8.26.08
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
Coasting into the Labor Day holiday, real estate activity paused a bit with many sellers waiting to put their homes on the market until after the final hurrah of summer vacation.
Inventory of single family residences (SFR) decreased again, to 1085 while most price points showed moderately reduced percentage in contract. The under-$1million "entry level" home price point went from 29.4% to 27.27% in contract, but still considered a sellers' market. Sellers should not take this literally, especially not in the context of the sellers' markets of recent years. It represents market improvement but not market dominance in any sense of the word. Proper pricing, preparation, presentation, and a willingness to work with sincere and qualified buyers are important ingredients for successful sales in today's market. Year-to-date units sold -26.2% compared to last year, a continued improvement. Average YTD SFR list price $1,427,369 average sold price $1,328,373, average days on market 75. Comparable figures from 2007-average list price $1,442,063 average sold price $1,384,232, average days on market 69.
Condominium sales continue their recent improvement. While inventory actually increased by one unit, to 373, percentage in contract increased a bit to 30.29%, continuing the newly developed "sellers' market" trend. Same caveats and recommendations for sellers apply as for SFR's above. Condo YTD unit sales improved again at -24.2% compared to this time last year with average list price of $573,464, average sold price $530,610, and average days on market of 94. This compares to 2007's average list price of $659,977, average sold price $639,296, and average days on market of 74. The increased condo market activity has been bought at a price, but buyers now perceive value in the market and are acting on it.
Next week, look for the monthly city-by-city report showing trends in most Marin County cities and towns. Look for increased market activity in the coming weeks- a normal trend- as folks return from vacation and settle back into their routines.
more next week---
until then, best wishes to all,
Fred
Saturday, August 30, 2008
Saturday, August 23, 2008
The Anlyan Report 8.19.2008
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
Another relatively quiet week in Marin County. Everyone finishing up their summer vacations, getting the kids back to school, etc. Real estate has been "on hold" in a lot of people's minds. Look for increased market activity in the coming weeks.
In the 7 days ending on August 19, inventory remained steady and percentage-in- contract figures declined for both single family residences (SFR) and condo's in most price categories. Exceptions were SFR's in the $2M and up range which showed modest gains. Year-to-date unit sales, although still below this time last year, continued to narrow the gap, with SFR's going from -28% the previous week to -27.5% in the current period, and condo's improving from -27.3% to-25%.
There were 65 new SFR listings between 8/13 and 8/19, 69 price reductions, 48 properties went contingent, 28 pending, 42 sold, 10 expired, and 26 withdrawn or temporarily off the market. For condo's, the figures were 19 new listings, 23 price reductions, 16 contingent, 10 pending, 14 sold, 4 expired, and 11 withdrawn or temporarily off the market.
According to La Jolla-based DataQuick Information Services, Marin County median home prices held up 3rd best in the state, at -13.12% (compared to last July), behind only San Francisco (-4.1%) and San Luis Obispo (-11.3%). And, out of 11 Marin County towns and cities listing median price figures, 6 showed year-over-year median price appreciation. For details, see http://dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx as well as the accompanying article on Bay Area home sales at http://dqnews.com/News/California/Bay-Area/RRBay080819.aspx
More next week------
Until then, best wishes to all,
Fred
Hello Everyone,
Another relatively quiet week in Marin County. Everyone finishing up their summer vacations, getting the kids back to school, etc. Real estate has been "on hold" in a lot of people's minds. Look for increased market activity in the coming weeks.
In the 7 days ending on August 19, inventory remained steady and percentage-in- contract figures declined for both single family residences (SFR) and condo's in most price categories. Exceptions were SFR's in the $2M and up range which showed modest gains. Year-to-date unit sales, although still below this time last year, continued to narrow the gap, with SFR's going from -28% the previous week to -27.5% in the current period, and condo's improving from -27.3% to-25%.
There were 65 new SFR listings between 8/13 and 8/19, 69 price reductions, 48 properties went contingent, 28 pending, 42 sold, 10 expired, and 26 withdrawn or temporarily off the market. For condo's, the figures were 19 new listings, 23 price reductions, 16 contingent, 10 pending, 14 sold, 4 expired, and 11 withdrawn or temporarily off the market.
