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Withdrawn/Temp off Mkt. 9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Withdrawn/Temp off Mkt. 5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
Wednesday, May 30, 2007
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
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