scroll down to "yearly statistics".
It may be a pleasant surprise to see the resilience of the Marin County real estate market and its resistance to declines. If buyers are planning to live in a home for several years they will see from these statistics that history is on their side.
More next week--
Until then, best wishes to all,
Fred
p.s. For access to spreadsheets, please visit my website http://www.fredanlyan.com
Only marginal changes in the numbers again this week.
For Single Family Residences:
New Listings 104; Price Reductions 90; Contingent 43; Pending 36; Sold 39; Expired 15; Withdrawn/Temporarily off Market 21.
Average list price for YTD sold properties $1,407,462, Average Selling Price $1,379,544, Average Days on Market (DOM) 70
For Condo's:
New Listings 31; Price Reductions 27; Contingent 13; Pending 8; Sold 3; Expired 7; Withdrawn/Temporarily off Market 14
Average list price for YTD sold properties $650,143, Average Selling Price $613,262, Average Days on Market (DOM) 76
It is interesting to note that in both cases, the number of price reductions almost equals the number of new listings. Add the Withdrawn/Temporarily Off Market, and Expired listings to the number of Price Reductions to get a sense of the importance of proper pricing.
Even though all market categories are in "buyers' market" territory, it does not mean that buyers have "carte blanche". It simply means that sellers need to get in sync with the market. This includes proper preparation, pricing, and presentation.
Experienced, professional REALTORS can help with this process. They know the market and they know what is selling. Buyers are also wise to take advantage of the knowledge and experience available from an experienced real estate professional to target specific areas or homes and zero in on equitable value according to the latest market conditions.
Mortgage rates have eased somewhat since the Fed's actions last week and the fear and psychology of scarcity are starting to abate. Well qualified buyers can still obtain financing, and at historically low rates. Working with a knowledgeable, reputable lender or mortgage broker is critical to ensure that loans will fund and fund on schedule.
Homes in Marin have always held an allure and an inherent value that insulates them a bit from the full fluctuations of the real estate market. Market values may soften, but, historically, they don't drop precipitously. To see statistics going back to the 1960's, go to http://www.greathomes.org Click on the bar graph in the center of the page that says "sales statistics" , then scroll down to "yearly statistics".
It may be a pleasant surprise to see the resilience of the Marin County real estate market and its resistance to declines. If buyers are planning to live in a home for several years they will see from these statistics that history is on their side.
More next week--
Until then, best wishes to all,
Fred
p.s. For access to spreadsheets, please visit my website http://www.fredanlyan.com
Wednesday, September 19, 2007
The Anlyan Report. Marin Market Statistics 09.18.2007
Hello Everyone,
Incremental change only this week. Not much fodder for further analysis. My opinion is that the holiday pause is still working its way through the system and we will know more in a week or two. In the meantime, there are positive signs and significant activity in our real estate market.
Some numbers for the week:
SFR's: New listings, 66. Price reductions, 70. 26 of these were in Novato and 13 in San Rafael. The surprise was that Mill Valley came in at 3rd place, with 8 price reductions. Contingent, 35. Pending, 17. Sold, 32. Expired, 13. Withdrawn/Temp off Mkt., 20. Average list price for YTD sold SFR's $1,405,311 vs. $1,287,103 in 2006. Average sales price, $1,377,603 vs. 2006's $1,264,485, and Days on Market 70 this year vs. last year's 62 at this time, again for sold YTD properties.
Condo's: New Listings, 22. Price reductions, 15. Contingent, 10. Pending, 3. Sold, 3. expired, 5. Withdrawn/Temp off Mkt., 14. Average list price for YTD sold properties, $650,833 vs. $617,024 last year. Average sales price $640,862 vs. $612,816 in 2006. Days on Market, 76 this year. 66 in 2006.
The Fed took a big step this week and reduced the Federal Funds rate by half a percent. This was the first cut in four years. This move to restore confidence in the economy is a major step and should have a positive effect on our industry. The stock market has already signaled its approval. Let's wait and see what happens.
More next week---
Until then, best wishes,
Fred
p.s. For access to spreadsheets, please visit my website, http://www.fredanlyan.com
Incremental change only this week. Not much fodder for further analysis. My opinion is that the holiday pause is still working its way through the system and we will know more in a week or two. In the meantime, there are positive signs and significant activity in our real estate market.
Some numbers for the week:
SFR's: New listings, 66. Price reductions, 70. 26 of these were in Novato and 13 in San Rafael. The surprise was that Mill Valley came in at 3rd place, with 8 price reductions. Contingent, 35. Pending, 17. Sold, 32. Expired, 13. Withdrawn/Temp off Mkt., 20. Average list price for YTD sold SFR's $1,405,311 vs. $1,287,103 in 2006. Average sales price, $1,377,603 vs. 2006's $1,264,485, and Days on Market 70 this year vs. last year's 62 at this time, again for sold YTD properties.
Condo's: New Listings, 22. Price reductions, 15. Contingent, 10. Pending, 3. Sold, 3. expired, 5. Withdrawn/Temp off Mkt., 14. Average list price for YTD sold properties, $650,833 vs. $617,024 last year. Average sales price $640,862 vs. $612,816 in 2006. Days on Market, 76 this year. 66 in 2006.
The Fed took a big step this week and reduced the Federal Funds rate by half a percent. This was the first cut in four years. This move to restore confidence in the economy is a major step and should have a positive effect on our industry. The stock market has already signaled its approval. Let's wait and see what happens.
More next week---
Until then, best wishes,
Fred
p.s. For access to spreadsheets, please visit my website, http://www.fredanlyan.com
Thursday, September 6, 2007
The Anlyan Report. Marin Market Statistics 09.04.2007
Hello Everyone,
Welcome back from the Labor Day holiday. I hope that everyone enjoyed the wonderful weather and the extra time off!
Every year at this time, the housing market here in Marin County takes a little time off too, as buyers, sellers, and agents concentrate on a little leisure/travel time and/or getting ready for back to school. That is why I said last week that it is unfair to try to characterize the market at this time. The normal seasonal effects are inextricably linked with whatever effect we may or may not be getting from the financial fallout of the "mortgage meltdown" we have heard so much about. The truth is, there are still solid lenders out there who are eager to lend to qualified buyers. The application/qualification criteria have been tightened, so a bit of extra documentation may be required, and the process may take a few days longer. The key is to be sure that the broker/lender are top-of-the-line and will see the process through to a successful conclusion. Your experienced professional real estate agent can offer you some great options----be sure to use this valuable resource.
Single Family Residence inventory is down again, from 886 to 879, with all price points showing as "buyers'" markets on a county-wide basis. Certain pockets of strength continue to defy this statistic as we will se in the city-by-city report. And we finally went into negative territory on the 2006-2007 units sold comparison at minus 1.9% from a year ago. Still, the average listing and sales prices slightly ahead of the same time last year, though days on market are up a bit.
Condominium inventory also down for the week, from 312 to 293. All price points either buyers' or strong buyers' markets. This market did show some strength during the period, with 13 units sold vs. only 7 in 2006. As with SFR's, condo's still listing and selling above last year's prices, though unit volume YTD is down some 14.4%.
City-By-City Report showing everywhere except Belvedere with a decline in the percentage in contract figure. Belvedere a very small sample size with just a couple of units making a substantial difference in the figures. Corte Madera the queen of the county in terms of real estate, and still a strong sellers' market at 37.5% in contract, though that figure is down from 44.8% the week prior. Mill Valley and San Anselmo also members of the defiant royal family and still sellers' markets, at 26.7 and 26.4 percent, respectively. San Rafael losing a little ground but hanging tough at 19.07 % in contract. Novato trended down again, and sits at just 11.9% in contract, a strong buyers' market, and a tremendous opportunity for buyers who may have formerly been priced out of the Marin real estate market. Will waiting longer mean a better price? Hard to say, but it is difficult to call the bottom of any market, and prices are very attractive now.
So, what does this all mean?
Marin County always has been, and will continue to be a wonderful place to live.
The weather is great, the schools are excellent, the scenery is gorgeous, and San Francisco is just a few minutes away. Existing homes do not have a lot of sales competition from new construction in most of the County because there is not much buildable land available. And, over time, Marin County real estate has always been a good investment. The next few weeks should give a good indication of which direction the fall market season is likely to take. In the meantime, people will still be attracted to Marin County for all the reasons above, and many more, and they will need places to live!!
more next week-----
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets and tables, please visit http://www.fredanlyan.com/
Welcome back from the Labor Day holiday. I hope that everyone enjoyed the wonderful weather and the extra time off!
Every year at this time, the housing market here in Marin County takes a little time off too, as buyers, sellers, and agents concentrate on a little leisure/travel time and/or getting ready for back to school. That is why I said last week that it is unfair to try to characterize the market at this time. The normal seasonal effects are inextricably linked with whatever effect we may or may not be getting from the financial fallout of the "mortgage meltdown" we have heard so much about. The truth is, there are still solid lenders out there who are eager to lend to qualified buyers. The application/qualification criteria have been tightened, so a bit of extra documentation may be required, and the process may take a few days longer. The key is to be sure that the broker/lender are top-of-the-line and will see the process through to a successful conclusion. Your experienced professional real estate agent can offer you some great options----be sure to use this valuable resource.
Single Family Residence inventory is down again, from 886 to 879, with all price points showing as "buyers'" markets on a county-wide basis. Certain pockets of strength continue to defy this statistic as we will se in the city-by-city report. And we finally went into negative territory on the 2006-2007 units sold comparison at minus 1.9% from a year ago. Still, the average listing and sales prices slightly ahead of the same time last year, though days on market are up a bit.
Condominium inventory also down for the week, from 312 to 293. All price points either buyers' or strong buyers' markets. This market did show some strength during the period, with 13 units sold vs. only 7 in 2006. As with SFR's, condo's still listing and selling above last year's prices, though unit volume YTD is down some 14.4%.
City-By-City Report showing everywhere except Belvedere with a decline in the percentage in contract figure. Belvedere a very small sample size with just a couple of units making a substantial difference in the figures. Corte Madera the queen of the county in terms of real estate, and still a strong sellers' market at 37.5% in contract, though that figure is down from 44.8% the week prior. Mill Valley and San Anselmo also members of the defiant royal family and still sellers' markets, at 26.7 and 26.4 percent, respectively. San Rafael losing a little ground but hanging tough at 19.07 % in contract. Novato trended down again, and sits at just 11.9% in contract, a strong buyers' market, and a tremendous opportunity for buyers who may have formerly been priced out of the Marin real estate market. Will waiting longer mean a better price? Hard to say, but it is difficult to call the bottom of any market, and prices are very attractive now.
So, what does this all mean?
Marin County always has been, and will continue to be a wonderful place to live.
The weather is great, the schools are excellent, the scenery is gorgeous, and San Francisco is just a few minutes away. Existing homes do not have a lot of sales competition from new construction in most of the County because there is not much buildable land available. And, over time, Marin County real estate has always been a good investment. The next few weeks should give a good indication of which direction the fall market season is likely to take. In the meantime, people will still be attracted to Marin County for all the reasons above, and many more, and they will need places to live!!
more next week-----
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets and tables, please visit http://www.fredanlyan.com/
Friday, August 31, 2007
The Anlyan Report. Marin Market Statistics 8.28.2007
Hello Everyone,
In the interest of accurate reporting and analysis, I'll keep my comments to a minimum this week and next. This will allow the holiday weekend to pass and the normal market activity to begin to resume. At that point, perhaps we will get a truer picture of the current market trend here in Marin County.
The spreadsheets for the past week are available at http://www.fredanlyan.com/ . Next week, the monthly city-by-city report will be out and should be indicative of how the various local markets are faring.
In the last week, the inventory of Single Family Residences continued to decline, and is now at 886, versus 903 the prior week. In spite of this, the overall in-contract rate is under 21%, a buyers' market, and YTD SFR sales fell below the year-ago mark for the first time this year. All price ranges of the SFR market are now in buyers' market territory, but this does not mean that every city or every neighborhood or every home is a buyers' opportunity for negotiation. There are still multiple offers and properties going over asking price. Mill Valley is one of the areas where this is happening. Still, even in these areas, pricing is critical and overpricing is to be avoided. The best course of action for buyers and sellers in this type of market is to consult a trusted and experienced real estate professional to help walk the market tightrope. Success is within reach but excellent information and advice are critical components.
