Hello Everyone,
The week ended on mixed news.
The Marin IJ ran a welcome, though recently rare headline Friday November 20, "Marin home prices,sales rise", citing year over year increases from October '08 to October '09 both in Marin and for much of the Bay Area.
An article by San Diego-based MDA DataQuick, Thursday, November 19, titled "Bay Area median sale price tops year-ago level for first time since '07" reported "The Bay Area's housing market continued to ease back toward normalcy last month as fewer distressed properties sold-----. The nine-county region posted a modest year-over-year gain in its median sale price-the first in nearly two years-----."
Full text of article available at:
http://www.dqnews.com/Articles/2009/News/California/Bay-Area/RRBay091119.aspx
Here in Marin County sales of Single Family Residences under $1million continued to be hot and hotter, with 264 of 567 (46.5%) MLS-listed homes in contract on November 17. Homes on the upper end a different story with 19% of $1million-$2million homes in contract, 14% of $2million-$3million homes, and only 9% of homes over $3million. Year-to-date sales of SFR's in the County at 1390 compared to 1429 at the same time last year, or -2.7%, a significant and continued improvement from the -5.8% at last report. Average days on market at 106 compared to 87 last year at this time. Average list price $1,053,208 and average sold price $1,000,819.
Condominium inventory remained roughly static at 305 vs. 309 at last report. 288 of these were under $1million, with the average list at $391,046 and the average sale at $377,874. Of these, 135 units, or 46.88% were in contract on November 17. Out of the other 17 "high-end" units, only 1 was in contract. As of November 17, 428 units had sold YTD vs. 450 at the same time last year, or -4.8%, slightly less than the -4.5% at last report.
Marin County real estate market split between brisk under-$1million market with buyers feeling more of a sense of urgency now, and more sluggish upper-end market where opportunity still abounds. A story circulating last week had a property formerly listed at over $4million going into contract at under $3million. These deals will not last forever! Experienced local REALTORS know the difference between a bargain and a white elephant. Let one of them help you!
More next time---
Until then,
Happy Thanksgiving to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Sunday, November 22, 2009
Friday, November 6, 2009
The Anlyan Report. Marin County Real Estate Statistics 11.6.2009
Hello Everyone,
According to Coldwell Banker's MarketQuest program, Marin County Single Family Residences for sale at the end of October represented just a 5.6 month supply. Condo's even lower with only a 4.4 months worth of inventory. Just last month there was an 8 month supply of SFR's and a 5.3 month supply of condo's! Accepted offers for the month for SFR's are at 137% of new listings and 35% of inventory compares to 61% and 16% last month. October Accepted offers on Condo's at 103. This is also 137% of new listings and it is 48% of existing inventory. Compares to September's 97.5% and 29.6%. Bottom line--- increasing sales and decreasing inventory.
Listing agents starting to set offer dates again for attractively priced homes, especially REO's (bank-owned real estate). Many of these are attracting multiple offers which often go over asking price but not necessarily by a large margin. One listing agent in Novato recently had multiple offers on a property, had the deal fall through twice. The property had multiple offers each of three times it was on the market. It closed escrow on the third try, over asking price. Especially in Novato, cash is king. Investors offering all cash deals or large cash down payments, quick closes, sometimes as short as 7 days. Buyers well-advised to write good solid offers but not to feel pressed into situations they are not comfortable with.
City-by-City report out this week shows 11 of 13 covered cities and towns increased percentage in contract. Greenbrae and Novato bucking the trend with decreases but probably not tremendously significant. Greenbrae most likely the result of small sample size and Novato decreasing 4 percentage points but still leading the County with 50% of all listings in contract as of November 1.
Marin County SFR and Condo reports showing all price points with an increase in percentage in contract as of November 3. Condo's under $1million, led by the Novato REO market, particularly strong at 46% in contract. SFR's under $1million at 42% in contract. See City-by-City Report for variation by city/town.
Current average Days on Market (DOM) for SFR's is 106 vs. 86 at this time last year.
For Condo's it is 116 DOM vs. 104 in Oct. '08. SFR YTD units sold at 1312 on Nov 3 vs 1393 same time last year, or -5.8%---- compares favorably with -10% at last report. Condo YTD units sold at 407 vs 426 last year or -4.5%-- a slight improvement over last report's -4.8%. Average sold prices still down with SFR's at $996,458 vs. $1,298,170 last year and Condo's at $372,301 vs. '08's $495,281. Remember, this is partially a function of market-mix (meaning that lower-end homes were a higher percentage of sold homes) and not all price decline.
Market conditions look hopeful. May be anticipating economic recovery. Home Buyer Tax Credit extension approved by Congress goes to President Obama for signature.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
According to Coldwell Banker's MarketQuest program, Marin County Single Family Residences for sale at the end of October represented just a 5.6 month supply. Condo's even lower with only a 4.4 months worth of inventory. Just last month there was an 8 month supply of SFR's and a 5.3 month supply of condo's! Accepted offers for the month for SFR's are at 137% of new listings and 35% of inventory compares to 61% and 16% last month. October Accepted offers on Condo's at 103. This is also 137% of new listings and it is 48% of existing inventory. Compares to September's 97.5% and 29.6%. Bottom line--- increasing sales and decreasing inventory.
Listing agents starting to set offer dates again for attractively priced homes, especially REO's (bank-owned real estate). Many of these are attracting multiple offers which often go over asking price but not necessarily by a large margin. One listing agent in Novato recently had multiple offers on a property, had the deal fall through twice. The property had multiple offers each of three times it was on the market. It closed escrow on the third try, over asking price. Especially in Novato, cash is king. Investors offering all cash deals or large cash down payments, quick closes, sometimes as short as 7 days. Buyers well-advised to write good solid offers but not to feel pressed into situations they are not comfortable with.
City-by-City report out this week shows 11 of 13 covered cities and towns increased percentage in contract. Greenbrae and Novato bucking the trend with decreases but probably not tremendously significant. Greenbrae most likely the result of small sample size and Novato decreasing 4 percentage points but still leading the County with 50% of all listings in contract as of November 1.
Marin County SFR and Condo reports showing all price points with an increase in percentage in contract as of November 3. Condo's under $1million, led by the Novato REO market, particularly strong at 46% in contract. SFR's under $1million at 42% in contract. See City-by-City Report for variation by city/town.
Current average Days on Market (DOM) for SFR's is 106 vs. 86 at this time last year.
For Condo's it is 116 DOM vs. 104 in Oct. '08. SFR YTD units sold at 1312 on Nov 3 vs 1393 same time last year, or -5.8%---- compares favorably with -10% at last report. Condo YTD units sold at 407 vs 426 last year or -4.5%-- a slight improvement over last report's -4.8%. Average sold prices still down with SFR's at $996,458 vs. $1,298,170 last year and Condo's at $372,301 vs. '08's $495,281. Remember, this is partially a function of market-mix (meaning that lower-end homes were a higher percentage of sold homes) and not all price decline.
Market conditions look hopeful. May be anticipating economic recovery. Home Buyer Tax Credit extension approved by Congress goes to President Obama for signature.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
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