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Withdrawn/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Withdrawn/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)