Hello Everyone,
La Jolla, CA-based MDA DataQuick, in an April 15 article headlined
"Bay Area March home sales and median price rise above prior month and ‘09"
noted that although Bay Area median sales prices have risen for 6 straight months, the $380,000 figure for March was still more than 42% below the high of $665K reached in the summer of 2007. The article called the increase a "statistical quirk", citing a decreasing percentage of foreclosure sales and increasing sales in medium to high-priced neighborhoods but noting that the upper end is still constrained by a "dysfunctional" jumbo loan market and a lack of the adjustable rate mortgages upon which upper-end sales have historically depended. The article also noted over 17% of Bay Area homes being purchased by absentee buyers "mostly investors", and that all-cash sales accounted for almost 25% of Bay Area home sales in March. Full text of article
Single Family Residence (SFR) inventory at 1114 vs. 1032 two weeks ago, up about 10% and percentage in contract down a bit, at 29.9% overall vs 31% at last report. SFR's under $1million still leading the market with 37.5% of listed homes in contract, down just a bit from 40% two weeks ago and significantly lower than the early- February level of 46%, but still strong. YTD SFR units sold up 55% on April 13 compared to '09's 257 at the same time, continuing their recent red-hot trend. Average sales price at $1,021,919 vs. $927,629 at the same time last year.
Condo inventory up only 20 units since last report, from 325 to 345 and percentage in contract at 40% on April 13, compared to 36.7% two weeks ago. YTD units sold at 120 vs. 111 at the same time last year, an increase of about 8%. Average sold price at $409,234 vs. 2009's $326,182 at the same time.
Marin County real estate market active, with lots of buyers and their agents out and about. Open houses well-attended and well-priced, well-prepared, well-marketed homes selling at a brisk pace. Reality is that the market is still very price-sensitive with even multiple-offer situations often not going very far over asking price. Pushing the pricing envelope usually results in homes that sit on the market and either do not sell or sell for less than they would have if priced correctly from the start and then only after a long period of marketing and multiple price reductions. Experienced professional REALTORS familiar with your local area are an invaluable source of information in this market. They often see many homes each week and track the results, providing an important frame of reference.
More next time.
Until then, best wishes to all,
Fred
Sunday, April 18, 2010
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