(for access to spreadsheets, please see http://www.fredanlyan.com )
6.17.2008
Hello Everyone,
The Marin County real estate market results for the past week were mixed.
DataQuick, the LaJolla, Ca. based real estate news service, reported as follows:
"A total of 6,216 new and resale houses and condos closed escrow in the nine-county Bay Area in May. That was down 1.5 percent from 6,310 in April, and down 23.1 percent from 8,080 in May 2007, DataQuick Information Systems reported. Last month was the slowest May in DataQuick's statistics, which go back to 1988."
A bit of a comedown from April. Data Quick's commentary on that:
"April had broken a seven-month string of record-low months that began after the credit crunch hit last August, where each month had the lowest sales for that particular month since 1988. April saw a record month-to-month sales increase of 28.8 percent from March. However, it appears at least a portion of the April gain was the result of escrows taking longer to close this year. Some sales that would normally have closed in March, seasonally a strong month, likely spilled into April."
(full text of article available at http://www.dqnews.com/News/California/Bay-Area/RRBay080618.aspx )
Marin County single family residences slipped from 22.9% to 21.87% in contract on an overall basis, a buyers' market. The $0-$999K single family home market, which briefly ventured into sellers' market territory in our last report slipped from 26.04% to 25.3% in contract, now back in the "balanced" range. 46 Single family residences closed escrow in the county for the 7day period ending June 17, compared to 43 last year. As a result, YTD SFR unit sales compared to 2007 improved a bit, from -34% to -32.3%. Average YTD list price for units sold, $1,420,038, average sold price, $1,369,833, average Days on Market, 77. Comparable numbers in 2007 were $1,390,183, $1,365,386, and 70. We are now near the halfway point of the year, and entering a traditionally slower sales period as people turn their attention to vacations and travel. Let's watch and see what develops in the next few weeks.
Condominium sales in the County fared a bit less well but there was still some good news. Condo's overall stayed "balanced" at 25.83% in contract, a slight increase from the previous week's 25.06%. Condo's under $1million increased from 26.08% to 26.82% in contract, hanging in there in sellers' market territory for the second week. (Sellers, take this with the proverbial grain of salt; proper pricing is still critical.) In spite of this, closed condo escrows for the 7 days ended on June 17 were only 6 units, compared to 14 in 2007. Total YTD units sold slipped from -37.2% to -38% compared to 2007.
Average list price was $580,381. Average sold price $563,811, and DOM at 92. These figures compared to 2007's $641,797, $632,794, and 75. Obviously, condo prices have come down considerably over the course of the year, pushed by REO's (bank owned real estate) selling at low prices, particularly in Novato.
Marin County real estate market continues to be segmented, with no true "average" Marin home. Market is neighborhood by neighborhood, and the above trends are only averages. It is critical during this market to have the advice of an experienced local REALTOR who is familiar with the specific neighborhood. Certain areas are doing spectacularly well, others more challenging. Marin County is a great place to work and live, expansion is limited, and there is a lot of demand for homes in the County. This insulates us a bit, and the swings of our market are considerably less intense than elsewhere in the state or the nation but local real estate is still sensitive to the economic news of the moment. Historically, Marin County real estate has been an excellent investment and some of the current favorable prices offer buyers an opportunity to get a great home at an affordable price. What could be better?
more next week.
Until then, best wishes to all,
Fred
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