Hello Everyone,
Only marginal changes in the numbers again this week.
For Single Family Residences:
New Listings 104; Price Reductions 90; Contingent 43; Pending 36; Sold 39; Expired 15; Withdrawn/Temporarily off Market 21.
Average list price for YTD sold properties $1,407,462, Average Selling Price $1,379,544, Average Days on Market (DOM) 70
For Condo's:
New Listings 31; Price Reductions 27; Contingent 13; Pending 8; Sold 3; Expired 7; Withdrawn/Temporarily off Market 14
Average list price for YTD sold properties $650,143, Average Selling Price $613,262, Average Days on Market (DOM) 76
It is interesting to note that in both cases, the number of price reductions almost equals the number of new listings. Add the Withdrawn/Temporarily Off Market, and Expired listings to the number of Price Reductions to get a sense of the importance of proper pricing.
Even though all market categories are in "buyers' market" territory, it does not mean that buyers have "carte blanche". It simply means that sellers need to get in sync with the market. This includes proper preparation, pricing, and presentation.
Experienced, professional REALTORS can help with this process. They know the market and they know what is selling. Buyers are also wise to take advantage of the knowledge and experience available from an experienced real estate professional to target specific areas or homes and zero in on equitable value according to the latest market conditions.
Mortgage rates have eased somewhat since the Fed's actions last week and the fear and psychology of scarcity are starting to abate. Well qualified buyers can still obtain financing, and at historically low rates. Working with a knowledgeable, reputable lender or mortgage broker is critical to ensure that loans will fund and fund on schedule.
Homes in Marin have always held an allure and an inherent value that insulates them a bit from the full fluctuations of the real estate market. Market values may soften, but, historically, they don't drop precipitously. To see statistics going back to the 1960's, go to http://www.greathomes.org Click on the bar graph in the center of the page that says "sales statistics" , then scroll down to "yearly statistics".
It may be a pleasant surprise to see the resilience of the Marin County real estate market and its resistance to declines. If buyers are planning to live in a home for several years they will see from these statistics that history is on their side.
More next week--
Until then, best wishes to all,
Fred
p.s. For access to spreadsheets, please visit my website http://www.fredanlyan.com
Friday, September 28, 2007
Wednesday, September 19, 2007
The Anlyan Report. Marin Market Statistics 09.18.2007
Hello Everyone,
Incremental change only this week. Not much fodder for further analysis. My opinion is that the holiday pause is still working its way through the system and we will know more in a week or two. In the meantime, there are positive signs and significant activity in our real estate market.
Some numbers for the week:
SFR's: New listings, 66. Price reductions, 70. 26 of these were in Novato and 13 in San Rafael. The surprise was that Mill Valley came in at 3rd place, with 8 price reductions. Contingent, 35. Pending, 17. Sold, 32. Expired, 13. Withdrawn/Temp off Mkt., 20. Average list price for YTD sold SFR's $1,405,311 vs. $1,287,103 in 2006. Average sales price, $1,377,603 vs. 2006's $1,264,485, and Days on Market 70 this year vs. last year's 62 at this time, again for sold YTD properties.
Condo's: New Listings, 22. Price reductions, 15. Contingent, 10. Pending, 3. Sold, 3. expired, 5. Withdrawn/Temp off Mkt., 14. Average list price for YTD sold properties, $650,833 vs. $617,024 last year. Average sales price $640,862 vs. $612,816 in 2006. Days on Market, 76 this year. 66 in 2006.
The Fed took a big step this week and reduced the Federal Funds rate by half a percent. This was the first cut in four years. This move to restore confidence in the economy is a major step and should have a positive effect on our industry. The stock market has already signaled its approval. Let's wait and see what happens.
More next week---
Until then, best wishes,
Fred
p.s. For access to spreadsheets, please visit my website, http://www.fredanlyan.com
Incremental change only this week. Not much fodder for further analysis. My opinion is that the holiday pause is still working its way through the system and we will know more in a week or two. In the meantime, there are positive signs and significant activity in our real estate market.
Some numbers for the week:
SFR's: New listings, 66. Price reductions, 70. 26 of these were in Novato and 13 in San Rafael. The surprise was that Mill Valley came in at 3rd place, with 8 price reductions. Contingent, 35. Pending, 17. Sold, 32. Expired, 13. Withdrawn/Temp off Mkt., 20. Average list price for YTD sold SFR's $1,405,311 vs. $1,287,103 in 2006. Average sales price, $1,377,603 vs. 2006's $1,264,485, and Days on Market 70 this year vs. last year's 62 at this time, again for sold YTD properties.
Condo's: New Listings, 22. Price reductions, 15. Contingent, 10. Pending, 3. Sold, 3. expired, 5. Withdrawn/Temp off Mkt., 14. Average list price for YTD sold properties, $650,833 vs. $617,024 last year. Average sales price $640,862 vs. $612,816 in 2006. Days on Market, 76 this year. 66 in 2006.
The Fed took a big step this week and reduced the Federal Funds rate by half a percent. This was the first cut in four years. This move to restore confidence in the economy is a major step and should have a positive effect on our industry. The stock market has already signaled its approval. Let's wait and see what happens.
More next week---
Until then, best wishes,
Fred
p.s. For access to spreadsheets, please visit my website, http://www.fredanlyan.com
Thursday, September 6, 2007
The Anlyan Report. Marin Market Statistics 09.04.2007
Hello Everyone,
Welcome back from the Labor Day holiday. I hope that everyone enjoyed the wonderful weather and the extra time off!
