Hello Everyone,
Dow Jones down just under 3% for the week on continuing investor jitters about jobs, the economy, the Euro---- and now another concern has surfaced. Seems that "M3", a measure of the money supply that inclues a broad range of bank accounts, cash, and other assets, has been shrinking at a rate not seen since the Depression years, raising fears of deflation. Read the full article at http://www.telegraph.co.uk/finance/economics/7769126/US-money-supply-plunges-at-1930s-pace-as-Obama-eyes-fresh-stimulus.html
San Diego-based real estate reporting firm MDA DataQuick, in a report dated June 17 made the following observations about the Northern California real estate market:
* Bay Area housing units sold up 11% in May compared to the same period last year.
* Units sold in May up 18% from April. This compares to a historical April/May increase of 6.9%
* Sales of higher-priced homes increasing and the low end slowing, most likely due to tax credits and greater availability of jumbo loans helping the upper end and reduced pace of foreclosures moderating lower-priced sales activity
full text available at:
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100617.aspx
Here in Marin, sales activity continues to be mixed. Agents reporting some open houses extremely well-attended, while others have few visitors. Varies by town, neighborhood, price range, and specific homes. Local offices busy, with lots of new open escrows, but many deals at significant discounts from listing prices. Multiple offers more common on well-priced homes but even so, sales prices not going very far, if at all over list price in most cases. Buyers' and Sellers' best asset in this market is a professional REALTOR experienced in their specific market.
Single Family Residences (SFR)
Active inventory up very slightly but mostly stable at 1308 units compared to 1294 at last report. Percentage in contract down at 25.08% overall, a balanced market. The under-$1million segment also down at 33.97%--- was 40% five weeks ago. $1-2million segment down as well, while the $2-3million and $3million and up segments both show modest increases. Year-to-date (YTD) units sold (June 22) still up, with 845 SFR's sold compared to 602, up 40.3% from the same period time last year--- deceleration of recent weeks continues with this drop from last report's 42%. Average Days on Market (DOM) at 93, an improvement from 110 last year at this time.
Marin County Condo's active inventory at 368 and percentage in contract at 33.42%. Both figures relatively stable with small increases from the June 8 level of 365 units and 32.88% in contract. Average DOM at 117, up 3 days from last year's 114 at this time. YTD units sold at 229, up 11.17% from the 206 units sold by this time in '09 and down from last report's 13%.
Local real estate recovery definitely seems to be in progress but still sensitive to volatility of broader economic conditions. Buyers continue to be careful, looking for value. Sellers and their agents need to be realistic, sharp, and ready to respond to the demands of the market. Pricing, preparation, presentation, market awareness, marketing ability, and willingness to respond to local market conditions are keys to success.
more next time---
Until then, best wishes to all,
Fred
P.S. for access to spreadsheets please see http://www.fredanlyan.com
Monday, June 28, 2010
Saturday, June 12, 2010
The Anlyan Report. Marin County Real Estate 6.12.10
Hello Everyone,
Bumpy week for the U.S. economy. Jobs report showed only 41,000 new real jobs
after subtracting temporary hirings of Census Workers. Stock market reacted with extreme volatility to this and continuing concerns over the possibility that troubles with the Euro may spread to other countries. In the background, the BP disaster acting as a drag on people's spirits as they wonder how bad it will get before it is under control and what it will take to clean it up.
Included in this week's report are the recently added monthly Condo and Single Family Market Action Reports. If you haven't seen them yet, take a look. Also, the monthly City-by-City report showing the percentage in contract down in ten of thirteen listed Marin County cities and towns, up in two, and one, San Rafael with no change.