According to La Jolla-based DataQuick Information Services, Marin County median home prices held up 3rd best in the state, at -13.12% (compared to last July), behind only San Francisco (-4.1%) and San Luis Obispo (-11.3%). And, out of 11 Marin County towns and cities listing median price figures, 6 showed year-over-year median price appreciation. For details, see http://dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx as well as the accompanying article on Bay Area home sales at http://dqnews.com/News/California/Bay-Area/RRBay080819.aspx
More next week------
Until then, best wishes to all,
Fred
Friday, August 15, 2008
The Anlyan Report. Marin Market Statistics 08.12.2008
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
A relatively quiet mid-summer real estate week in Marin County!
Condominiums continued their steady progress, finishing the week at slightly over 31% in contract overall. The $0-999K Condo market increased to 31% from 29% last week while inventory remained roughly the same. There were 18 new condo listings, 19 price reductions, 21 listings went contingent, 11 pending, 12 sold, 5 expired, and 8 were withdrawn or temporarily off the market. Year-to-date, 258 condo's have sold in the County, compared to 355 at the same time last year, or 27% fewer units. This is a continued improvement from the -29% at last report. Prices are down, with the average YTD sold condo price at a bit over $533,000, compared to $640,000 last year at the same time. Condo's showing a bit more strength now, but no time for sellers to push the envelope on price. Best course of action is to consult with a local real estate professional familiar with your market. Then take that person's advice! Particularly important--- make sure the property is priced right and looks its best before it hits the market
Single Family Residences. Inventory overall roughly even on the boards with 1099 active listings during the period, compared to 1098 a week ago. $0-$999K "entry-level" homes inventory up slightly at 552 vs 544 a week ago, and now a solid sellers' market at 30.8% in contract. Upper-end homes mixed, with the $1M-$2M range picking up a couple of points to 16.5% in contract vs. slightly over 14% a week ago, a buyers' market. $2M-$3M market dropping from 15.8% to 14% in contract, and $3M and up market also dropping from 13% in contract to 10.4% in contract.
There were 55 new listings of single family homes, 76 price reductions, 41 properties went contingent, 29 pending, 32 sold,12 expired, and 22 properties were withdrawn or temporarily off the market. Through August 12, 993 single family homes have sold, compared to 1380 last year, or 28% fewer, representing an improvement from the week-ago figure of -28.9%. Average YTD sold price at $1,349,537 vs. last years figure of $1,367,841. Pricing, preparation, and presentation critical in this market. Professional real estate advice from an experienced local agent is invaluable. Market conditions looking up but constantly changing and vary by town, area, and neighborhood.
More next week---
Until then, best wishes for the rest of the summer,
Fred
Hello Everyone,
A relatively quiet mid-summer real estate week in Marin County!
Condominiums continued their steady progress, finishing the week at slightly over 31% in contract overall. The $0-999K Condo market increased to 31% from 29% last week while inventory remained roughly the same. There were 18 new condo listings, 19 price reductions, 21 listings went contingent, 11 pending, 12 sold, 5 expired, and 8 were withdrawn or temporarily off the market. Year-to-date, 258 condo's have sold in the County, compared to 355 at the same time last year, or 27% fewer units. This is a continued improvement from the -29% at last report. Prices are down, with the average YTD sold condo price at a bit over $533,000, compared to $640,000 last year at the same time. Condo's showing a bit more strength now, but no time for sellers to push the envelope on price. Best course of action is to consult with a local real estate professional familiar with your market. Then take that person's advice! Particularly important--- make sure the property is priced right and looks its best before it hits the market
Single Family Residences. Inventory overall roughly even on the boards with 1099 active listings during the period, compared to 1098 a week ago. $0-$999K "entry-level" homes inventory up slightly at 552 vs 544 a week ago, and now a solid sellers' market at 30.8% in contract. Upper-end homes mixed, with the $1M-$2M range picking up a couple of points to 16.5% in contract vs. slightly over 14% a week ago, a buyers' market. $2M-$3M market dropping from 15.8% to 14% in contract, and $3M and up market also dropping from 13% in contract to 10.4% in contract.