Every year at this time, the housing market here in Marin County takes a little time off too, as buyers, sellers, and agents concentrate on a little leisure/travel time and/or getting ready for back to school. That is why I said last week that it is unfair to try to characterize the market at this time. The normal seasonal effects are inextricably linked with whatever effect we may or may not be getting from the financial fallout of the "mortgage meltdown" we have heard so much about. The truth is, there are still solid lenders out there who are eager to lend to qualified buyers. The application/qualification criteria have been tightened, so a bit of extra documentation may be required, and the process may take a few days longer. The key is to be sure that the broker/lender are top-of-the-line and will see the process through to a successful conclusion. Your experienced professional real estate agent can offer you some great options----be sure to use this valuable resource.
Single Family Residence inventory is down again, from 886 to 879, with all price points showing as "buyers'" markets on a county-wide basis. Certain pockets of strength continue to defy this statistic as we will se in the city-by-city report. And we finally went into negative territory on the 2006-2007 units sold comparison at minus 1.9% from a year ago. Still, the average listing and sales prices slightly ahead of the same time last year, though days on market are up a bit.
Condominium inventory also down for the week, from 312 to 293. All price points either buyers' or strong buyers' markets. This market did show some strength during the period, with 13 units sold vs. only 7 in 2006. As with SFR's, condo's still listing and selling above last year's prices, though unit volume YTD is down some 14.4%.
City-By-City Report showing everywhere except Belvedere with a decline in the percentage in contract figure. Belvedere a very small sample size with just a couple of units making a substantial difference in the figures. Corte Madera the queen of the county in terms of real estate, and still a strong sellers' market at 37.5% in contract, though that figure is down from 44.8% the week prior. Mill Valley and San Anselmo also members of the defiant royal family and still sellers' markets, at 26.7 and 26.4 percent, respectively. San Rafael losing a little ground but hanging tough at 19.07 % in contract. Novato trended down again, and sits at just 11.9% in contract, a strong buyers' market, and a tremendous opportunity for buyers who may have formerly been priced out of the Marin real estate market. Will waiting longer mean a better price? Hard to say, but it is difficult to call the bottom of any market, and prices are very attractive now.
So, what does this all mean?
Marin County always has been, and will continue to be a wonderful place to live.
The weather is great, the schools are excellent, the scenery is gorgeous, and San Francisco is just a few minutes away. Existing homes do not have a lot of sales competition from new construction in most of the County because there is not much buildable land available. And, over time, Marin County real estate has always been a good investment. The next few weeks should give a good indication of which direction the fall market season is likely to take. In the meantime, people will still be attracted to Marin County for all the reasons above, and many more, and they will need places to live!!
more next week-----
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets and tables, please visit http://www.fredanlyan.com/
Welcome back from the Labor Day holiday. I hope that everyone enjoyed the wonderful weather and the extra time off!
Every year at this time, the housing market here in Marin County takes a little time off too, as buyers, sellers, and agents concentrate on a little leisure/travel time and/or getting ready for back to school. That is why I said last week that it is unfair to try to characterize the market at this time. The normal seasonal effects are inextricably linked with whatever effect we may or may not be getting from the financial fallout of the "mortgage meltdown" we have heard so much about. The truth is, there are still solid lenders out there who are eager to lend to qualified buyers. The application/qualification criteria have been tightened, so a bit of extra documentation may be required, and the process may take a few days longer. The key is to be sure that the broker/lender are top-of-the-line and will see the process through to a successful conclusion. Your experienced professional real estate agent can offer you some great options----be sure to use this valuable resource.
Single Family Residence inventory is down again, from 886 to 879, with all price points showing as "buyers'" markets on a county-wide basis. Certain pockets of strength continue to defy this statistic as we will se in the city-by-city report. And we finally went into negative territory on the 2006-2007 units sold comparison at minus 1.9% from a year ago. Still, the average listing and sales prices slightly ahead of the same time last year, though days on market are up a bit.
Condominium inventory also down for the week, from 312 to 293. All price points either buyers' or strong buyers' markets. This market did show some strength during the period, with 13 units sold vs. only 7 in 2006. As with SFR's, condo's still listing and selling above last year's prices, though unit volume YTD is down some 14.4%.
City-By-City Report showing everywhere except Belvedere with a decline in the percentage in contract figure. Belvedere a very small sample size with just a couple of units making a substantial difference in the figures. Corte Madera the queen of the county in terms of real estate, and still a strong sellers' market at 37.5% in contract, though that figure is down from 44.8% the week prior. Mill Valley and San Anselmo also members of the defiant royal family and still sellers' markets, at 26.7 and 26.4 percent, respectively. San Rafael losing a little ground but hanging tough at 19.07 % in contract. Novato trended down again, and sits at just 11.9% in contract, a strong buyers' market, and a tremendous opportunity for buyers who may have formerly been priced out of the Marin real estate market. Will waiting longer mean a better price? Hard to say, but it is difficult to call the bottom of any market, and prices are very attractive now.
So, what does this all mean?
Marin County always has been, and will continue to be a wonderful place to live.
The weather is great, the schools are excellent, the scenery is gorgeous, and San Francisco is just a few minutes away. Existing homes do not have a lot of sales competition from new construction in most of the County because there is not much buildable land available. And, over time, Marin County real estate has always been a good investment. The next few weeks should give a good indication of which direction the fall market season is likely to take. In the meantime, people will still be attracted to Marin County for all the reasons above, and many more, and they will need places to live!!
more next week-----
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets and tables, please visit http://www.fredanlyan.com/
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