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
Wednesday, April 25, 2007
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
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