for access to spreadsheets, please see http://www.fredanlyan.com
Hello Everyone,
During the 7 days ending on November 11, the inventory of Single Family Residences (SFR) for sale in Marin County remained relatively stable at 995 units as opposed to 999 last week. Percentage in contract overall crept up about 1 point to 17.69%, still a buyers' market. Homes under $1million at 26.53% in contract, just back inside sellers' market territory, while the upper end of the market still in the "strong buyers" category: $1-2 million at 10.22%; $2-3 million at 7.34%; over $3million at 7.23%. Year to date units sold at 1411 compared to 1793 at the same time last year, or -21.3%.
MarketQuest statistics for October show that SFR's had 274 new listings for the month, 121 sales, 193 listings were cancelled. There were 162 accepted offers, average Days on Market were 105. There was an 8.5 month supply of SFR's on the market here in Marin County and the ratio of sale price to list price was 91.2%.
Condominiums did a bit better during the week. There were 335 active listings vs. last week's 330. Overall percentage in contract was 34.93%, tantalizingly close to a "strong sellers' " market. The preponderance of condo inventory that is under $1million came in at 35.89% in contract, just over the line into "strong sellers' " territory. The upper end of the market consisted of 9 units in the $1-2 million range, none of which were in contract as of 11/11. YTD units sold at 428 vs. 450 last year at this time, or only -4.8%. This figure has been catching up consistently for several months and now has almost drawn even. If the market continues its momentum it may equal or even surpass last year's total before the end of December, albeit at substantially lower prices. MarketQuest statistics show the average sold price of a Marin County condo was $450,000 in October, up from September's $427,000, but a far cry from the previous 24 month high of 779,000 in November of '07. There were 69 new condo listings, 66 sold listings, and 136 accepted offers. The ratio of accepted offers to new listings was 136%, Days on Market were 95, and there was only a 4 month supply of listings on the market. The ratio of sale price to list price was 94.1%. 49 listings expired or were cancelled.
Stock market still jumping around causing people to be cautious, especially on large purchases. Nonetheless, major opportunities await those inclined to take advantage of them.
more next week----
Until then, best wishes to all,
Fred
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