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 There were 61 price reductions, 6 expired, and 17 withdrawn or temporarily off the market.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 Figures for the last 7 days: new listings 21; contingent 14; pending 9; sold 12; price reductions 21; expired 3; withdrawn/temp off mkt. 6.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
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