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
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