The Condo market continues to be challenging, with inventory up to 312 units vs. 305 a week ago. Condo YTD unit sales are running about 16% below the same date last year, after lagging for most of the year. The majority of the condo market remains in buyers' market territory. This market represents a great opportunity for smart buyers, but,again, not every unit is an opportunity for negotiation. Some prime units are still selling well. An experienced local real estate professional is the best source of guidance for both buyers and sellers. Owners needing to sell now can be successful with careful pricing, preparation and presentation. This is a time to tune in to the market and go with the flow, rather than trying out an overly aggressive price.
more next week----
Until then, best wishes to all,
Fred
In the interest of accurate reporting and analysis, I'll keep my comments to a minimum this week and next. This will allow the holiday weekend to pass and the normal market activity to begin to resume. At that point, perhaps we will get a truer picture of the current market trend here in Marin County.
The spreadsheets for the past week are available at http://www.fredanlyan.com/ . Next week, the monthly city-by-city report will be out and should be indicative of how the various local markets are faring.
In the last week, the inventory of Single Family Residences continued to decline, and is now at 886, versus 903 the prior week. In spite of this, the overall in-contract rate is under 21%, a buyers' market, and YTD SFR sales fell below the year-ago mark for the first time this year. All price ranges of the SFR market are now in buyers' market territory, but this does not mean that every city or every neighborhood or every home is a buyers' opportunity for negotiation. There are still multiple offers and properties going over asking price. Mill Valley is one of the areas where this is happening. Still, even in these areas, pricing is critical and overpricing is to be avoided. The best course of action for buyers and sellers in this type of market is to consult a trusted and experienced real estate professional to help walk the market tightrope. Success is within reach but excellent information and advice are critical components.
The Condo market continues to be challenging, with inventory up to 312 units vs. 305 a week ago. Condo YTD unit sales are running about 16% below the same date last year, after lagging for most of the year. The majority of the condo market remains in buyers' market territory. This market represents a great opportunity for smart buyers, but,again, not every unit is an opportunity for negotiation. Some prime units are still selling well. An experienced local real estate professional is the best source of guidance for both buyers and sellers. Owners needing to sell now can be successful with careful pricing, preparation and presentation. This is a time to tune in to the market and go with the flow, rather than trying out an overly aggressive price.
more next week----
Until then, best wishes to all,
Fred
Wednesday, August 22, 2007
The Anlyan Report. Marin Market Statistics 08.21.2007
Hello Everyone,
The lender liquidity crisis struck home with the closing of Novato's Greenpoint Mortgage, an arm of Capital One. Over 400 people were laid off.
Although it is challenging to try to separate the normally slower August real estate market in Marin from the effects of the lender liquidity/mortgage meltdown problems, we should remember that we have a number of advantages here in Marin. Land is limited and there is not a great deal of new construction to saturate the market and compete with the sale of existing homes. There are a lot of individuals with a great deal of cash available. This is one of the most beautiful areas in the world, and is right next door to a world-class city. It will always be a desirable area. Does this make us immune to market forces? No. Is it a great buffer? Absolutely.
Buyers and sellers are trying to transcend the current uncertainty and decide on the best course of action. Some are waiting for the next meeting of the Fed to see if they lower interest rates, and how much. From the people I have talked to, it seems a good bet that the Fed will vote to lower, but it probably will not have an immediate downward effect on mortgage rates. It may help hold off further increases though. Normally, the financial markets automatically figure in the effect of future Fed actions, so the only time news has a really immediate effect is when the action is not what everyone expected. Then there is a correction.
Market conditions in Marin are a bit sluggish, with all segments of the Single Family Residence market in buyers' territory. Even the formerly red hot sellers' market in SFR's under $1million has cooled and is at 22.5% in contract--- a solid buyers' market. Condominiums, with one exception, are all deeply in buyers' market territory. The exception is the $1-2million segment which is comprised of only 16 listings, and is currently "balanced" at 25% in contract. Having said that, well-priced prime homes in prime areas are still selling quickly, sometimes with multiple offers and over asking price. Even in a buyers' market, not every property is an opportunity for negotiation. An experienced REALTOR with knowledge of the area is a prime asset in doing research and making offers in the current market.
Successful buyers and sellers are seeking the assistance of experienced real estate professionals. These savvy agents are scrutinizing loan arrangements very carefully and keeping tabs on loans constantly. Is the mortgage broker known and experienced? Is the lender solid? Has the buyer's pre-approval been updated? Within the last week?
Pricing, preparation, and presentation of homes for sale are absolutely critical in this market as is the willingness to negotiate. I heard a story today of a seller who turned away a buyer over a $5,000 impasse in negotiations. Shortly thereafter, the seller had a change of heart but the buyer had moved on. Offers from qualified buyers are worth their weight in gold!
More next week-------
Until then, best wishes,
Fred
p.s. for access to spreadsheets please visit http://www.fredanlyan.com/
The lender liquidity crisis struck home with the closing of Novato's Greenpoint Mortgage, an arm of Capital One. Over 400 people were laid off.
Although it is challenging to try to separate the normally slower August real estate market in Marin from the effects of the lender liquidity/mortgage meltdown problems, we should remember that we have a number of advantages here in Marin. Land is limited and there is not a great deal of new construction to saturate the market and compete with the sale of existing homes. There are a lot of individuals with a great deal of cash available. This is one of the most beautiful areas in the world, and is right next door to a world-class city. It will always be a desirable area. Does this make us immune to market forces? No. Is it a great buffer? Absolutely.
Buyers and sellers are trying to transcend the current uncertainty and decide on the best course of action. Some are waiting for the next meeting of the Fed to see if they lower interest rates, and how much. From the people I have talked to, it seems a good bet that the Fed will vote to lower, but it probably will not have an immediate downward effect on mortgage rates. It may help hold off further increases though. Normally, the financial markets automatically figure in the effect of future Fed actions, so the only time news has a really immediate effect is when the action is not what everyone expected. Then there is a correction.
Market conditions in Marin are a bit sluggish, with all segments of the Single Family Residence market in buyers' territory. Even the formerly red hot sellers' market in SFR's under $1million has cooled and is at 22.5% in contract--- a solid buyers' market. Condominiums, with one exception, are all deeply in buyers' market territory. The exception is the $1-2million segment which is comprised of only 16 listings, and is currently "balanced" at 25% in contract. Having said that, well-priced prime homes in prime areas are still selling quickly, sometimes with multiple offers and over asking price. Even in a buyers' market, not every property is an opportunity for negotiation. An experienced REALTOR with knowledge of the area is a prime asset in doing research and making offers in the current market.
Successful buyers and sellers are seeking the assistance of experienced real estate professionals. These savvy agents are scrutinizing loan arrangements very carefully and keeping tabs on loans constantly. Is the mortgage broker known and experienced? Is the lender solid? Has the buyer's pre-approval been updated? Within the last week?
Pricing, preparation, and presentation of homes for sale are absolutely critical in this market as is the willingness to negotiate. I heard a story today of a seller who turned away a buyer over a $5,000 impasse in negotiations. Shortly thereafter, the seller had a change of heart but the buyer had moved on. Offers from qualified buyers are worth their weight in gold!
More next week-------
Until then, best wishes,
Fred
p.s. for access to spreadsheets please visit http://www.fredanlyan.com/
Wednesday, August 15, 2007
The Anlyan Report. Marin Market Statistics 8.14.2007
Hello Everyone,
Marin County did not experience a big change in inventory or percentage in contract of either SFR's or Condo's in the past week but sales activity in both markets was down significantly from the same period last year. 47 Single Family Residences were sold during the week in 2006 vs. 24 this year. The figures for Condo's are 14 in 2006 vs. 9 this year.
It is not clear whether this is a result of August vacations, the current mortgage "crunch", or just a blip on the radar screen. We will have to wait and see.
The sub-prime mortgage "crisis" has caused a lack of demand for mortgage-backed securities in the financial markets. A number of lenders are cutting back on non-conforming loans or placing much more stringent conditions and higher interest rates on those loans. Some of the lenders who are still taking such loans are backed up and not getting out documents on time, resulting in instances of delayed closings. In addition, my conversations with title officers and mortgage brokers give me the impression that 2nd loans are getting to be about as scarce as the proverbial hens' teeth.
As we reported earlier, American Home Mortgage, reportedly the 10th largest lender, recently filed for bankruptcy. My information is that, nationally, about 100 lenders have closed their doors in the last year.
What this means to buyers and sellers.
Sellers need to be aware that lenders are a critical part of the sales transaction. Buyers who are pre-approved with substantial down payments are worth their weight in gold in these times. Negotiating in good faith with qualified buyers is a prudent thing to do, as is recognizing when the time is right to reduce the offering price of a home that is not receiving much market attention. The current mortgage situation will most likely continue to attenuate the pool of qualified buyers for the near future.
Buyers are wise to utilize the services of a reputable local lender or broker with a proven track record in Marin County. They should ensure that they are pre-approved and they should check frequently on the prevailing interest rates to make sure that the amount they qualify for has not changed substantially.
Experienced REALTORS can help ensure that transactions remain on track and on time. By keeping abreast of the transaction details, they can provide early warnings about potential problems and help preserve options for buyers and sellers. Based on their experience and expertise, REALTORS can be sources of useful information and advice. The current lending situation will work itself out in time, but until then successful buyers and sellers will benefit greatly from timely information and prudent action.
more next week----
Until then best wishes,
Fred
p.s. For access to spreadsheets please visit http://www.fredanlyan.com
Marin County did not experience a big change in inventory or percentage in contract of either SFR's or Condo's in the past week but sales activity in both markets was down significantly from the same period last year. 47 Single Family Residences were sold during the week in 2006 vs. 24 this year. The figures for Condo's are 14 in 2006 vs. 9 this year.
It is not clear whether this is a result of August vacations, the current mortgage "crunch", or just a blip on the radar screen. We will have to wait and see.
The sub-prime mortgage "crisis" has caused a lack of demand for mortgage-backed securities in the financial markets. A number of lenders are cutting back on non-conforming loans or placing much more stringent conditions and higher interest rates on those loans. Some of the lenders who are still taking such loans are backed up and not getting out documents on time, resulting in instances of delayed closings. In addition, my conversations with title officers and mortgage brokers give me the impression that 2nd loans are getting to be about as scarce as the proverbial hens' teeth.
As we reported earlier, American Home Mortgage, reportedly the 10th largest lender, recently filed for bankruptcy. My information is that, nationally, about 100 lenders have closed their doors in the last year.
What this means to buyers and sellers.
Sellers need to be aware that lenders are a critical part of the sales transaction. Buyers who are pre-approved with substantial down payments are worth their weight in gold in these times. Negotiating in good faith with qualified buyers is a prudent thing to do, as is recognizing when the time is right to reduce the offering price of a home that is not receiving much market attention. The current mortgage situation will most likely continue to attenuate the pool of qualified buyers for the near future.
Buyers are wise to utilize the services of a reputable local lender or broker with a proven track record in Marin County. They should ensure that they are pre-approved and they should check frequently on the prevailing interest rates to make sure that the amount they qualify for has not changed substantially.
Experienced REALTORS can help ensure that transactions remain on track and on time. By keeping abreast of the transaction details, they can provide early warnings about potential problems and help preserve options for buyers and sellers. Based on their experience and expertise, REALTORS can be sources of useful information and advice. The current lending situation will work itself out in time, but until then successful buyers and sellers will benefit greatly from timely information and prudent action.
more next week----
Until then best wishes,
Fred
p.s. For access to spreadsheets please visit http://www.fredanlyan.com
Thursday, August 9, 2007
The Anlyan Report. Marin Market Statistics 08.07.2007
Hello Everyone,
The monthly city-by-city report is out this week (see website link below for all spreadsheet info), showing mixed results--some cities/towns up, some down. Mill Valley's percentage in contract slipped a bit, but still quite strong at over 35% in contract-- a strong sellers' market. Corte Madera red hot at 44.8% in contract, up from last month's 41%--- nearing a very strong sellers' market. San Rafael slipped to 20% in contract, still a buyers' market, and Novato down again to 15.6% in contract, nearing a strong buyers' market.
Single Family Residences (SFR) down again, now a definite buyers' market when taken as a whole at 23% in contract. Even the under $1million segment in buyers' market territory at 24.5% in contract. I am continuing to call it balanced because of underlying strength. There were 231 new SFR listings last month (July) and there were 286 accepted offers, so inventory is down a bit overall, augmenting market strength. Notwithstanding this, areas with softer demand present opportunities for buyers. They are recognizing this and deals are closing.
Condo's actually saw an increase in percentage in contract in every price segment.
As with SFR's, accepted offers exceeded new listings (74/70). Condo's in general still a buyers' market with the notable exception of the $1-2 million dollar segment. This segment is small, but 5 out of 12 listings (58%) are in contract. Other than that, most condo's a buyers' opportunity.
