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
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