Marin County Real Estate Statistics 5.29.2007. The Anlyan Report

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Withdrawn/Temp off Mkt. 9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Withdrawn/Temp off Mkt. 5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