for access to spreadsheets please see http://www.fredanlyan.com
7.5.2009
Hello Everyone,
A short trading week with the Dow Jones Index down over 200 points on Thursday as government reports that unemployment hit a 26 year high took a bite out of investors' confidence and put the brakes on the recent rally in equity prices. This uncertainty typically carries over into the housing market where a lack of confidence in the economy keeps many buyers in the wings. May be a good situation for contrarians with the confidence to vote their convictions with their wallets.
City-by-City report out this week shows 8 of 13 cities and towns percentage in contract down, and 5 up. Novato still leading the pack with an amazing 50.73% of MLS listings (Condo's and Single Family combined) in contract as of June 29. San Anselmo in 2nd place at 34.62%, and San Rafael a solid 3rd at 33.33%. A point of interest--- of 341 active listings in Novato, 101 were condo's, and 64 of those were in contract on June 29, a sizzling 63%.
Single Family Residences (SFR) inventory in Marin County dropped to 1236 from 1256 at last report. Overall percentage in contract stayed about the same at 26.7%. $0-$999k price range doing best at 39.06% in contract due to relative availability of mortgage money in this segment. $1million to $1.99million homes at 16.53% in contract while $2million to $2.99million at 10.16% and $3million and up at only 7.21%--- reflecting the difficulty of getting "Jumbo" financing at this point in time. There is money out there but lenders are skittish, many requiring two independent appraisals as well as Full documentation. Lending process backed up at institutions doing these loans and taking substantially longer than was formerly the case. Individuals with cash or with large down payments in good negotiating position on higher-end homes with sellers now paying careful attention to which buyer is most likely to be successful in obtaining financing. During the month of June accepted offers on SFR's in Marin amounted to 27.7% of existing inventory and 105% of new listings (source NRT MarketQuest) , the highest in the past 24 months.
Condo's overall at 38.63% in contract on a county-wide basis with 124 of 321 MLS- listed properties in contract on June 30. There were 239 new condo listings and 88 accepted offers, or 111.4%, the highest in the past 24 months. Accepted condo offers amounted to 36.8% of total existing MLS-listed condo inventory, also a 24 month high as home buyers and investors snapped up properties at prices unheard of a year or 2 ago.
Hoping that everyone had a happy and safe 4th!
More next time.
Until then, best wishes to all,
Fred
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