Advice:
Buyers, lots of opportunity out there, but remember that the prime properties still often receive multiple offers and sell over asking price. A good REALTOR can introduce you to homes in great areas that are receiving less attention and may be good bargains.
Sellers, if you have a prime property, congratulations. A good REALTOR can help you with pricing, preparation, and presentation and you'll be on your way. If your area is experiencing less action, your REALTOR can help you with marketing strategies that have been shown to work in this type of market. Remember, proper pricing is crucial. Overpriced homes often sit on the market and ultimately sell for less than comparable homes that are well-priced for the market.
More next week---
Until then,
Best wishes to all,
Fred
for access to spreadsheet info, please go to http://www.fredanlyan.com
The monthly city-by-city report is out this week (see website link below for all spreadsheet info), showing mixed results--some cities/towns up, some down. Mill Valley's percentage in contract slipped a bit, but still quite strong at over 35% in contract-- a strong sellers' market. Corte Madera red hot at 44.8% in contract, up from last month's 41%--- nearing a very strong sellers' market. San Rafael slipped to 20% in contract, still a buyers' market, and Novato down again to 15.6% in contract, nearing a strong buyers' market.
Single Family Residences (SFR) down again, now a definite buyers' market when taken as a whole at 23% in contract. Even the under $1million segment in buyers' market territory at 24.5% in contract. I am continuing to call it balanced because of underlying strength. There were 231 new SFR listings last month (July) and there were 286 accepted offers, so inventory is down a bit overall, augmenting market strength. Notwithstanding this, areas with softer demand present opportunities for buyers. They are recognizing this and deals are closing.
Condo's actually saw an increase in percentage in contract in every price segment.
As with SFR's, accepted offers exceeded new listings (74/70). Condo's in general still a buyers' market with the notable exception of the $1-2 million dollar segment. This segment is small, but 5 out of 12 listings (58%) are in contract. Other than that, most condo's a buyers' opportunity.
Advice:
Buyers, lots of opportunity out there, but remember that the prime properties still often receive multiple offers and sell over asking price. A good REALTOR can introduce you to homes in great areas that are receiving less attention and may be good bargains.
Sellers, if you have a prime property, congratulations. A good REALTOR can help you with pricing, preparation, and presentation and you'll be on your way. If your area is experiencing less action, your REALTOR can help you with marketing strategies that have been shown to work in this type of market. Remember, proper pricing is crucial. Overpriced homes often sit on the market and ultimately sell for less than comparable homes that are well-priced for the market.
More next week---
Until then,
Best wishes to all,
Fred
for access to spreadsheet info, please go to http://www.fredanlyan.com
Thursday, August 2, 2007
Marin County Real Estate Statistics 7.31.2007. The Anlyan Report
Hello Everyone,
The market remains on the same track as last week with minor changes. The most significant change is that the $2-$3 million Single Family Residence segment, though still a buyers' market, has continued to show strength by rising to 23% in contract, just south of a balanced market. Improvement in the over-$3million SFR market as well.
Big news this week is that mortgage lenders continue to be under duress. American Home Mortgage, the nation's 10th largest lender announced they are unable to fund their loans, and word has it they are closing their doors. Recent bad news in the mortgage industry has made it more difficult for lenders to package and sell their loans in the money markets and has forced them to sell at lower prices.
This is important to buyers and sellers because it makes it more difficult and more expensive for borrowers to obtain the funds they need to purchase property. Lending and credit standards are tightening. No-doc loans are drying up. Borrowers in many cases are forced to qualify at the fully-amortized rate rather than the introductory "teaser" rate.
Borrowers should take care to find a reliable locally based lender and be sure they are actually pre-approved. This means that the lender or the broker has verified credit and assets, reviewed the loan application, and, often, run it by an underwriter.
Sellers. This is a time when the knowledge and services of an experienced REALTOR are invaluable. The agent can follow up on the buyer's pre-approval, help the seller set appropriate contractual standards for loan approval and contingency removal, closely follow and track the process. This helps avoid unpleasant surprises just before closing when a shaky lender shuts its doors, leaving both seller and buyer in the lurch.
More next week---- (including the monthly City-By-City Report)
Until then---
Best wishes,
Fred
for access to spreadsheets please visit my website http://www.fredanlyan.com/
The market remains on the same track as last week with minor changes. The most significant change is that the $2-$3 million Single Family Residence segment, though still a buyers' market, has continued to show strength by rising to 23% in contract, just south of a balanced market. Improvement in the over-$3million SFR market as well.
Big news this week is that mortgage lenders continue to be under duress. American Home Mortgage, the nation's 10th largest lender announced they are unable to fund their loans, and word has it they are closing their doors. Recent bad news in the mortgage industry has made it more difficult for lenders to package and sell their loans in the money markets and has forced them to sell at lower prices.
This is important to buyers and sellers because it makes it more difficult and more expensive for borrowers to obtain the funds they need to purchase property. Lending and credit standards are tightening. No-doc loans are drying up. Borrowers in many cases are forced to qualify at the fully-amortized rate rather than the introductory "teaser" rate.
Borrowers should take care to find a reliable locally based lender and be sure they are actually pre-approved. This means that the lender or the broker has verified credit and assets, reviewed the loan application, and, often, run it by an underwriter.
Sellers. This is a time when the knowledge and services of an experienced REALTOR are invaluable. The agent can follow up on the buyer's pre-approval, help the seller set appropriate contractual standards for loan approval and contingency removal, closely follow and track the process. This helps avoid unpleasant surprises just before closing when a shaky lender shuts its doors, leaving both seller and buyer in the lurch.
More next week---- (including the monthly City-By-City Report)
Until then---
Best wishes,
Fred
for access to spreadsheets please visit my website http://www.fredanlyan.com/
Thursday, July 26, 2007
The Anlyan Report. Marin Market Statistics 07.24.2007
Hello Everyone,
There has not been a lot of change in the Marin County real estate market since the last report.
It is interesting to note that the percentage in contract for all price ranges for both SFR's and Condo's increased slightly. Inventory remained roughly stable for both condo's and SFR's.
The Marin County real estate market continues to be extremely segmented with interested buyers shopping hard and homing in on the choice properties while bypassing others. They are sharp, savvy, and well-informed. Some listings selling in a couple of days with multiple offers and over asking price. Others languishing. Some buyers frustrated by not being able to find what they want and not being able to get it when they do find it. Some sellers looking for reasons why their homes are not selling.
Homes over $2 million still in buyers' market territory, but continuing their slow climb, now at almost 19% in contract for $2-3 million price range and almost 14% for the over $3 million price range. Buyers with that kind of money to spend are on top of the game. They are voting their confidence in our real estate market and using their cash as ballots. They know a good bargain when they see one.
Advice for buyers: There are good deals out there to be had, especially in Novato. Instead of getting stuck in the rut of bidding on the same small pool of properties as everyone else, look around for something that has been on the market for a while with no competition from other buyers.
Advice for sellers: Buyers look for curb appeal first. It is important to have a great looking photo of your home on the MLS. Make sure your home looks fabulous from the street. Prospective buyers often drive right by a Sunday open house without stopping if they don't like what they see from the street. The items over which you have most control are: staging; landscaping; photography; general presentation (orderliness, etc.); pricing. Do your best to make sure these factors are impeccable.
Advice for everyone: Find a great REALTOR and follow his/her advice. REALTORS sell homes every day and visit hundreds of listings in a year. They know the market. A great agent will have facts to back up opinions and recommendations and will be happy to share them with you.
Good luck!
More next week. Until then----
Best wishes,
Fred
P.S. To see spreadsheets, please visit my website http://www.fredanlyan.com
There has not been a lot of change in the Marin County real estate market since the last report.
It is interesting to note that the percentage in contract for all price ranges for both SFR's and Condo's increased slightly. Inventory remained roughly stable for both condo's and SFR's.
The Marin County real estate market continues to be extremely segmented with interested buyers shopping hard and homing in on the choice properties while bypassing others. They are sharp, savvy, and well-informed. Some listings selling in a couple of days with multiple offers and over asking price. Others languishing. Some buyers frustrated by not being able to find what they want and not being able to get it when they do find it. Some sellers looking for reasons why their homes are not selling.
Homes over $2 million still in buyers' market territory, but continuing their slow climb, now at almost 19% in contract for $2-3 million price range and almost 14% for the over $3 million price range. Buyers with that kind of money to spend are on top of the game. They are voting their confidence in our real estate market and using their cash as ballots. They know a good bargain when they see one.
Advice for buyers: There are good deals out there to be had, especially in Novato. Instead of getting stuck in the rut of bidding on the same small pool of properties as everyone else, look around for something that has been on the market for a while with no competition from other buyers.
Advice for sellers: Buyers look for curb appeal first. It is important to have a great looking photo of your home on the MLS. Make sure your home looks fabulous from the street. Prospective buyers often drive right by a Sunday open house without stopping if they don't like what they see from the street. The items over which you have most control are: staging; landscaping; photography; general presentation (orderliness, etc.); pricing. Do your best to make sure these factors are impeccable.
Advice for everyone: Find a great REALTOR and follow his/her advice. REALTORS sell homes every day and visit hundreds of listings in a year. They know the market. A great agent will have facts to back up opinions and recommendations and will be happy to share them with you.
Good luck!
More next week. Until then----
Best wishes,
Fred
P.S. To see spreadsheets, please visit my website http://www.fredanlyan.com
Thursday, July 19, 2007
The Anlyan Report. Marin Market Statistics 7.19.2007
Hello Everyone,
Inventory dropped a bit last week on both Condo's and Single Family Residences (SFR's).
SFR's are an overall buyers' market for the first time in quite a while, but at 23.7% in contract, they are not deep into that territory, nor do I expect them to be in the near future. The $0-$999k SFR market has also moderated and is close to being a balanced market, at 25.7% in contract. The $1-2million market is still a sellers' market, but just barely, at 26.2% in contract, while the more exalted price ranges seem to get further into buyers' market territory the higher they go. 52 SFR's closed escrow in the 7 days ending July 17, a very robust number. Quite a few anecdotal reports of multiple offers in prime areas. The market is healthy, but buyers are focused, and particular.
The Condo market in Marin County actually gained a bit of ground in the last week, with 17.1% of all listings in contract. Still a buyers' market, but better than the last couple of reports' in the 15% range. Also, 25 condo's closed escrow during the period, 5 times as many as a year ago. This improved the YTD condo sales comparison to minus 11.8% vs. last week's minus 13.1%.
As I have noted before in this report, and it bears repeating, the Marin real estate market is not one market. And it is not just a city-by-city market. It is a neighborhood by neighborhood and house by house market. Buyers are discriminating and well-informed. Well-located, well presented, well-priced homes with desirable features sell, and they often sell really quickly. The most effective action a buyer or seller can take is to find a great real estate agent and then take his/her advice. They really do know what makes the market tick.
More next week
Until then-------
Best wishes to all,
Fred
For more market information, spreadsheets, etc. please visit my website http://www.fredanlyan.com
Inventory dropped a bit last week on both Condo's and Single Family Residences (SFR's).
SFR's are an overall buyers' market for the first time in quite a while, but at 23.7% in contract, they are not deep into that territory, nor do I expect them to be in the near future. The $0-$999k SFR market has also moderated and is close to being a balanced market, at 25.7% in contract. The $1-2million market is still a sellers' market, but just barely, at 26.2% in contract, while the more exalted price ranges seem to get further into buyers' market territory the higher they go. 52 SFR's closed escrow in the 7 days ending July 17, a very robust number. Quite a few anecdotal reports of multiple offers in prime areas. The market is healthy, but buyers are focused, and particular.
The Condo market in Marin County actually gained a bit of ground in the last week, with 17.1% of all listings in contract. Still a buyers' market, but better than the last couple of reports' in the 15% range. Also, 25 condo's closed escrow during the period, 5 times as many as a year ago. This improved the YTD condo sales comparison to minus 11.8% vs. last week's minus 13.1%.
As I have noted before in this report, and it bears repeating, the Marin real estate market is not one market. And it is not just a city-by-city market. It is a neighborhood by neighborhood and house by house market. Buyers are discriminating and well-informed. Well-located, well presented, well-priced homes with desirable features sell, and they often sell really quickly. The most effective action a buyer or seller can take is to find a great real estate agent and then take his/her advice. They really do know what makes the market tick.
More next week
Until then-------
Best wishes to all,
Fred
For more market information, spreadsheets, etc. please visit my website http://www.fredanlyan.com
Thursday, July 5, 2007
The Anlyan Report. Marin Market Statistics 06.03.2007
Hello Everyone,
Due to the Holiday this week, this will be a shorter than normal analysis.
