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Withdrawn or Temp Off Mkt 16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Withdrawn or Temp Off Mkt 3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
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment