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
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