Hello Everyone,
Global stock and currency markets continue to be skittish over fears about Greek debt and the future of the Euro. Oil prices down, stock market down, dollar up. Situation could and does change minute by minute but in the long run, the trend has been positive and seems likely to continue in a positive direction.
Marin County Single Family Residences (SFR) inventory increased slightly to 1252 as of May 11, about 50 more units than at last report and in the same general ballpark as the last two years at this time. Percentage of SFR's in contract up just about a percentage point each at 30.19% overall, 39.5% for homes under $1million, and 20.06% for homes between $1million and $2million. Homes between $2million and $3million dropped about 3/4 of a point to 18.75%, while homes above $3million dropped about 1.8 points to 15.32% in contract. YTD SFR sales at 555 units vs 380 at the same time last year, or up 46%. This compares to an increase of 55% at last report indicating momentum has slowed. Whether this is temporary or a trend resulting from the end of the government homebuyer tax credits remains to be seen. Average SFR list price $1,101,894 compared to $1,009,791 at the same time last year. Average sold price $1,045,650 compared to $953,292. This is not necessarily an indication that housing prices have increased because figures represent "market mix" as well as price levels. Average days on market 100 vs. 112 in May of '09, a slight improvement.
Condominium inventory actually down slightly at 357 units vs.367 at last report. Compares to 328 in April of '09 and 412 in '08 (CB MarketQuest). YTD units sold as of 5.11.10 at 168 vs. 145 at the same time last year, an increase of 15.86%. This is up from the 10% increase indicated at our last report and may or may not signal a trend. More information on this in coming weeks. Average condo list price at $424,938 vs. $356,147 at the same time last year, while average sold price at $415,675 compared to '09's $343,811 (same "market mix" comments apply as for SFR's above). Average DOM at 124 compared to 112 in May of '09.
Marin real estate market continues to offer opportunity for buyers, with excellent prices and mortgages still available at attractive rates. Rules for qualifying stricter than in the past but those with good credit and income taking advantage of this rare opportunity to buy a Marin County home at a more affordable price than in the recent past. Local professional REALTORS familiar with buyers' area(s) of interest still the best source of information on price, location, condition, financing, etc. They see a lot of homes every week. Agents I have spoken with still feeling positive about market activity and direction in the County and see significant improvement over last year. Local market seems poised for continued gradual improvement in the coming months. Lots of excellent deals still available on upper-end properties, especially for cash buyers.
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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