The monthly City by City Report is out this week (see http://www.listedbyfred.com) Percentage in contract figures are down in much of the County. Notable exceptions are Mill Valley (37%), Larkspur (25%), and San Anselmo (33%). Corte Madera and Fairfax held steady. All other Marin towns and cities experienced a decrease in the percentage of listings in contract. Novato experiencing a severe dropoff and now down to 17.7% in contract, nearing a strong buyers' market. San Rafael down to 21%, a buyers' market.
Single Family Residences (SFR) overall remained steady at about 24% in contract, while the under $1million segment gained strength, rising from 26% to 29% in contract. YTD sales of SFR's still just a squeak ahead of this time last year---at 1105 vs. 2006's 1079, up about 2.5%.
Condominium sales continue to fade with only about 17% of all listings in contract county-wide, a new low. YTD sales of condos at 289 to July 3 vs.342 last year at this time--- a 15.49% decline.
Some of these declines reflect the traditional summer slowdown. Buyers and sellers going on vacation, and less market activity overall. Sellers throughout the county should pay particular attention to Pricing, Preparation, and Presentation. Rationale for overpricing is often that sellers expect buyers will at least make some kind of offer. In fact, due to cutoff prices of automatic searches, overpriced listings are often not seen by buyers who might otherwise be interested. Overpricing often results in sale prices that are lower, and in longer sales times. Sellers are worried about pricing too low and leaving money on the table. The Market usually prevents this from happening. A low price often attracts the attention of today's savvy buyers and several offers result in an over-asking-price sale.
More next week----
Until then, best wishes,
Fred
Due to the Holiday this week, this will be a shorter than normal analysis.
The monthly City by City Report is out this week (see http://www.listedbyfred.com) Percentage in contract figures are down in much of the County. Notable exceptions are Mill Valley (37%), Larkspur (25%), and San Anselmo (33%). Corte Madera and Fairfax held steady. All other Marin towns and cities experienced a decrease in the percentage of listings in contract. Novato experiencing a severe dropoff and now down to 17.7% in contract, nearing a strong buyers' market. San Rafael down to 21%, a buyers' market.
Single Family Residences (SFR) overall remained steady at about 24% in contract, while the under $1million segment gained strength, rising from 26% to 29% in contract. YTD sales of SFR's still just a squeak ahead of this time last year---at 1105 vs. 2006's 1079, up about 2.5%.
Condominium sales continue to fade with only about 17% of all listings in contract county-wide, a new low. YTD sales of condos at 289 to July 3 vs.342 last year at this time--- a 15.49% decline.
Some of these declines reflect the traditional summer slowdown. Buyers and sellers going on vacation, and less market activity overall. Sellers throughout the county should pay particular attention to Pricing, Preparation, and Presentation. Rationale for overpricing is often that sellers expect buyers will at least make some kind of offer. In fact, due to cutoff prices of automatic searches, overpriced listings are often not seen by buyers who might otherwise be interested. Overpricing often results in sale prices that are lower, and in longer sales times. Sellers are worried about pricing too low and leaving money on the table. The Market usually prevents this from happening. A low price often attracts the attention of today's savvy buyers and several offers result in an over-asking-price sale.
More next week----
Until then, best wishes,
Fred
Tuesday, June 19, 2007
Marin County Real Estate Statistics 6.19.2007. The Anlyan Report
Hello Everyone,
There were 97 new listings of Single Family Residences in Marin County in the last week, and the overall SFR market slipped into buyers' market territory (but just barely) for the first time in quite a while. Every price point showed a decrease in the percentage of listings in contract, with the exception of the $2-$3million range which increased, but less than half a percent. There were 60 price reductions on SFR's during the week. Days on Market (for units sold) this year still up from last year at 70 vs. 62 for the same date On a more positive note, in the month of May there were 378 accepted offers on Marin SFR's. In the last 24 months, the only number close to this was April of 2005, with 360. The average selling price of a Single Family Residence in Marin County, YTD, for sold listings is $1,370,146. Last year it was $1,257,249. YTD unit sales of SFR's still running ahead of the same time last year, at 1008 vs. 951 on this date in 2006 a 6% increase.
The Marin real estate market continues to be segmented, with some (prime) listings garnering multiple offers, and others sitting on the market. Novato a challenging market for sellers with more competition and many price reductions. Preparation, pricing, and presentation still the keys to selling quickly and getting the best price.
SFR numbers for the last 7 days
New Listings 97
Price Reductions 60
Contingent 55
Pending 41
Sold 53
Expired 4
Withdrawn/
Temp. off Mkt. 19
Condominiums' percentage in contract was down overall, though the $1-$2 million range was actually up about 3 points, from 27.3% to 30.4%. Condo market in Marin challenging for sellers at the moment. Current days on market (DOM) for condo's is 76, vs. 63 last year for YTD sold units. Buyers of condo's have a good selection and a great opportunity to negotiate on price. 25 new condo listings during the week. YTD Price for units sold still ahead of last year at $637,983 vs $624,758 last year even though YTD units sold are down at 255 vs. 308 at the same time last year, a 17% drop.
Condo numbers for the last 7 days
New Listings 25
Price Reductions 12
Contingent 17
Pending 12
Sold 11
Expired 12
Withdrawn/
Temp. off Mkt. 5
Mortgage rates have edged up in recent weeks, reducing many buyers' home purchasing power, but there seem to be an impressive number of buyers who are flush with cash and for whom mortgages are not a deciding factor. Current market in Marin defies a single label. Much of it balanced. Some pockets of buyers' markets, some of sellers'. Something for everybody. A knowledgeable real estate professional can guide buyers and sellers in achieving their goals and dreams. There is still lots of activity and opportunity.
No statistics next week. Will have the next report for you with monthly city-by-city report during the July 4th week.
Until then, best wishes to all----
Fred
There were 97 new listings of Single Family Residences in Marin County in the last week, and the overall SFR market slipped into buyers' market territory (but just barely) for the first time in quite a while. Every price point showed a decrease in the percentage of listings in contract, with the exception of the $2-$3million range which increased, but less than half a percent. There were 60 price reductions on SFR's during the week. Days on Market (for units sold) this year still up from last year at 70 vs. 62 for the same date On a more positive note, in the month of May there were 378 accepted offers on Marin SFR's. In the last 24 months, the only number close to this was April of 2005, with 360. The average selling price of a Single Family Residence in Marin County, YTD, for sold listings is $1,370,146. Last year it was $1,257,249. YTD unit sales of SFR's still running ahead of the same time last year, at 1008 vs. 951 on this date in 2006 a 6% increase.
The Marin real estate market continues to be segmented, with some (prime) listings garnering multiple offers, and others sitting on the market. Novato a challenging market for sellers with more competition and many price reductions. Preparation, pricing, and presentation still the keys to selling quickly and getting the best price.
SFR numbers for the last 7 days
New Listings 97
Price Reductions 60
Contingent 55
Pending 41
Sold 53
Expired 4
Withdrawn/
Temp. off Mkt. 19
Condominiums' percentage in contract was down overall, though the $1-$2 million range was actually up about 3 points, from 27.3% to 30.4%. Condo market in Marin challenging for sellers at the moment. Current days on market (DOM) for condo's is 76, vs. 63 last year for YTD sold units. Buyers of condo's have a good selection and a great opportunity to negotiate on price. 25 new condo listings during the week. YTD Price for units sold still ahead of last year at $637,983 vs $624,758 last year even though YTD units sold are down at 255 vs. 308 at the same time last year, a 17% drop.
Condo numbers for the last 7 days
New Listings 25
Price Reductions 12
Contingent 17
Pending 12
Sold 11
Expired 12
Withdrawn/
Temp. off Mkt. 5
Mortgage rates have edged up in recent weeks, reducing many buyers' home purchasing power, but there seem to be an impressive number of buyers who are flush with cash and for whom mortgages are not a deciding factor. Current market in Marin defies a single label. Much of it balanced. Some pockets of buyers' markets, some of sellers'. Something for everybody. A knowledgeable real estate professional can guide buyers and sellers in achieving their goals and dreams. There is still lots of activity and opportunity.
No statistics next week. Will have the next report for you with monthly city-by-city report during the July 4th week.
Until then, best wishes to all----
Fred
Wednesday, June 13, 2007
Marin County Real Estate Statistics 6.12.2007. The Anlyan Report
The trends we have been following are continuing. Marin real estate market is broken up into many different segments---- not just towns, but areas within towns and cities---some hot, some not. General public being confused by articles in the paper with sensational headlines meant to attract attention and sell papers, but which do not serve the purpose of informing people about the actual facts. One client wrote an agent to ask about the article in Monday's Chronicle which the client thought indicated "a drastic drop in Marin real estate prices of 36%". What the article actually said was that 36% of Marin listings had had a price reduction of some kind----a completely different scenario.
Some of the Marin markets are challenging for sellers and some are still fairly robust. Want to know which ones are which? Check the city-by-city report at http://www.listedbyfred.com
Single Family Residences
Still a sellers' market overall at 26.35% in contract, but down again this week from 27+ percent last week. Under $1million segment picking up a little strength, now at 30.3% in contract, up about 1.3% since last week. $2million to $3million segment down from 20% to 17.4%, and over $3million segment a strong buyers' market at 10.11% in contract.
Numbers for the last 7 days
New listings 64
Price Reductions 59
Contingent 54
Pending 52
Sold 57
Expired 3
Withdrawn/Temp off Mkt 22
Condominiums
Condo's continuing their market lethargy and continue to be a great opportunity for buyers. There are 318 condo's on the market, 9 more than last week. Percentage in contract down overall from 22.6% last week to 21.38% this week. Under $1million segment also down about a percent and a half at 21.23% in contract.
Numbers for the last 7 days
New listings 29
Price Reductions 17
Contingent 11
Pending 13
Sold 11
Expired 2
Withdrawn/Temp off Mkt 8
More next week-------
Until then, best wishes to all,
Fred
P.S. For access to spreadsheets, please check my website http://www.listedbyfred.com/
Some of the Marin markets are challenging for sellers and some are still fairly robust. Want to know which ones are which? Check the city-by-city report at http://www.listedbyfred.com
Single Family Residences
Still a sellers' market overall at 26.35% in contract, but down again this week from 27+ percent last week. Under $1million segment picking up a little strength, now at 30.3% in contract, up about 1.3% since last week. $2million to $3million segment down from 20% to 17.4%, and over $3million segment a strong buyers' market at 10.11% in contract.
Numbers for the last 7 days
New listings 64
Price Reductions 59
Contingent 54
Pending 52
Sold 57
Expired 3
Withdrawn/Temp off Mkt 22
Condominiums
Condo's continuing their market lethargy and continue to be a great opportunity for buyers. There are 318 condo's on the market, 9 more than last week. Percentage in contract down overall from 22.6% last week to 21.38% this week. Under $1million segment also down about a percent and a half at 21.23% in contract.
Numbers for the last 7 days
New listings 29
Price Reductions 17
Contingent 11
Pending 13
Sold 11
Expired 2
Withdrawn/Temp off Mkt 8
More next week-------
Until then, best wishes to all,
Fred
P.S. For access to spreadsheets, please check my website http://www.listedbyfred.com/
Wednesday, June 6, 2007
Marin County Real Estate Statistics 6.5.2007. The Anlyan Report
Hello Everyone,
The city-by-city report is out. ( to see original spreadsheets, please visit my website, link is below) Briefly, the percentage of listings in contract increased in Sausalito, Belvedere, Tiburon, and Corte Madera (Sausalito still a buyers' market despite the increase). All other cities saw a downturn during the month, including Kentfield, which is now showing as a buyers' market again. What does this mean, and is it a trend? I don't know, but if I were shopping for real estate, I would view this as a great time to buy in the cities where the numbers have eased. Novato still holding its own, and just below a balanced market at 23.3% in contract. This despite an increase in listings from 336 to 369. Great opportunity and lots of selection for buyers.
Single Family Residences (SFR).
Every price segment saw a decline in the percentage of listings in contract during the last week. This could just be a result of the Memorial Day holiday. Let's wait and see.
SFR numbers for the week (all figures for YTD sold SFR properties vs.2006 on the same date)
YTD units sold at 896 for vs. 858 last year, up 4.4%
Days on market 72 vs. 63. Avg. list price $1,376,969 vs. $1,266,787, and avg. sold price $1,352,481 vs. $1,245,613.
SFR Activity in the last 7 days
New listings 82
Reduced 69
Contingent 62
Pending 46
Sold 72
Expired 14
Withdrawn/
Temp off Mkt. 18
Condo's
Condo inventory increased only marginally, and the percentage in contract actually incresed in all price categories. All price points still buyers' markets although outstanding individual units still may attract multiple offers. Condo's still a great opportunity for buyers pretty much across the board.
