Hello Everyone,
The city-by-city report is out. ( to see original spreadsheets, please visit my website, link is below) Briefly, the percentage of listings in contract increased in Sausalito, Belvedere, Tiburon, and Corte Madera (Sausalito still a buyers' market despite the increase). All other cities saw a downturn during the month, including Kentfield, which is now showing as a buyers' market again. What does this mean, and is it a trend? I don't know, but if I were shopping for real estate, I would view this as a great time to buy in the cities where the numbers have eased. Novato still holding its own, and just below a balanced market at 23.3% in contract. This despite an increase in listings from 336 to 369. Great opportunity and lots of selection for buyers.
Single Family Residences (SFR).
Every price segment saw a decline in the percentage of listings in contract during the last week. This could just be a result of the Memorial Day holiday. Let's wait and see.
SFR numbers for the week (all figures for YTD sold SFR properties vs.2006 on the same date)
YTD units sold at 896 for vs. 858 last year, up 4.4%
Days on market 72 vs. 63. Avg. list price $1,376,969 vs. $1,266,787, and avg. sold price $1,352,481 vs. $1,245,613.
SFR Activity in the last 7 days
New listings 82
Reduced 69
Contingent 62
Pending 46
Sold 72
Expired 14
Withdrawn/
Temp off Mkt. 18
Condo's
Condo inventory increased only marginally, and the percentage in contract actually incresed in all price categories. All price points still buyers' markets although outstanding individual units still may attract multiple offers. Condo's still a great opportunity for buyers pretty much across the board.
Condo numbers for the week (all figures for YTD sold condo properties vs.2006 on the same date)
YTD units sold at 234 for vs. 278 last year, down 15.8%. This actually shows inprovement over last week's figure of -17.6%. Days on market 77 vs. 63. Avg. list price $637,643 vs. $621,425, and avg. sold price $628,316 vs. $617,471.
Condo Activity in the last 7 days
New listings 30
Reduced 21
Contingent 15
Pending 11
Sold 15
Expired 8
Withdrawn/
Temp off Mkt. 14
SFR market still a bit stronger than the Condo market, but (at least in most areas) not too far into sellers' market territory, and condos not too far into buyers' market territory. At least at the moment, the overall Marin real estate market showing signs of balance. Still a lot of escrows being opened. Still stories about multiple offers on prime properties. But still not a time for over-ambitious pricing. Well-priced, well-located, well-marketed homes are selling and over-priced, poorly-presented homes are sitting. Many deals go through several counter-offers before buyers and sellers agree. Advice for buyers and sellers---be ready to negotiate, be reasonable, patient, and polite, and be ready to move.
More next week. Until then, best wishes to all,
Fred
p.s. For access to spreadsheet info, please visit http://www.listedbyfred.com
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