There were 55 new listings of single family homes, 76 price reductions, 41 properties went contingent, 29 pending, 32 sold,12 expired, and 22 properties were withdrawn or temporarily off the market. Through August 12, 993 single family homes have sold, compared to 1380 last year, or 28% fewer, representing an improvement from the week-ago figure of -28.9%. Average YTD sold price at $1,349,537 vs. last years figure of $1,367,841. Pricing, preparation, and presentation critical in this market. Professional real estate advice from an experienced local agent is invaluable. Market conditions looking up but constantly changing and vary by town, area, and neighborhood.
More next week---
Until then, best wishes for the rest of the summer,
Fred
Friday, August 8, 2008
The Anlyan Report. Marin Market Statistics 08.05.2008
for access to spreadsheets, please see http://www.fredanlyan.com
Hello Everyone,
Monthly City-by-City report out this month shows 6 of 13 listed markets down and 7 up. Greenbrae still the king of the hill even with a slight drop since last month--coming in with 10 of 26 properties in contract, or 38.46%. Sausalito on the bottom rung of the Marin real estate market ladder this month with only 9.8% of listed properties in contract as of August 5, a strong buyers' market. Biggest surprise- Mill Valley, going from 26.7% in contract to 21.52% and from sellers' to buyers' market in the process. A great time for Mill Valley buyers to take advantage of what is probably a temporary market condition in this perennially popular community. San Rafael and Novato continue to improve their position at 26.8 and 27.98% in contract, respectively.
Single Family Residences (SFR): For the month of July, there were 258 new listings, 268 accepted offers, yielding a ratio of accepted offers to new listings of 103.9% and a 5.4 month supply of inventory, the lowest since April of '07. 176 properties sold and the ratio of sale price to list price was 94.7%, a slight improvement over last month's 93.6%. Inventory was down again from 1125 to 1098, and the overall percentage in contract for all price ranges was 22.4%, a buyers' market. $0-999K "starter" homes were up to 30.7% in contract, a strong sellers' market, while the upper end of the SFR market was substantially softer--$1M-$1.99M down from 16.9% to 14.3% in contract, a strong buyers' market; $2M to $2.99M up marginally (.15%) to 15.84% and still a buyers' market, and finally, the over-$3million market fell from 14,85% in contract to 13%, presenting a great opportunity for well-heeled buyers to scoop up tremendous bargains. Year to date units sold vs last year picks up a very slight advantage, going from -28.9% to -28.6%, but at least headed in the right direction.
Condos: There were 89 new listings and 108 accepted offers, yielding a ratio of accepted offers to new listings of 121.3%, and bringing the months' supply of inventory down to 5.7, the lowest since June of 2007. 52 condominiums sold, and the ratio of sale price to list price was 91.2, a slight improvement over last month's 90.3%.
Inventory was down again to 376 units from 385 last week. Overall percentage in contract down 1 tenth of 1 percent to 28.99%- still a sellers' market. The $0-$999K segment was down 1% to 28.58%, remaining a sellers' market as well. The $1M to $1.99M market down to 20% in contract, still a buyers' market, but representing only 20 units. Year to date units sold vs. last year narrows to -27.9%, a continued improvement, following the recent trend.
It is important to remember that the terms "buyers'" and "sellers'" market are relative and do not mean what they have meant in the past. Market generalizations do not necessarily apply to every home and there are certainly many exceptions. Pricing is critical in this market and overpricing is probably the greatest single reason that listings do not sell. The advice of a local real estate professional with recent experience in your market is an important component for success in the current market for both buyers and sellers.
more next week----
Until then, best wishes to all,
Fred
Hello Everyone,
Monthly City-by-City report out this month shows 6 of 13 listed markets down and 7 up. Greenbrae still the king of the hill even with a slight drop since last month--coming in with 10 of 26 properties in contract, or 38.46%. Sausalito on the bottom rung of the Marin real estate market ladder this month with only 9.8% of listed properties in contract as of August 5, a strong buyers' market. Biggest surprise- Mill Valley, going from 26.7% in contract to 21.52% and from sellers' to buyers' market in the process. A great time for Mill Valley buyers to take advantage of what is probably a temporary market condition in this perennially popular community. San Rafael and Novato continue to improve their position at 26.8 and 27.98% in contract, respectively.
