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 There were 9 expired listings and 28 withdrawn or temporarily off the market.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
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