Condo numbers for the week (all figures for YTD sold condo properties vs.2006 on the same date)
YTD units sold at 234 for vs. 278 last year, down 15.8%. This actually shows inprovement over last week's figure of -17.6%. Days on market 77 vs. 63. Avg. list price $637,643 vs. $621,425, and avg. sold price $628,316 vs. $617,471.
Condo Activity in the last 7 days
New listings 30
Reduced 21
Contingent 15
Pending 11
Sold 15
Expired 8
Withdrawn/
Temp off Mkt. 14
SFR market still a bit stronger than the Condo market, but (at least in most areas) not too far into sellers' market territory, and condos not too far into buyers' market territory. At least at the moment, the overall Marin real estate market showing signs of balance. Still a lot of escrows being opened. Still stories about multiple offers on prime properties. But still not a time for over-ambitious pricing. Well-priced, well-located, well-marketed homes are selling and over-priced, poorly-presented homes are sitting. Many deals go through several counter-offers before buyers and sellers agree. Advice for buyers and sellers---be ready to negotiate, be reasonable, patient, and polite, and be ready to move.
More next week. Until then, best wishes to all,
Fred
p.s. For access to spreadsheet info, please visit http://www.listedbyfred.com
The city-by-city report is out. ( to see original spreadsheets, please visit my website, link is below) Briefly, the percentage of listings in contract increased in Sausalito, Belvedere, Tiburon, and Corte Madera (Sausalito still a buyers' market despite the increase). All other cities saw a downturn during the month, including Kentfield, which is now showing as a buyers' market again. What does this mean, and is it a trend? I don't know, but if I were shopping for real estate, I would view this as a great time to buy in the cities where the numbers have eased. Novato still holding its own, and just below a balanced market at 23.3% in contract. This despite an increase in listings from 336 to 369. Great opportunity and lots of selection for buyers.
Single Family Residences (SFR).
Every price segment saw a decline in the percentage of listings in contract during the last week. This could just be a result of the Memorial Day holiday. Let's wait and see.
SFR numbers for the week (all figures for YTD sold SFR properties vs.2006 on the same date)
YTD units sold at 896 for vs. 858 last year, up 4.4%
Days on market 72 vs. 63. Avg. list price $1,376,969 vs. $1,266,787, and avg. sold price $1,352,481 vs. $1,245,613.
SFR Activity in the last 7 days
New listings 82
Reduced 69
Contingent 62
Pending 46
Sold 72
Expired 14
Withdrawn/
Temp off Mkt. 18
Condo's
Condo inventory increased only marginally, and the percentage in contract actually incresed in all price categories. All price points still buyers' markets although outstanding individual units still may attract multiple offers. Condo's still a great opportunity for buyers pretty much across the board.
Condo numbers for the week (all figures for YTD sold condo properties vs.2006 on the same date)
YTD units sold at 234 for vs. 278 last year, down 15.8%. This actually shows inprovement over last week's figure of -17.6%. Days on market 77 vs. 63. Avg. list price $637,643 vs. $621,425, and avg. sold price $628,316 vs. $617,471.
Condo Activity in the last 7 days
New listings 30
Reduced 21
Contingent 15
Pending 11
Sold 15
Expired 8
Withdrawn/
Temp off Mkt. 14
SFR market still a bit stronger than the Condo market, but (at least in most areas) not too far into sellers' market territory, and condos not too far into buyers' market territory. At least at the moment, the overall Marin real estate market showing signs of balance. Still a lot of escrows being opened. Still stories about multiple offers on prime properties. But still not a time for over-ambitious pricing. Well-priced, well-located, well-marketed homes are selling and over-priced, poorly-presented homes are sitting. Many deals go through several counter-offers before buyers and sellers agree. Advice for buyers and sellers---be ready to negotiate, be reasonable, patient, and polite, and be ready to move.
More next week. Until then, best wishes to all,
Fred
p.s. For access to spreadsheet info, please visit http://www.listedbyfred.com
Wednesday, May 30, 2007
Marin County Real Estate Statistics 5.29.2007. The Anlyan Report
Hello Everyone,
Last 7 days relatively stable in the Marin County real estate market.
Single Family Residence (SFR) inventory up only one unit at 1002. Price points up to $2million either held steady of made very slight increases in percentage of listings in contract with all still sellers' markets. $2million-and-up markets gained a couple of points in percentage in contract-- still buyers' markets but headed towards balanced market if this trend continues. SFR market overall still a sellers' market at 28.7% in contract. Number of price reductions for the week was down significantly. There continue to be many stories about multiple offers on listings in some areas, particularly in southern, central Marin. Even in multiple offer situations, some offers coming in at or below listing price but some going way over, too. SFR YTD units sold still ahead of the same time last year (up 4.3% at 824 vs. 790 in 2006). This represents a slight gain vs. last week's 3.8%.
Numbers for the week:
New listings 53
Contingent 53
Pending 39
Sold 48
Price Reductions 36
Expired 4
Withdrawn/Temp off Mkt. 9
SFR YTD numbers: DOM Avg. List $ Avg. Sold $
2006 64 $1,256,203 $1,235,137
2007 73 $1,382,527 $1,356,779
(For Sold properties)
Condominiums continue to be a great opportunity for buyers. Unit sales gap vs. last year continues to widen. Now at 219 units sold YTD vs. 266 at this time last year, or down 17.6%. Condo inventory up a bit at 307 units vs. 293 last week. Percentage in contract holding steady with all segments still a buyers' market.
Numbers for the week:
New listings 29
Contingent 13
Pending 10
Sold 10
Price Reductions 14
Expired 3
Withdrawn/Temp off Mkt. 5
Condo YTD numbers: DOM Avg. List $ Avg. Sold $
2006 64 $624,721 $620,572
2007 77 $633,536 $623,975
(For Sold properties)
Most weeks, I write about the need to price correctly for the market and the need to prepare listings properly and present them attractively, and this advice has not changed. My opinion is that the "risk" of overpricing is greater than that of underpricing. In this market, an underpriced listing is likely (but not, of course, guaranteed) to attract multiple offers, and therefore to exceed the listing price. An overpriced listing is likely to sit.
Sellers, if your listing sold quickly, congratulations! If it has been sitting, then perhaps it is time to take a look at the price and at creating curb appeal that will have buyers want to go inside.
More next week----------------
Until then, best wishes to all,
Fred
For access to spreadsheets please visit my website http://www.listedbyfred.com
Information believed accurate but not guaranteed
Last 7 days relatively stable in the Marin County real estate market.
Single Family Residence (SFR) inventory up only one unit at 1002. Price points up to $2million either held steady of made very slight increases in percentage of listings in contract with all still sellers' markets. $2million-and-up markets gained a couple of points in percentage in contract-- still buyers' markets but headed towards balanced market if this trend continues. SFR market overall still a sellers' market at 28.7% in contract. Number of price reductions for the week was down significantly. There continue to be many stories about multiple offers on listings in some areas, particularly in southern, central Marin. Even in multiple offer situations, some offers coming in at or below listing price but some going way over, too. SFR YTD units sold still ahead of the same time last year (up 4.3% at 824 vs. 790 in 2006). This represents a slight gain vs. last week's 3.8%.
Numbers for the week:
New listings 53
Contingent 53
Pending 39
Sold 48
Price Reductions 36
Expired 4
Withdrawn/Temp off Mkt. 9
SFR YTD numbers: DOM Avg. List $ Avg. Sold $
2006 64 $1,256,203 $1,235,137
2007 73 $1,382,527 $1,356,779
(For Sold properties)
Condominiums continue to be a great opportunity for buyers. Unit sales gap vs. last year continues to widen. Now at 219 units sold YTD vs. 266 at this time last year, or down 17.6%. Condo inventory up a bit at 307 units vs. 293 last week. Percentage in contract holding steady with all segments still a buyers' market.
Numbers for the week:
New listings 29
Contingent 13
Pending 10
Sold 10
Price Reductions 14
Expired 3
Withdrawn/Temp off Mkt. 5
Condo YTD numbers: DOM Avg. List $ Avg. Sold $
2006 64 $624,721 $620,572
2007 77 $633,536 $623,975
(For Sold properties)
Most weeks, I write about the need to price correctly for the market and the need to prepare listings properly and present them attractively, and this advice has not changed. My opinion is that the "risk" of overpricing is greater than that of underpricing. In this market, an underpriced listing is likely (but not, of course, guaranteed) to attract multiple offers, and therefore to exceed the listing price. An overpriced listing is likely to sit.
Sellers, if your listing sold quickly, congratulations! If it has been sitting, then perhaps it is time to take a look at the price and at creating curb appeal that will have buyers want to go inside.
More next week----------------
Until then, best wishes to all,
Fred
For access to spreadsheets please visit my website http://www.listedbyfred.com
Information believed accurate but not guaranteed
Wednesday, May 23, 2007
Marin Real Estate Statistics 5.22.2007-The Anlyan Report
Hello Everyone,
The Marin County real estate market right now is not one market. It is a lot of different markets. One property in Kentfield reportedly had as many as 9 offers and allegedly went into contract about $1million over asking price. Earlier this year, we characterized Kentfield as a buyers' market with bargains to be had by savvy buyers. Right now, Novato is a great area with opportunities for buyers who recognize value when they see it.
Inventory for SFR's increased again this week and broke the 1000 mark for the first time this year. There were 92 new listings, 63 listings went contingent, 50 pending, 47 sold. There were 61 price reductions, 6 expired, and 17 withdrawn or temporarily off the market. Average days on the market for sold listings on SFR's at 74 vs 65 at this time last year. Average list price $1,381,968 avg. sold price $1,354,866. Last year, average list $1,261,527 and average sold $1,238,879.
Units sold still 3.8% above last year at 776 but losing ground each week for the last several weeks. Now only 29 units ahead of 2006. SFR market healthy. Overall, a sellers market at 28-plus percent in contract, but with 61 price reductions, no time to test the market with prices that push the envelope. Pricing and preparation still the keys to success. The $3million plus end of the market has picked up steam, going from 13% in contract to over 18% in contract. People with that kind of money to spend usually don't get it by making a lot of big financial mistakes. They know opportunity when they see it and are voting with their dollars!
Condo inventory remained stable last week, increasing by only 3 units. 12 units were sold vs. 5 in 2006, so a comparatively good week, narrowing the gap to only a minus 16.4% vs. the minus 19.5% we had last week. All price points still a buyers' market, and showing good opportunity for buyers. Figures for the last 7 days: new listings 21; contingent 14; pending 9; sold 12; price reductions 21; expired 3; withdrawn/temp off mkt. 6. Average days on market 77 vs. 64 in 2006. Average list price for YTD sold properties $632,519 and average sold price $623,248 vs. 2006 average list $623,989 and average sold $619,810. Advice for buyers--- make an offer on that condo you liked. They are not going to give it away, but there is a good chance you can negotiate, especially with properties on the market for a while Sellers. Try to look at your home through buyers' eyes. Go to visit some of the Sunday open homes of competing properties in the area. Remember, a good real estate agent is a great source of advice---your agent probably has some valuable ideas to share. Whether your home is about to go on the market or has been listed for a period of time, pay close attention to pricing, staging, overall appearance.
More next week-------
Until then, best wishes to all,
Fred
For access to spreadsheets please visit my website at http://www.listedbyfred.com
The Marin County real estate market right now is not one market. It is a lot of different markets. One property in Kentfield reportedly had as many as 9 offers and allegedly went into contract about $1million over asking price. Earlier this year, we characterized Kentfield as a buyers' market with bargains to be had by savvy buyers. Right now, Novato is a great area with opportunities for buyers who recognize value when they see it.
Inventory for SFR's increased again this week and broke the 1000 mark for the first time this year. There were 92 new listings, 63 listings went contingent, 50 pending, 47 sold. There were 61 price reductions, 6 expired, and 17 withdrawn or temporarily off the market. Average days on the market for sold listings on SFR's at 74 vs 65 at this time last year. Average list price $1,381,968 avg. sold price $1,354,866. Last year, average list $1,261,527 and average sold $1,238,879.
Units sold still 3.8% above last year at 776 but losing ground each week for the last several weeks. Now only 29 units ahead of 2006. SFR market healthy. Overall, a sellers market at 28-plus percent in contract, but with 61 price reductions, no time to test the market with prices that push the envelope. Pricing and preparation still the keys to success. The $3million plus end of the market has picked up steam, going from 13% in contract to over 18% in contract. People with that kind of money to spend usually don't get it by making a lot of big financial mistakes. They know opportunity when they see it and are voting with their dollars!