Single Family Residences (SFR): For the month of July, there were 258 new listings, 268 accepted offers, yielding a ratio of accepted offers to new listings of 103.9% and a 5.4 month supply of inventory, the lowest since April of '07. 176 properties sold and the ratio of sale price to list price was 94.7%, a slight improvement over last month's 93.6%. Inventory was down again from 1125 to 1098, and the overall percentage in contract for all price ranges was 22.4%, a buyers' market. $0-999K "starter" homes were up to 30.7% in contract, a strong sellers' market, while the upper end of the SFR market was substantially softer--$1M-$1.99M down from 16.9% to 14.3% in contract, a strong buyers' market; $2M to $2.99M up marginally (.15%) to 15.84% and still a buyers' market, and finally, the over-$3million market fell from 14,85% in contract to 13%, presenting a great opportunity for well-heeled buyers to scoop up tremendous bargains. Year to date units sold vs last year picks up a very slight advantage, going from -28.9% to -28.6%, but at least headed in the right direction.
Condos: There were 89 new listings and 108 accepted offers, yielding a ratio of accepted offers to new listings of 121.3%, and bringing the months' supply of inventory down to 5.7, the lowest since June of 2007. 52 condominiums sold, and the ratio of sale price to list price was 91.2, a slight improvement over last month's 90.3%.
Inventory was down again to 376 units from 385 last week. Overall percentage in contract down 1 tenth of 1 percent to 28.99%- still a sellers' market. The $0-$999K segment was down 1% to 28.58%, remaining a sellers' market as well. The $1M to $1.99M market down to 20% in contract, still a buyers' market, but representing only 20 units. Year to date units sold vs. last year narrows to -27.9%, a continued improvement, following the recent trend.
It is important to remember that the terms "buyers'" and "sellers'" market are relative and do not mean what they have meant in the past. Market generalizations do not necessarily apply to every home and there are certainly many exceptions. Pricing is critical in this market and overpricing is probably the greatest single reason that listings do not sell. The advice of a local real estate professional with recent experience in your market is an important component for success in the current market for both buyers and sellers.
more next week----
Until then, best wishes to all,
Fred
Friday, August 1, 2008
The Anlyan Report. Marin Market Statistics 07.29.2008
Hello Everyone,
( for access to spreadsheets, please see http://www.fredanlyan.com )
Lots of news this week: President Bush signed a sweeping housing bill aimed at providing relief to help beleaguered homeowners as well as setting up a rescue plan for federal mortgage guarantors; Pasadena, Ca.-based IndyMac Bancorp filed for bankruptcy protection, becoming the 3rd largest bank failure in U.S. history; Treasury Secretary Henry Paulson predicted in a speech to a Washington audience that the economy will continue growing at a moderate pace for the rest of this year, despite housing slump-induced problems; DataQuick Information Systems of La Jolla, CA released a report saying that California foreclosure activity was up from last quarter but that "On a loan-by-loan basis, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties - an historical norm"--- and Marin County continued to defy the gloom and doom with sales statistics that reflect optimism and confidence in the economy and the future.
Inventory of Marin County Single Family Residences was down again from the previous week with percentage in contract remaining roughly the same at 22.76% vs. 22.77% the week before. Properties under $1million dropping only very slightly, from 30.47% to 29.4% in contract, still a sellers' market. Properties over $1million experiencing increased percentage in contract in all price segments but all still buyers' markets. YTD units sold again narrowing the gap between this year and 2007, going from -29% to -28.9%, a very small drop, but continuing a trend in the right direction. Days on Market at 76 vs. 69 at this time last year and average sold price down slightly at $1,346,697 vs. $1,371,034 at the same time last year. There were 46 new SFR listings for the week, 48 properties went contingent, 34 pending, and 41 were sold. There were 9 expired listings and 28 withdrawn or temporarily off the market.
