Hello Everyone,
I hope you all are enjoying the long holiday weekend and the wonderful weather.
The Marin real estate market has entered its slower holiday mode and there is not much major news. The Single Family Residence market had 26 new listings, 36 sales, 35 listings that went contingent, and 32 pending. So sales activity exceeded listing activity. Inventory went down marginally. Performance compared to 2006 continued to slip just a bit, with YTD sales going from -6.8% to -7%. There were 49 price reductions, 13 expired, and 25 listings that were withdrawn or temporarily off the market. Average days on market at 70 vs. 63 at this time last year.
Condo market still a bit sluggish, with 16 new listings, 14 sold, 10 contingent, only 2 pending. There were 13 price reductions, 9 expired listings, and 5 that were withdrawn or temporarily off the market. YTD condo sales at -21% vs. this time last year. Average days on market at 76 vs. 69 at this time in 2006. Current condo market represents a major opportunity for qualified buyers, especially in Novato. Those who wait for it to get better may be saying "shoulda, coulda, woulda" in a few months.
more next week-----
Wishing you all the best for the Holidays,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Sunday, November 25, 2007
Saturday, November 17, 2007
the anlyan
Hello Everyone,
Starting into the traditionally slower holiday period, the number of active listings is headed downward, a normal trend for this time of year. Inventory figures are just about in line with the same time last year.
Percentage in contract figures for both SFR's and condo's continued their upward trend in almost every price range during the last week SFR's under $1million very close to a balanced market at 23.4% in contract, though they remain, officially, in buyers market territory. Condos in the $1million-$2million price range clocked in this week at 30% in contract, a sellers market, but the sample size is so small (20 units with 6 in contract) that 1 or two units going in or out of escrow can cause a significant swing.
Agents holding open homes reporting great traffic on new listings, slowing as time goes on. Buyers' agents saying that buyers are out there looking and making offers when they see properties they like. Sellers well advised to dress their homes for success and grab the buyers' interest right at the start. Not a time to test the market with overly aggressive pricing. Preparation, pricing, presentation still the buzzwords for this market. Several articles out this week noted a modest turnaround possible for the real estate market in 2008. Based on available facts, this writer would agree. Some agents report investors and high net worth individuals pursuing acquisition of property on the theory it won't go much lower.
Waiting for the bottom of the market often results in having to buy while prices are on the way up.
more next week
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Starting into the traditionally slower holiday period, the number of active listings is headed downward, a normal trend for this time of year. Inventory figures are just about in line with the same time last year.
Percentage in contract figures for both SFR's and condo's continued their upward trend in almost every price range during the last week SFR's under $1million very close to a balanced market at 23.4% in contract, though they remain, officially, in buyers market territory. Condos in the $1million-$2million price range clocked in this week at 30% in contract, a sellers market, but the sample size is so small (20 units with 6 in contract) that 1 or two units going in or out of escrow can cause a significant swing.
Agents holding open homes reporting great traffic on new listings, slowing as time goes on. Buyers' agents saying that buyers are out there looking and making offers when they see properties they like. Sellers well advised to dress their homes for success and grab the buyers' interest right at the start. Not a time to test the market with overly aggressive pricing. Preparation, pricing, presentation still the buzzwords for this market. Several articles out this week noted a modest turnaround possible for the real estate market in 2008. Based on available facts, this writer would agree. Some agents report investors and high net worth individuals pursuing acquisition of property on the theory it won't go much lower.
Waiting for the bottom of the market often results in having to buy while prices are on the way up.
more next week
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
Thursday, November 8, 2007
Marin County Real Estate Statistics 11.06.2007. The Anlyan Report
Hello Everyone,
City-by-City report out this week shows percentage in contract up in Sausalito, Belvedere, Tiburon, Larkspur, Greenbrae, and Kentfield. Also notably up in San Rafael and Novato, two areas that have lagged in recent weeks, perhaps an early sign of improvement in these two markets--- but still plenty of room for smart buyers with an eye for value to do well. Mill Valley and Fairfax both holding steady, Mill Valley just on the south side of balanced, in buyers market territory, and Fairfax deep into buyers' market territory. Remember these are general market conditions and certain properties always defy the norm, so the advice of an experienced real estate professional is invaluable. Corte Madera surprisingly edged into buyers' market territory after a long run as a strong sellers' market. Probably temporary but bears watching. Ross and San Anselmo also down significantly.
Single Family inventory down again, to 888 overall, and down at every price point. Percent of SFR's in contract overall is up slightly, mostly due to renewed strength in the "entry level" under $1million market. The over $1million price range down moderately at every price point. Overall SFR volume down 6.6 percent from the same time last year, and days on market up slightly from 63 to 70, but average sale price still up at $1,377,194 vs. ytd 2006 of $1,248,383.
Condominiums down in volume just over 21 percent at 440 units so far for the year vs. 559 in 2006, but average sale price of $646,484 still trumps 2006's $611,435. Days on market at 76 vs. 2006's ytd of 68. Just two units sold in the past week, but enough went pending to push the percentage in contract over 15% for the first time in quite a while, taking the overall condo market to "buyers' market" from "strong buyers'". Don't know whether this is a trend or not, but I join several hundred condo owners in hoping that it is. We will keep an eye on this for further developments. Meanwhile, condo's in Marin continue to be a great opportunity for buyers.
More next week.
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
City-by-City report out this week shows percentage in contract up in Sausalito, Belvedere, Tiburon, Larkspur, Greenbrae, and Kentfield. Also notably up in San Rafael and Novato, two areas that have lagged in recent weeks, perhaps an early sign of improvement in these two markets--- but still plenty of room for smart buyers with an eye for value to do well. Mill Valley and Fairfax both holding steady, Mill Valley just on the south side of balanced, in buyers market territory, and Fairfax deep into buyers' market territory. Remember these are general market conditions and certain properties always defy the norm, so the advice of an experienced real estate professional is invaluable. Corte Madera surprisingly edged into buyers' market territory after a long run as a strong sellers' market. Probably temporary but bears watching. Ross and San Anselmo also down significantly.
Single Family inventory down again, to 888 overall, and down at every price point. Percent of SFR's in contract overall is up slightly, mostly due to renewed strength in the "entry level" under $1million market. The over $1million price range down moderately at every price point. Overall SFR volume down 6.6 percent from the same time last year, and days on market up slightly from 63 to 70, but average sale price still up at $1,377,194 vs. ytd 2006 of $1,248,383.
Condominiums down in volume just over 21 percent at 440 units so far for the year vs. 559 in 2006, but average sale price of $646,484 still trumps 2006's $611,435. Days on market at 76 vs. 2006's ytd of 68. Just two units sold in the past week, but enough went pending to push the percentage in contract over 15% for the first time in quite a while, taking the overall condo market to "buyers' market" from "strong buyers'". Don't know whether this is a trend or not, but I join several hundred condo owners in hoping that it is. We will keep an eye on this for further developments. Meanwhile, condo's in Marin continue to be a great opportunity for buyers.
More next week.
Until then, best wishes to all,
Fred
p.s. for spreadsheets, please visit http://www.fredanlyan.com
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