Condo inventory remained stable last week, increasing by only 3 units. 12 units were sold vs. 5 in 2006, so a comparatively good week, narrowing the gap to only a minus 16.4% vs. the minus 19.5% we had last week. All price points still a buyers' market, and showing good opportunity for buyers. Figures for the last 7 days: new listings 21; contingent 14; pending 9; sold 12; price reductions 21; expired 3; withdrawn/temp off mkt. 6. Average days on market 77 vs. 64 in 2006. Average list price for YTD sold properties $632,519 and average sold price $623,248 vs. 2006 average list $623,989 and average sold $619,810. Advice for buyers--- make an offer on that condo you liked. They are not going to give it away, but there is a good chance you can negotiate, especially with properties on the market for a while Sellers. Try to look at your home through buyers' eyes. Go to visit some of the Sunday open homes of competing properties in the area. Remember, a good real estate agent is a great source of advice---your agent probably has some valuable ideas to share. Whether your home is about to go on the market or has been listed for a period of time, pay close attention to pricing, staging, overall appearance.
More next week-------
Until then, best wishes to all,
Fred
For access to spreadsheets please visit my website at http://www.listedbyfred.com
Wednesday, May 16, 2007
Marin Real Estate Statistics 05.15.2007
Hello Everyone,
No major changes this week, so the commentary will be brief.
There were 100 new SFR listings during the last 7 days, but the percentage of SFR's in contract went up slightly anyway from27.8% last week to the current 28.4%. 41 SFR's closed, 71 went contingent, 43 pending. An active market. Notably, there were 54 price reductions on SFR's, a continuing reminder to sellers that pricing is critical. SFR units sold YTD also inched up to 730 vs. 692 at the same time last year, or 5.4% ahead.
Condo sales continuing to lag, but the gap in unit YTD sales shrunk just a bit this week. Units sold YTD are 197 vs. 245 at the same time last year (19.5% fewer), but percentage in contract held fairly steady at just over 20%, continuing to be a buyers' market. Advice for sellers is to continue to prepare and price properly.
Only 19 new listings for the week. 13 sold, 14 contingent, 12 pending, and 18 price reductions.
Of course, conditions vary from city to city, with some markets being more robust than others. Please refer to the city-by-city report I sent out at the beginning of the month for details.
More next week----
Until then, best wishes to all,
Fred
for access to spreadsheets with sales statistics visit http://www.listedbyfred.com
No major changes this week, so the commentary will be brief.
There were 100 new SFR listings during the last 7 days, but the percentage of SFR's in contract went up slightly anyway from27.8% last week to the current 28.4%. 41 SFR's closed, 71 went contingent, 43 pending. An active market. Notably, there were 54 price reductions on SFR's, a continuing reminder to sellers that pricing is critical. SFR units sold YTD also inched up to 730 vs. 692 at the same time last year, or 5.4% ahead.
Condo sales continuing to lag, but the gap in unit YTD sales shrunk just a bit this week. Units sold YTD are 197 vs. 245 at the same time last year (19.5% fewer), but percentage in contract held fairly steady at just over 20%, continuing to be a buyers' market. Advice for sellers is to continue to prepare and price properly.
Only 19 new listings for the week. 13 sold, 14 contingent, 12 pending, and 18 price reductions.
Of course, conditions vary from city to city, with some markets being more robust than others. Please refer to the city-by-city report I sent out at the beginning of the month for details.
More next week----
Until then, best wishes to all,
Fred
for access to spreadsheets with sales statistics visit http://www.listedbyfred.com
Tuesday, May 8, 2007
Marin Market Stats 5.8.2007
Hello Everyone,
An interesting, but not dramatic, week in the world of Marin real estate.
SFR inventory increased from 900 to 923 units, and percentage in contract declined about a percentage point to 27.8%. Still a sellers' market, but moving more towards balanced territory. The recently ultra-hot under $1million SFR market down again to 32.5 percent in contract. This sellers' market has definitely lost some of its sizzle. SFR's in the $1million to $3 million range actually gaining momentum, showing increases in percentage in contract over the last week. YTD SFR units sold also picked up steam at 689 YTD units sold vs. 656 at this time last year, a 5.3% increase. Days on market for units sold YTD, 76 vs. 68 last year. Average list price of YTD sold units $1,391,540 vs. $1,265,374 in 2006.
Average YTD sold price for SFR's $1,362,203 vs. $1,241,332 last year.
SFR's for the week:
New listings 77
Reduced 65
Contingent 63
Pending 59
Sold 52
Expired 12
Withdrawn/
Temp off Mkt 10
Sellers, please take note of the 65 price reductions and exercise care in the pricing and preparation of your home. This is good insurance to help your home end up in the "contingent", "pending", and "sold" columns instead of the other, less desirable categories.
Condo's still a big question mark. Inventory up only one unit to 294. Percentage in contract picked up a bit across the board, but units sold continue to lag and sluggishness continues. YTD sold condo units at 184 vs. 234 in 2006, a 21.4% drop. Average days on market for sold condo's, YTD is 78 vs. 65 last year at this time. Average list price $629,639 against last year's $625,053, and average sold price this year so far $621,333 compared to $621,015 last year, or almost a draw.
Condo's for the week:
New listings 24
Reduced 16
Contingent 17
Pending 11
Sold 15
Expired 6
Withdrawn/
Temp off Mkt 11
Condo's continue to represent a tremendous opportunity for buyers, but please remember, it is a negotiating opportunity, not a fire sale.
Heard around the office and on the street: Still a lot of properties going into escrow. A lot of sales being made. Some multiple offer situations, but not the rule. Many deals go through several counter offers before finally being ratified. Concessions being made by both parties. This market has a lot of give and take. A lot of opportunity for buyers as well as sellers.
more next week----
Until then, best wishes to all,
Fred
(for spreadsheets associated with above analysis, please visit http://www.listedbyfred.com)
An interesting, but not dramatic, week in the world of Marin real estate.
SFR inventory increased from 900 to 923 units, and percentage in contract declined about a percentage point to 27.8%. Still a sellers' market, but moving more towards balanced territory. The recently ultra-hot under $1million SFR market down again to 32.5 percent in contract. This sellers' market has definitely lost some of its sizzle. SFR's in the $1million to $3 million range actually gaining momentum, showing increases in percentage in contract over the last week. YTD SFR units sold also picked up steam at 689 YTD units sold vs. 656 at this time last year, a 5.3% increase. Days on market for units sold YTD, 76 vs. 68 last year. Average list price of YTD sold units $1,391,540 vs. $1,265,374 in 2006.
Average YTD sold price for SFR's $1,362,203 vs. $1,241,332 last year.
SFR's for the week:
New listings 77
Reduced 65
Contingent 63
Pending 59
Sold 52
Expired 12
Withdrawn/
Temp off Mkt 10
Sellers, please take note of the 65 price reductions and exercise care in the pricing and preparation of your home. This is good insurance to help your home end up in the "contingent", "pending", and "sold" columns instead of the other, less desirable categories.
Condo's still a big question mark. Inventory up only one unit to 294. Percentage in contract picked up a bit across the board, but units sold continue to lag and sluggishness continues. YTD sold condo units at 184 vs. 234 in 2006, a 21.4% drop. Average days on market for sold condo's, YTD is 78 vs. 65 last year at this time. Average list price $629,639 against last year's $625,053, and average sold price this year so far $621,333 compared to $621,015 last year, or almost a draw.
Condo's for the week:
New listings 24
Reduced 16
Contingent 17
Pending 11
Sold 15
Expired 6
Withdrawn/
Temp off Mkt 11
Condo's continue to represent a tremendous opportunity for buyers, but please remember, it is a negotiating opportunity, not a fire sale.
Heard around the office and on the street: Still a lot of properties going into escrow. A lot of sales being made. Some multiple offer situations, but not the rule. Many deals go through several counter offers before finally being ratified. Concessions being made by both parties. This market has a lot of give and take. A lot of opportunity for buyers as well as sellers.
more next week----
Until then, best wishes to all,
Fred
(for spreadsheets associated with above analysis, please visit http://www.listedbyfred.com)
Thursday, May 3, 2007
Marin Market Stats 5.01.2007
Hello Everyone,
The Marin City-by-City report out this week shows Fairfax is currently the hottest spot in the County, with 56 percent of listings in contract. Close behind is Greenbrae at over 42 percent. San Anselmo up again at 36 percent in contract. Corte Madera and Ross close behind at 35% and 34.7% respectively.
Novato continuing to advance and now at 24.11%, almost out of the buyers' market it has endured for some time now, and this in spite of an increase in listings from 279 last month to the current 336. Mill Valley down from its fevered peak but still a strong sellers' market with 35.14% of listings in contract. Other cities down, with Belvedere holding the anchor position at 5.88% of listings in contract. In fairness, Belvedere is a small market so this number may simply reflect the swing of a few properties. Let's watch and see what happens next month.
Single family residences doing well at over 28% in contract, an overall sellers' market. SFR's under $1million advanced slightly to 36% in contract, continuing to be the hottest Marin housing segment. The $1million to $2million price point also advanced to 26.2% in contract. Over $2million price point currently lagging and in general, a good negotiating opportunity for buyers with cash to spend. SFR Unit sales still ahead of last year, but the gap continues to narrow and now only a 3.7% difference.
Condo market continues to be challenged by sluggish unit sales with YTD units at 170 vs. 212 at the same time last year, a 19.8% difference. Prices are still leading the prior year though: Avg. list $629,383, Avg. Sold $620,878 vs. 2006 YTD Avg list $620,720, Avg. sold $616,482.
Word on the street: Active market. Lots of activity at open houses. Lots of talk about multiple offers. A lot of new open escrows. Many buyers still searching for homes.
Numbers for the last 7 days:
SFR
New Listings 101
Price Reductions 58
Contingent 66
Pending 46
Sold 53
Expired 18
Withdrawn/
Temp off Mkt. 20
Condo
New Listings 18
Price Reductions 19
Contingent 10
Pending 8
Sold 13
Expired 9
Withdrawn/
Temp off Mkt. 8
To see spreadsheets please visit my website http://www.listedbyfred.com
More next week----
Until then, best wishes to all,
Fred
The Marin City-by-City report out this week shows Fairfax is currently the hottest spot in the County, with 56 percent of listings in contract. Close behind is Greenbrae at over 42 percent. San Anselmo up again at 36 percent in contract. Corte Madera and Ross close behind at 35% and 34.7% respectively.
Novato continuing to advance and now at 24.11%, almost out of the buyers' market it has endured for some time now, and this in spite of an increase in listings from 279 last month to the current 336. Mill Valley down from its fevered peak but still a strong sellers' market with 35.14% of listings in contract. Other cities down, with Belvedere holding the anchor position at 5.88% of listings in contract. In fairness, Belvedere is a small market so this number may simply reflect the swing of a few properties. Let's watch and see what happens next month.
Single family residences doing well at over 28% in contract, an overall sellers' market. SFR's under $1million advanced slightly to 36% in contract, continuing to be the hottest Marin housing segment. The $1million to $2million price point also advanced to 26.2% in contract. Over $2million price point currently lagging and in general, a good negotiating opportunity for buyers with cash to spend. SFR Unit sales still ahead of last year, but the gap continues to narrow and now only a 3.7% difference.
Condo market continues to be challenged by sluggish unit sales with YTD units at 170 vs. 212 at the same time last year, a 19.8% difference. Prices are still leading the prior year though: Avg. list $629,383, Avg. Sold $620,878 vs. 2006 YTD Avg list $620,720, Avg. sold $616,482.
Word on the street: Active market. Lots of activity at open houses. Lots of talk about multiple offers. A lot of new open escrows. Many buyers still searching for homes.
Numbers for the last 7 days:
SFR
New Listings 101
Price Reductions 58
Contingent 66
Pending 46
Sold 53
Expired 18
Withdrawn/
Temp off Mkt. 20
Condo
New Listings 18
Price Reductions 19
Contingent 10
Pending 8
Sold 13
Expired 9
Withdrawn/
Temp off Mkt. 8
To see spreadsheets please visit my website http://www.listedbyfred.com
More next week----
Until then, best wishes to all,
Fred
Wednesday, April 25, 2007
Marin Market Stats 4.24.2007. The Anlyan Report
Hello Everyone,
We speak of The Marin Real Estate Market as if it were a single, discrete entity going in one direction or another, and sometimes that is the case. At the current moment though, this market consists of a number of smaller subsets. We have the Single Family Residence market, The Condo market, and all the different price points of those markets, as well as the local markets in each Marin city and town and the sub-markets of the different neighborhoods.