Condo inventory down again as well, from 391 to 385, with overall percentage in contract up from 28.39% to 29.09% and the under-$1million segment increasing from 28.8% to 29.56% in contract, both indicating a sellers' market. YTD unit sales improving their position again relative to last year at -29.7% vs -31% last week. Condo Days on Market at 94 vs. 74 last year at this time, and condo prices down significantly with the average price of YTD sold properties at $531,795 vs. last year's $637,608. Condo units under $1million now showing as a sellers' market with only the very small over-$1million condo market still a buyers' market.
Does this mean a return to free-form pricing and let the good times roll? Not in this writer's opinion. Remember, the condo market worked really hard to get back in the game, experiencing a significant pricing drop along the way. Proper pricing is still critical on both condo's and SFR's, but properly priced, presented, and marketed properties are selling. Conversations with other agents this week revealed a number of transactions that experienced multiple offers and still went into contract at less than the listing price. Further local research reveals many deals going through one or more counter-offers, largely based on price, and the buyers' expectations of receiving $off from list price. Agents becoming wary of pricing too low due to awareness that whatever the price, buyers want to feel they got a bargain. Some choice properties still attracting offers over asking price, but the exception rather than the rule. Best advice for buyers and sellers: Hire a real estate professional experienced in your market and then follow the advice provided. Be willing to negotiate in good faith. And get ready to move.
more next week-----
Until then, best wishes to all,
Fred
( for access to spreadsheets, please see http://www.fredanlyan.com )
Lots of news this week: President Bush signed a sweeping housing bill aimed at providing relief to help beleaguered homeowners as well as setting up a rescue plan for federal mortgage guarantors; Pasadena, Ca.-based IndyMac Bancorp filed for bankruptcy protection, becoming the 3rd largest bank failure in U.S. history; Treasury Secretary Henry Paulson predicted in a speech to a Washington audience that the economy will continue growing at a moderate pace for the rest of this year, despite housing slump-induced problems; DataQuick Information Systems of La Jolla, CA released a report saying that California foreclosure activity was up from last quarter but that "On a loan-by-loan basis, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties - an historical norm"--- and Marin County continued to defy the gloom and doom with sales statistics that reflect optimism and confidence in the economy and the future.
Inventory of Marin County Single Family Residences was down again from the previous week with percentage in contract remaining roughly the same at 22.76% vs. 22.77% the week before. Properties under $1million dropping only very slightly, from 30.47% to 29.4% in contract, still a sellers' market. Properties over $1million experiencing increased percentage in contract in all price segments but all still buyers' markets. YTD units sold again narrowing the gap between this year and 2007, going from -29% to -28.9%, a very small drop, but continuing a trend in the right direction. Days on Market at 76 vs. 69 at this time last year and average sold price down slightly at $1,346,697 vs. $1,371,034 at the same time last year. There were 46 new SFR listings for the week, 48 properties went contingent, 34 pending, and 41 were sold. There were 9 expired listings and 28 withdrawn or temporarily off the market.
Condo inventory down again as well, from 391 to 385, with overall percentage in contract up from 28.39% to 29.09% and the under-$1million segment increasing from 28.8% to 29.56% in contract, both indicating a sellers' market. YTD unit sales improving their position again relative to last year at -29.7% vs -31% last week. Condo Days on Market at 94 vs. 74 last year at this time, and condo prices down significantly with the average price of YTD sold properties at $531,795 vs. last year's $637,608. Condo units under $1million now showing as a sellers' market with only the very small over-$1million condo market still a buyers' market.
Does this mean a return to free-form pricing and let the good times roll? Not in this writer's opinion. Remember, the condo market worked really hard to get back in the game, experiencing a significant pricing drop along the way. Proper pricing is still critical on both condo's and SFR's, but properly priced, presented, and marketed properties are selling. Conversations with other agents this week revealed a number of transactions that experienced multiple offers and still went into contract at less than the listing price. Further local research reveals many deals going through one or more counter-offers, largely based on price, and the buyers' expectations of receiving $off from list price. Agents becoming wary of pricing too low due to awareness that whatever the price, buyers want to feel they got a bargain. Some choice properties still attracting offers over asking price, but the exception rather than the rule. Best advice for buyers and sellers: Hire a real estate professional experienced in your market and then follow the advice provided. Be willing to negotiate in good faith. And get ready to move.
more next week-----
Until then, best wishes to all,
Fred
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