Hello Everyone,
There were 97 new listings of Single Family Residences in Marin County in the last week, and the overall SFR market slipped into buyers' market territory (but just barely) for the first time in quite a while. Every price point showed a decrease in the percentage of listings in contract, with the exception of the $2-$3million range which increased, but less than half a percent. There were 60 price reductions on SFR's during the week. Days on Market (for units sold) this year still up from last year at 70 vs. 62 for the same date On a more positive note, in the month of May there were 378 accepted offers on Marin SFR's. In the last 24 months, the only number close to this was April of 2005, with 360. The average selling price of a Single Family Residence in Marin County, YTD, for sold listings is $1,370,146. Last year it was $1,257,249. YTD unit sales of SFR's still running ahead of the same time last year, at 1008 vs. 951 on this date in 2006 a 6% increase.
The Marin real estate market continues to be segmented, with some (prime) listings garnering multiple offers, and others sitting on the market. Novato a challenging market for sellers with more competition and many price reductions. Preparation, pricing, and presentation still the keys to selling quickly and getting the best price.
SFR numbers for the last 7 days
New Listings 97
Price Reductions 60
Contingent 55
Pending 41
Sold 53
Expired 4
Withdrawn/
Temp. off Mkt. 19
Condominiums' percentage in contract was down overall, though the $1-$2 million range was actually up about 3 points, from 27.3% to 30.4%. Condo market in Marin challenging for sellers at the moment. Current days on market (DOM) for condo's is 76, vs. 63 last year for YTD sold units. Buyers of condo's have a good selection and a great opportunity to negotiate on price. 25 new condo listings during the week. YTD Price for units sold still ahead of last year at $637,983 vs $624,758 last year even though YTD units sold are down at 255 vs. 308 at the same time last year, a 17% drop.
Condo numbers for the last 7 days
New Listings 25
Price Reductions 12
Contingent 17
Pending 12
Sold 11
Expired 12
Withdrawn/
Temp. off Mkt. 5
Mortgage rates have edged up in recent weeks, reducing many buyers' home purchasing power, but there seem to be an impressive number of buyers who are flush with cash and for whom mortgages are not a deciding factor. Current market in Marin defies a single label. Much of it balanced. Some pockets of buyers' markets, some of sellers'. Something for everybody. A knowledgeable real estate professional can guide buyers and sellers in achieving their goals and dreams. There is still lots of activity and opportunity.
No statistics next week. Will have the next report for you with monthly city-by-city report during the July 4th week.
Until then, best wishes to all----
Fred
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