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
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