The SFR market is still a sellers' market overall, but has softened a bit, with price points over $1million either balanced or buyers' markets. Homes under $1million continue to be the hottest segment of the market with over 34% of listings in contract, just below "strong sellers' market" territory. Unit YTD sales of SFR's are still ahead of the same time period in 2006 at 588 vs. 540 last year (about an 8.8% difference), but the gap has been narrowing in recent weeks. Does this mean that the market is headed South? Probably not! Mortgage rates are still excellent, though some of the low doc or no doc loan criteria have been tightened considerably. In addition the ratio of accepted offers to new listings is quite high at the moment. MarketQuest shows that ratio for the month of April, so far, to be 104.5% for the combined Marin market. Marin MLS has a figure that is not directly comparable, but parallel,which is also quite high. Average Days on Market are down a bit but still slightly higher than last year at 79 vs. 72. Anecdotal evidence from agents and from offices I visit shows a lot of newly opened escrows and heavy activity.
My opinion is that buyers and sellers are all trying to deal with uncertainty and make a determination about where the market is headed--- so everyone is cautious. Buyers are not throwing away money, and sellers are not giving away the store. Advice for all parties is to do the necessary homework and then go ahead. There is a healthy market out there. It requires some investigation and some negotiation, but a lot of deals are closing.
The Condo market in Marin presents a few more questions. YTD units sold continue to slip, and currently sit at 157 vs. 193 at the same time last year, a drop of 18-plus percent. This gap widened again in the last seven days. The interesting thing is that unit prices are still ahead of 2006. Average YTD sold price so far is $621,575 vs. last year at the same time $609,815. Days on market a bit longer now at 80 vs. 67 this time last year. Condo's a fantastic buyers' opportunity in many locations right now. Sellers don't despair though. A lot of impact can be made through careful preparation, pricing, presentation (staging), and marketing. Condo's are selling every day, and yours can too if it is well-marketed.
Numbers for the past 7 days:
SFR
New Listings 97
Contingent 59
Pending 47
Sold 58
Expired 3
Withdrawn/
Temp Off Mkt. 13
Price Reduction 34
CONDO
New Listings 21
Contingent 15
Pending 9
Sold 10
Expired 5
Withdrawn/
Temp Off Mkt. 1
Price Reduction 25
The City-by-City report will be out next week, with an update on what's hot and what's not!
Until then------
Best wishes,
Fred
Quote for the week: "First say to yourself what you would be; and then do what you have to do."
Epictetus
We speak of The Marin Real Estate Market as if it were a single, discrete entity going in one direction or another, and sometimes that is the case. At the current moment though, this market consists of a number of smaller subsets. We have the Single Family Residence market, The Condo market, and all the different price points of those markets, as well as the local markets in each Marin city and town and the sub-markets of the different neighborhoods.
The SFR market is still a sellers' market overall, but has softened a bit, with price points over $1million either balanced or buyers' markets. Homes under $1million continue to be the hottest segment of the market with over 34% of listings in contract, just below "strong sellers' market" territory. Unit YTD sales of SFR's are still ahead of the same time period in 2006 at 588 vs. 540 last year (about an 8.8% difference), but the gap has been narrowing in recent weeks. Does this mean that the market is headed South? Probably not! Mortgage rates are still excellent, though some of the low doc or no doc loan criteria have been tightened considerably. In addition the ratio of accepted offers to new listings is quite high at the moment. MarketQuest shows that ratio for the month of April, so far, to be 104.5% for the combined Marin market. Marin MLS has a figure that is not directly comparable, but parallel,which is also quite high. Average Days on Market are down a bit but still slightly higher than last year at 79 vs. 72. Anecdotal evidence from agents and from offices I visit shows a lot of newly opened escrows and heavy activity.
My opinion is that buyers and sellers are all trying to deal with uncertainty and make a determination about where the market is headed--- so everyone is cautious. Buyers are not throwing away money, and sellers are not giving away the store. Advice for all parties is to do the necessary homework and then go ahead. There is a healthy market out there. It requires some investigation and some negotiation, but a lot of deals are closing.
The Condo market in Marin presents a few more questions. YTD units sold continue to slip, and currently sit at 157 vs. 193 at the same time last year, a drop of 18-plus percent. This gap widened again in the last seven days. The interesting thing is that unit prices are still ahead of 2006. Average YTD sold price so far is $621,575 vs. last year at the same time $609,815. Days on market a bit longer now at 80 vs. 67 this time last year. Condo's a fantastic buyers' opportunity in many locations right now. Sellers don't despair though. A lot of impact can be made through careful preparation, pricing, presentation (staging), and marketing. Condo's are selling every day, and yours can too if it is well-marketed.
Numbers for the past 7 days:
SFR
New Listings 97
Contingent 59
Pending 47
Sold 58
Expired 3
Withdrawn/
Temp Off Mkt. 13
Price Reduction 34
CONDO
New Listings 21
Contingent 15
Pending 9
Sold 10
Expired 5
Withdrawn/
Temp Off Mkt. 1
Price Reduction 25
The City-by-City report will be out next week, with an update on what's hot and what's not!
Until then------
Best wishes,
Fred
Quote for the week: "First say to yourself what you would be; and then do what you have to do."
Epictetus
Wednesday, April 18, 2007
Marin Market Stats 4.17.2007
Hello Everyone,
Is this a market in search of a direction? Or is it a post Easter, post Spring Break pause?
SFR's and Condo's percentage in contract figures slipped in every price range. Condo's continue to be a buyers' market at all price points. Of course, individual condo's or complexes may prove to be exceptions, but in general, condo's are a buyers' opportunity across the board.
SFR's slipped a bit at all price points. The over-$2 million range now back in buyers' market territory. SFR market overall still a sellers' market, mostly due to continued strength in the under-$2 million categories.
One week does not a market make. Let's watch for a bit and see what develops. Here are the numbers for the week:
SFR
New Listings 97; Sold;52; Contingent 36; Pending 45; Price reductions 39; Expired 3; Withdrawn or Temp off mkt. 16
CONDO
New Listings 31 Sold;12; Contingent 15; Pending 9; Price reductions 17; Expired 5; Withdrawn or Temp off mkt. 5
more next week-------
(for access to spreadsheets go to http://www.listedbyfred.com)
Best wishes to all,
Fred
Quote for the week: "I don't want to take myself seriously, but I want others to."
Nina Tsao
Is this a market in search of a direction? Or is it a post Easter, post Spring Break pause?
SFR's and Condo's percentage in contract figures slipped in every price range. Condo's continue to be a buyers' market at all price points. Of course, individual condo's or complexes may prove to be exceptions, but in general, condo's are a buyers' opportunity across the board.
SFR's slipped a bit at all price points. The over-$2 million range now back in buyers' market territory. SFR market overall still a sellers' market, mostly due to continued strength in the under-$2 million categories.
One week does not a market make. Let's watch for a bit and see what develops. Here are the numbers for the week:
SFR
New Listings 97; Sold;52; Contingent 36; Pending 45; Price reductions 39; Expired 3; Withdrawn or Temp off mkt. 16
CONDO
New Listings 31 Sold;12; Contingent 15; Pending 9; Price reductions 17; Expired 5; Withdrawn or Temp off mkt. 5
more next week-------
(for access to spreadsheets go to http://www.listedbyfred.com)
Best wishes to all,
Fred
Quote for the week: "I don't want to take myself seriously, but I want others to."
Nina Tsao
Wednesday, April 11, 2007
Marin Market Stats 4.10.2007
Hello Everyone,
This is an interesting market we have. Single Family Residences (SFR) and Condo's seem to be headed in opposite directions.
SFR units sold are back on the upward trend with about 42 more units (479 units or 9.6%) sold so far this year than at the same time last year. YTD prices up too at $1,329,931 vs. $1,217,055 same time last year. Percentage in contract either stable or up again in all categories. Overall SFR market now at 30-plus percent in contract while the under $1million SFR market is at a very tight 37.79% in contract. Still not ready to film anything with a title like "Sellers Gone Wild" as buyers are discriminating and will bypass overpriced listings.
Last 7 Days, SFR
New Listings 60
Price Reductions 29
Contingent 60
Pending 55
Sold 48
Expired 5
Inactive 11
Condo's YTD units sold down again at 136 for the year vs. 165 last year (down 29 units or 17.5%). Prices are still up (YTD) at $630,414 vs. $620,744 same time last year but are down slightly from last week's figures.
Last 7 Days, Condo
New Listings 24
Price Reductions 6
Contingent 12
Pending 15
Sold 7
Expired 5
Inactive 11
Condo Sellers need to put an extra degree of care into pricing, preparation, presentation, marketing, and negotiations. Condo's will sell if properly marketed, well prepared and priced.
Inventory still low. Prospective sellers, especially of SFR's would do well to get their homes on the market, and then get ready to move.
More next week-------
Best wishes to all,
Fred
P.S. for access to spreadsheets go to http://www.listedbyfred.com
Quote for the week: "Action is character."
F. Scott Fitzgerald
This is an interesting market we have. Single Family Residences (SFR) and Condo's seem to be headed in opposite directions.
SFR units sold are back on the upward trend with about 42 more units (479 units or 9.6%) sold so far this year than at the same time last year. YTD prices up too at $1,329,931 vs. $1,217,055 same time last year. Percentage in contract either stable or up again in all categories. Overall SFR market now at 30-plus percent in contract while the under $1million SFR market is at a very tight 37.79% in contract. Still not ready to film anything with a title like "Sellers Gone Wild" as buyers are discriminating and will bypass overpriced listings.
Last 7 Days, SFR
New Listings 60
Price Reductions 29
Contingent 60
Pending 55
Sold 48
Expired 5
Inactive 11
Condo's YTD units sold down again at 136 for the year vs. 165 last year (down 29 units or 17.5%). Prices are still up (YTD) at $630,414 vs. $620,744 same time last year but are down slightly from last week's figures.
Last 7 Days, Condo
New Listings 24
Price Reductions 6
Contingent 12
Pending 15
Sold 7
Expired 5
Inactive 11
Condo Sellers need to put an extra degree of care into pricing, preparation, presentation, marketing, and negotiations. Condo's will sell if properly marketed, well prepared and priced.
Inventory still low. Prospective sellers, especially of SFR's would do well to get their homes on the market, and then get ready to move.
More next week-------
Best wishes to all,
Fred
P.S. for access to spreadsheets go to http://www.listedbyfred.com
Quote for the week: "Action is character."
F. Scott Fitzgerald
Tuesday, April 3, 2007
Marin Market Stats 4.3.2007
Hello Everyone,
The monthly city-by-city report out this week shows a number of cities and towns slipping a bit in their percentage-in-contract figures, but all except Sausalito, Ross, and Novato remain in seller's market territory. Kentfield is the big turnaround story with 14 out of 21 properties in contract, a sizzling 45%. Will it last? Time will tell, but my guess is that a rare buyer's opportunity in Kentfield has passed. Novato continues to be a great opportunity for buyers with only about 22% of listings in contract.
Condo's continue to show weakness, with an overall in-contract rate of 22.5%--a solid buyer's market, but sellers don't despair. Even here, YTD average sold prices have improved from 2006. Current YTD average condo sold price $633,615 vs. $614,205 last year. And YTD days on market only slightly worse at 81 vs. 67 at the same time last year. Number of YTD units sold has slipped 14% at 129 vs. 150 at this time last year. For entry-level or downsizing buyers, a great opportunity.
Single Family Residences still ahead of last year in both units sold and price. Average YTD sold price $1,324,888 vs. $1,250,191 in 2006. 432 units sold so far this year vs. 413 at the same time in 2006, but the gap has slipped every week for several weeks----now only leads 2006 by 4%. Year to date days on market are 88 so far vs. 77 last year. Is the market losing momentum? A lot of the available evidence, including many stories about multiple offers, would seem to say no. Available statistics for March, though still incomplete and subject to change, show accepted offers as a percent of new listings were at 92%, the highest since November of '05. Accepted offers as a percent of inventory were at 35%, highest since January of '05. These are encouraging signs, but this is a market that is still in transition. The SFR market overall still a seller's market at 31.85% in contract. The under-$1million segment continues to be red-hot, at 36.8% in contract. Mill Valley sizzles with over 42% of all listings in contract. A great time for SFR sellers to join the party, but not time to get over-exuberant on pricing. Overpriced listings still sitting on the sidelines, while even formerly stale listings that have adjusted their pricing are moving now.
More next week--------
Best wishes to all,
Fred
P.S. for associated spreadsheets please visit my website http://www.listedbyfred.com
Quote for the week "It does not require many words to speak the truth."
