Hello Everyone,
There has not been a lot of change in the Marin County real estate market since the last report.
It is interesting to note that the percentage in contract for all price ranges for both SFR's and Condo's increased slightly. Inventory remained roughly stable for both condo's and SFR's.
The Marin County real estate market continues to be extremely segmented with interested buyers shopping hard and homing in on the choice properties while bypassing others. They are sharp, savvy, and well-informed. Some listings selling in a couple of days with multiple offers and over asking price. Others languishing. Some buyers frustrated by not being able to find what they want and not being able to get it when they do find it. Some sellers looking for reasons why their homes are not selling.
Homes over $2 million still in buyers' market territory, but continuing their slow climb, now at almost 19% in contract for $2-3 million price range and almost 14% for the over $3 million price range. Buyers with that kind of money to spend are on top of the game. They are voting their confidence in our real estate market and using their cash as ballots. They know a good bargain when they see one.
Advice for buyers: There are good deals out there to be had, especially in Novato. Instead of getting stuck in the rut of bidding on the same small pool of properties as everyone else, look around for something that has been on the market for a while with no competition from other buyers.
Advice for sellers: Buyers look for curb appeal first. It is important to have a great looking photo of your home on the MLS. Make sure your home looks fabulous from the street. Prospective buyers often drive right by a Sunday open house without stopping if they don't like what they see from the street. The items over which you have most control are: staging; landscaping; photography; general presentation (orderliness, etc.); pricing. Do your best to make sure these factors are impeccable.
Advice for everyone: Find a great REALTOR and follow his/her advice. REALTORS sell homes every day and visit hundreds of listings in a year. They know the market. A great agent will have facts to back up opinions and recommendations and will be happy to share them with you.
Good luck!
More next week. Until then----
Best wishes,
Fred
P.S. To see spreadsheets, please visit my website http://www.fredanlyan.com
Thursday, July 26, 2007
Thursday, July 19, 2007
The Anlyan Report. Marin Market Statistics 7.19.2007
Hello Everyone,
Inventory dropped a bit last week on both Condo's and Single Family Residences (SFR's).
SFR's are an overall buyers' market for the first time in quite a while, but at 23.7% in contract, they are not deep into that territory, nor do I expect them to be in the near future. The $0-$999k SFR market has also moderated and is close to being a balanced market, at 25.7% in contract. The $1-2million market is still a sellers' market, but just barely, at 26.2% in contract, while the more exalted price ranges seem to get further into buyers' market territory the higher they go. 52 SFR's closed escrow in the 7 days ending July 17, a very robust number. Quite a few anecdotal reports of multiple offers in prime areas. The market is healthy, but buyers are focused, and particular.
The Condo market in Marin County actually gained a bit of ground in the last week, with 17.1% of all listings in contract. Still a buyers' market, but better than the last couple of reports' in the 15% range. Also, 25 condo's closed escrow during the period, 5 times as many as a year ago. This improved the YTD condo sales comparison to minus 11.8% vs. last week's minus 13.1%.
As I have noted before in this report, and it bears repeating, the Marin real estate market is not one market. And it is not just a city-by-city market. It is a neighborhood by neighborhood and house by house market. Buyers are discriminating and well-informed. Well-located, well presented, well-priced homes with desirable features sell, and they often sell really quickly. The most effective action a buyer or seller can take is to find a great real estate agent and then take his/her advice. They really do know what makes the market tick.
More next week
Until then-------
Best wishes to all,
Fred
For more market information, spreadsheets, etc. please visit my website http://www.fredanlyan.com
Inventory dropped a bit last week on both Condo's and Single Family Residences (SFR's).
SFR's are an overall buyers' market for the first time in quite a while, but at 23.7% in contract, they are not deep into that territory, nor do I expect them to be in the near future. The $0-$999k SFR market has also moderated and is close to being a balanced market, at 25.7% in contract. The $1-2million market is still a sellers' market, but just barely, at 26.2% in contract, while the more exalted price ranges seem to get further into buyers' market territory the higher they go. 52 SFR's closed escrow in the 7 days ending July 17, a very robust number. Quite a few anecdotal reports of multiple offers in prime areas. The market is healthy, but buyers are focused, and particular.
