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Withdrawn/Temp off Mkt 16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 Note that with 30 price reductions and 16 withdrawn/temp off market, the market is still not a slam dunk for sellers.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Withdrawn/Temp off Mkt 3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Stats will not be published next week, and the next edition will be the week of April 1.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
Wednesday, March 21, 2007
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
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