Chief Joseph Nez Perce
The monthly city-by-city report out this week shows a number of cities and towns slipping a bit in their percentage-in-contract figures, but all except Sausalito, Ross, and Novato remain in seller's market territory. Kentfield is the big turnaround story with 14 out of 21 properties in contract, a sizzling 45%. Will it last? Time will tell, but my guess is that a rare buyer's opportunity in Kentfield has passed. Novato continues to be a great opportunity for buyers with only about 22% of listings in contract.
Condo's continue to show weakness, with an overall in-contract rate of 22.5%--a solid buyer's market, but sellers don't despair. Even here, YTD average sold prices have improved from 2006. Current YTD average condo sold price $633,615 vs. $614,205 last year. And YTD days on market only slightly worse at 81 vs. 67 at the same time last year. Number of YTD units sold has slipped 14% at 129 vs. 150 at this time last year. For entry-level or downsizing buyers, a great opportunity.
Single Family Residences still ahead of last year in both units sold and price. Average YTD sold price $1,324,888 vs. $1,250,191 in 2006. 432 units sold so far this year vs. 413 at the same time in 2006, but the gap has slipped every week for several weeks----now only leads 2006 by 4%. Year to date days on market are 88 so far vs. 77 last year. Is the market losing momentum? A lot of the available evidence, including many stories about multiple offers, would seem to say no. Available statistics for March, though still incomplete and subject to change, show accepted offers as a percent of new listings were at 92%, the highest since November of '05. Accepted offers as a percent of inventory were at 35%, highest since January of '05. These are encouraging signs, but this is a market that is still in transition. The SFR market overall still a seller's market at 31.85% in contract. The under-$1million segment continues to be red-hot, at 36.8% in contract. Mill Valley sizzles with over 42% of all listings in contract. A great time for SFR sellers to join the party, but not time to get over-exuberant on pricing. Overpriced listings still sitting on the sidelines, while even formerly stale listings that have adjusted their pricing are moving now.
More next week--------
Best wishes to all,
Fred
P.S. for associated spreadsheets please visit my website http://www.listedbyfred.com
Quote for the week "It does not require many words to speak the truth."
Chief Joseph Nez Perce
Wednesday, March 21, 2007
Marin Market Stats 3.20.2007
Hello Everyone,
Remember, while the data in many statistics forums you read lag by several weeks, these statistics are right up to the end of the day today (March 20). This is the most up-to-date market snapshot you can get.
There has not been a lot of change in the Marin real estate market since last week. Here are the numbers:
Single Family Residences (SFR): (last 7 days)
New Listings 89
Back on Market 15
Contingent 63
Pending 36
Sold 44
Price Reductions 30
Withdrawn/Temp off Mkt 16
Expired 4
New listings brisk, at more than 10 percent of existing. Sellers beginning to realize the market is not as bad as they had been lead to believe. Still, overall percentage in contract remained fairly steady at just over 30% continuing the seller's market of the last several weeks. The under-$1million segment red-hot at 37.8% in contract. $3million and up a buyer's opportunity for bargain hunters with plenty of cash or credit. Note that with 30 price reductions and 16 withdrawn/temp off market, the market is still not a slam dunk for sellers. Talk of multiple offers continues, but these are on prime properties that are well-priced and well presented. YTD prices are up over 2006 with average list at $1,363,830 vs. $1,196,084 in '06 while average sold price clocks in at $1,326,182 vs. $1,163,276 last year at this time. Average YTD days on mkt. 92 vs. 78 days last year. A good time for sellers to get on board, but not to go overboard. Unit sales still ahead of same time last year, at 347 vs. 317, but the gap narrowed in the last week.
Condominiums: (last 7 days)
New Listings 23 (14 in San Rafael)
Back on Market 5
Contingent 17
Pending 6
Sold 11
Price Reductions 12
Withdrawn/Temp off Mkt 3
Expired 2
Condo market still a buyer's market in every segment, although overall percentage in contract has been rising and is now at just over 23%, approaching balanced market territory. Average YTD list price $654,720 vs. $634,811 in '06. Average YTD sold price $644,643 vs. $628,514 last year. But unit sales are down 11% from the same time in '06, and the gap has been slowly but steadily widening since beginning the year ahead of '06. YTD days on market at 83 vs 70 at this time last year. Condo's still an opportunity for buyers, but may not stay that way forever. The bottom of this market has probably passed, at least for now.
For spreadsheets and further information, please visit my website at http://www.listedbyfred.com
Stats will not be published next week, and the next edition will be the week of April 1.
More in two weeks----
Until then, best wishes to all,
Fred
Quote for the week: "In the middle of difficulty lies opportunity."
Albert Einstein
Remember, while the data in many statistics forums you read lag by several weeks, these statistics are right up to the end of the day today (March 20). This is the most up-to-date market snapshot you can get.
There has not been a lot of change in the Marin real estate market since last week. Here are the numbers:
Single Family Residences (SFR): (last 7 days)
New Listings 89
Back on Market 15
Contingent 63
Pending 36
Sold 44
Price Reductions 30
Withdrawn/Temp off Mkt 16
Expired 4
New listings brisk, at more than 10 percent of existing. Sellers beginning to realize the market is not as bad as they had been lead to believe. Still, overall percentage in contract remained fairly steady at just over 30% continuing the seller's market of the last several weeks. The under-$1million segment red-hot at 37.8% in contract. $3million and up a buyer's opportunity for bargain hunters with plenty of cash or credit. Note that with 30 price reductions and 16 withdrawn/temp off market, the market is still not a slam dunk for sellers. Talk of multiple offers continues, but these are on prime properties that are well-priced and well presented. YTD prices are up over 2006 with average list at $1,363,830 vs. $1,196,084 in '06 while average sold price clocks in at $1,326,182 vs. $1,163,276 last year at this time. Average YTD days on mkt. 92 vs. 78 days last year. A good time for sellers to get on board, but not to go overboard. Unit sales still ahead of same time last year, at 347 vs. 317, but the gap narrowed in the last week.
Condominiums: (last 7 days)
New Listings 23 (14 in San Rafael)
Back on Market 5
Contingent 17
Pending 6
Sold 11
Price Reductions 12
Withdrawn/Temp off Mkt 3
Expired 2
Condo market still a buyer's market in every segment, although overall percentage in contract has been rising and is now at just over 23%, approaching balanced market territory. Average YTD list price $654,720 vs. $634,811 in '06. Average YTD sold price $644,643 vs. $628,514 last year. But unit sales are down 11% from the same time in '06, and the gap has been slowly but steadily widening since beginning the year ahead of '06. YTD days on market at 83 vs 70 at this time last year. Condo's still an opportunity for buyers, but may not stay that way forever. The bottom of this market has probably passed, at least for now.
For spreadsheets and further information, please visit my website at http://www.listedbyfred.com
Stats will not be published next week, and the next edition will be the week of April 1.
More in two weeks----
Until then, best wishes to all,
Fred
Quote for the week: "In the middle of difficulty lies opportunity."
Albert Einstein
Wednesday, March 14, 2007
Marin Market Stats 3.13.2007
Hello Everyone,
This is my weekly Marin County real estate market analysis. It is based upon market statistics gathered from the local multiple listing service, as well as my own observations and information I pick up from conversations with other agents. For spreadsheets and other information please click on link to my website.
In talking with my colleagues, I am hearing reports that the market is heating up. Lots of stories about multiple offers with 5 or more offers, and agents reporting they have business after a considerable period of time with none. This anecdotal evidence is encouraging and may be a harbinger of the spring market to come, but let's take a look and see what light the statistics may shed.
Single Family Homes Last Seven Days:
New Listings 83
Contingent 55
Pending 49
Sold 35
Price Reductions 30
Withdrawn or Temp Off Mkt 16
Expired 3
With a bit over 30% in contract, the Single Family (SFR) market as a whole is a solid seller's market. See Last week's city-by-city report (http://www.listedbyfred.com) for exceptions. The under $1million segment, at over 37% in contract continues in strong seller's market territory. The $1million to $2million segment gained a bit of ground in the past week and climbed into balanced/seller's market territory. $2million-$3million segment down about four points, and over $3million segment up about 1point. These may be normal fluctuations due to small sample size and probably do not represent market shifts, at least not based on one week. The trend towards strong SFR sales seems to be established, and prices remain on the upside, with average YTD SFR price at $1,324,505 vs. same period in '06, $1,148,094. YTD units sold 303 vs. '06 at 265, or an increase of a bit over $14%. Average YTD days on market a bit higher than same period last year, 97 vs 81. Months inventory of homes available 4.8 vs 5.8 at the same time in '06. Market for SFR's seems pretty healthy but could use more inventory. Sellers, this is your cue to put your homes on the market while the competition is relatively absent. Please note from the number of price reductions above that although the market presents a good opportunity, it is not a time to overprice. Pricing, preparation, and presentation are still critical. Attractive, well-located, well-priced properties are selling quickly while overpriced properties become stale.
Condominiums Last Seven Days:
New Listings 19
Contingent 12
Pending 12
Sold 14
Price Reductions 8
Withdrawn or Temp Off Mkt 3
Expired 1
Condo Market, which started out the year solidly ahead of '06 seems to have been losing momentum. YTD units sold at 94 vs. 104 at the same time last year, or a drop of about 9.6%. Average sold price is now a bit higher than '06 at $657,707 vs. last year at this time $640,857. Average days on market a bit higher than last year at 81 vs. 72.. There is currently about a 6 month supply of condo's on the market vs. 3.5 at this time last year. All price segments are in buyer's market territory. With no segment of the condo market having more than 23% of its listings in contract, there is a great opportunity for buyers here.
more next week--------
Best wishes to all,
Fred
http://www.listedbyfred.com
fred.anlyan@cbnorcal.com
Quote for the week: "It is better to ask some questions than to know all the answers."
James Thurber
This is my weekly Marin County real estate market analysis. It is based upon market statistics gathered from the local multiple listing service, as well as my own observations and information I pick up from conversations with other agents. For spreadsheets and other information please click on link to my website.
In talking with my colleagues, I am hearing reports that the market is heating up. Lots of stories about multiple offers with 5 or more offers, and agents reporting they have business after a considerable period of time with none. This anecdotal evidence is encouraging and may be a harbinger of the spring market to come, but let's take a look and see what light the statistics may shed.
Single Family Homes Last Seven Days:
New Listings 83
Contingent 55
Pending 49
Sold 35
Price Reductions 30
Withdrawn or Temp Off Mkt 16
Expired 3
With a bit over 30% in contract, the Single Family (SFR) market as a whole is a solid seller's market. See Last week's city-by-city report (http://www.listedbyfred.com) for exceptions. The under $1million segment, at over 37% in contract continues in strong seller's market territory. The $1million to $2million segment gained a bit of ground in the past week and climbed into balanced/seller's market territory. $2million-$3million segment down about four points, and over $3million segment up about 1point. These may be normal fluctuations due to small sample size and probably do not represent market shifts, at least not based on one week. The trend towards strong SFR sales seems to be established, and prices remain on the upside, with average YTD SFR price at $1,324,505 vs. same period in '06, $1,148,094. YTD units sold 303 vs. '06 at 265, or an increase of a bit over $14%. Average YTD days on market a bit higher than same period last year, 97 vs 81. Months inventory of homes available 4.8 vs 5.8 at the same time in '06. Market for SFR's seems pretty healthy but could use more inventory. Sellers, this is your cue to put your homes on the market while the competition is relatively absent. Please note from the number of price reductions above that although the market presents a good opportunity, it is not a time to overprice. Pricing, preparation, and presentation are still critical. Attractive, well-located, well-priced properties are selling quickly while overpriced properties become stale.
Condominiums Last Seven Days:
New Listings 19
Contingent 12
Pending 12
Sold 14
Price Reductions 8
Withdrawn or Temp Off Mkt 3
Expired 1
Condo Market, which started out the year solidly ahead of '06 seems to have been losing momentum. YTD units sold at 94 vs. 104 at the same time last year, or a drop of about 9.6%. Average sold price is now a bit higher than '06 at $657,707 vs. last year at this time $640,857. Average days on market a bit higher than last year at 81 vs. 72.. There is currently about a 6 month supply of condo's on the market vs. 3.5 at this time last year. All price segments are in buyer's market territory. With no segment of the condo market having more than 23% of its listings in contract, there is a great opportunity for buyers here.
more next week--------
Best wishes to all,
Fred
http://www.listedbyfred.com
fred.anlyan@cbnorcal.com
Quote for the week: "It is better to ask some questions than to know all the answers."
James Thurber
Subscribe to:
Posts (Atom)