The Condo market in Marin County actually gained a bit of ground in the last week, with 17.1% of all listings in contract. Still a buyers' market, but better than the last couple of reports' in the 15% range. Also, 25 condo's closed escrow during the period, 5 times as many as a year ago. This improved the YTD condo sales comparison to minus 11.8% vs. last week's minus 13.1%.
As I have noted before in this report, and it bears repeating, the Marin real estate market is not one market. And it is not just a city-by-city market. It is a neighborhood by neighborhood and house by house market. Buyers are discriminating and well-informed. Well-located, well presented, well-priced homes with desirable features sell, and they often sell really quickly. The most effective action a buyer or seller can take is to find a great real estate agent and then take his/her advice. They really do know what makes the market tick.
More next week
Until then-------
Best wishes to all,
Fred
For more market information, spreadsheets, etc. please visit my website http://www.fredanlyan.com
Thursday, July 5, 2007
The Anlyan Report. Marin Market Statistics 06.03.2007
Hello Everyone,
Due to the Holiday this week, this will be a shorter than normal analysis.
The monthly City by City Report is out this week (see http://www.listedbyfred.com) Percentage in contract figures are down in much of the County. Notable exceptions are Mill Valley (37%), Larkspur (25%), and San Anselmo (33%). Corte Madera and Fairfax held steady. All other Marin towns and cities experienced a decrease in the percentage of listings in contract. Novato experiencing a severe dropoff and now down to 17.7% in contract, nearing a strong buyers' market. San Rafael down to 21%, a buyers' market.
Single Family Residences (SFR) overall remained steady at about 24% in contract, while the under $1million segment gained strength, rising from 26% to 29% in contract. YTD sales of SFR's still just a squeak ahead of this time last year---at 1105 vs. 2006's 1079, up about 2.5%.
Condominium sales continue to fade with only about 17% of all listings in contract county-wide, a new low. YTD sales of condos at 289 to July 3 vs.342 last year at this time--- a 15.49% decline.
Some of these declines reflect the traditional summer slowdown. Buyers and sellers going on vacation, and less market activity overall. Sellers throughout the county should pay particular attention to Pricing, Preparation, and Presentation. Rationale for overpricing is often that sellers expect buyers will at least make some kind of offer. In fact, due to cutoff prices of automatic searches, overpriced listings are often not seen by buyers who might otherwise be interested. Overpricing often results in sale prices that are lower, and in longer sales times. Sellers are worried about pricing too low and leaving money on the table. The Market usually prevents this from happening. A low price often attracts the attention of today's savvy buyers and several offers result in an over-asking-price sale.
More next week----
Until then, best wishes,
Fred
Due to the Holiday this week, this will be a shorter than normal analysis.
The monthly City by City Report is out this week (see http://www.listedbyfred.com) Percentage in contract figures are down in much of the County. Notable exceptions are Mill Valley (37%), Larkspur (25%), and San Anselmo (33%). Corte Madera and Fairfax held steady. All other Marin towns and cities experienced a decrease in the percentage of listings in contract. Novato experiencing a severe dropoff and now down to 17.7% in contract, nearing a strong buyers' market. San Rafael down to 21%, a buyers' market.
Single Family Residences (SFR) overall remained steady at about 24% in contract, while the under $1million segment gained strength, rising from 26% to 29% in contract. YTD sales of SFR's still just a squeak ahead of this time last year---at 1105 vs. 2006's 1079, up about 2.5%.
Condominium sales continue to fade with only about 17% of all listings in contract county-wide, a new low. YTD sales of condos at 289 to July 3 vs.342 last year at this time--- a 15.49% decline.
Some of these declines reflect the traditional summer slowdown. Buyers and sellers going on vacation, and less market activity overall. Sellers throughout the county should pay particular attention to Pricing, Preparation, and Presentation. Rationale for overpricing is often that sellers expect buyers will at least make some kind of offer. In fact, due to cutoff prices of automatic searches, overpriced listings are often not seen by buyers who might otherwise be interested. Overpricing often results in sale prices that are lower, and in longer sales times. Sellers are worried about pricing too low and leaving money on the table. The Market usually prevents this from happening. A low price often attracts the attention of today's savvy buyers and several offers result in an over-asking-price sale.
More next week----
Until then, best wishes,
Fred
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