Marin real estate market sending mixed signals
Single Family Residences (SFR) percentage in contract down in all categories except for a very slight increase (about half a percentage point) in the $2-$3million dollar segment. Market segment under $1million still doing well at 35% in contract but continues to be quite price sensitive. One Central Marin home last week received 3 offers and still did not get to list price. Buyers looking for value. Average sold price up a bit from this time last year at $1,059,749 vs. $948,599, and days on market (DOM) at 94, down from111 at the same time in '09. YTD units sold at 757 as of June 8, vs. last year's 531, an increase of 42%. Keep in mind, the figure was 46% two weeks ago, so actually represents a slight decline. Having said that, CB MarketQuest shows accepted offers at 100% of new listings for May. Report also shows a 5.6 month supply of inventory for SFR's, the lowest since December, when many sellers typically take their homes off the market for the Holidays. Active SFR inventory at 1,053 units at the end of May vs. last year's 1,267.
Condominiums percentage in contract down in all categories too. The under- $1million segment, representing all but a handfull of units listed for sale, hanging in there at 34.59% in contract. Little if any room for sellers to push price in this market either. Average sold price also up a bit from this time last year at $405,528 vs. $364,733. Days on market (DOM) at 117, up just a bit from 114 at the same time in '09. YTD units sold at 214 as of June 8, vs. last year's 189, an increase of 13%. This also represents a slight decline from the 13.3% figure in our last report so market may be losing a bit of momentum here too. CB MarketQuest shows accepted offers at 91.4 of new listings for May and a 5.7 month supply of inventory for Condo's, again, the best figures since December. Active Condo inventory at 285 units at the end of May vs. last year's 328.
(Note: discrepancy between figures from MLS and MarketQuest due to the difference in the way the two organizations count active listings. Figures consistent within reports)
Local real estate offices quite active with a steady stream of new open escrows. Agents and managers optimistic. In spite of all the ups and downs, the market seems to be improving. Most deals still being negotiated carefully between buyers and sellers. Buyers not throwing money at deals even in multiple offer situations. They are not inclined to do so, and the banks won't let them. Appraisal guidelines continue to be strict. Buyers are buying but again, they are buying value. Buyers and sellers alike benefit from the experience and market knowledge of local REALTORS, familiar with their specific market.
More next time.
Until then, best wishes to all,
Fred
p.s for access to spreadsheets please see http://www.fredanlyan.com
Bumpy week for the U.S. economy. Jobs report showed only 41,000 new real jobs
after subtracting temporary hirings of Census Workers. Stock market reacted with extreme volatility to this and continuing concerns over the possibility that troubles with the Euro may spread to other countries. In the background, the BP disaster acting as a drag on people's spirits as they wonder how bad it will get before it is under control and what it will take to clean it up.
Included in this week's report are the recently added monthly Condo and Single Family Market Action Reports. If you haven't seen them yet, take a look. Also, the monthly City-by-City report showing the percentage in contract down in ten of thirteen listed Marin County cities and towns, up in two, and one, San Rafael with no change.
Marin real estate market sending mixed signals
Single Family Residences (SFR) percentage in contract down in all categories except for a very slight increase (about half a percentage point) in the $2-$3million dollar segment. Market segment under $1million still doing well at 35% in contract but continues to be quite price sensitive. One Central Marin home last week received 3 offers and still did not get to list price. Buyers looking for value. Average sold price up a bit from this time last year at $1,059,749 vs. $948,599, and days on market (DOM) at 94, down from111 at the same time in '09. YTD units sold at 757 as of June 8, vs. last year's 531, an increase of 42%. Keep in mind, the figure was 46% two weeks ago, so actually represents a slight decline. Having said that, CB MarketQuest shows accepted offers at 100% of new listings for May. Report also shows a 5.6 month supply of inventory for SFR's, the lowest since December, when many sellers typically take their homes off the market for the Holidays. Active SFR inventory at 1,053 units at the end of May vs. last year's 1,267.
Condominiums percentage in contract down in all categories too. The under- $1million segment, representing all but a handfull of units listed for sale, hanging in there at 34.59% in contract. Little if any room for sellers to push price in this market either. Average sold price also up a bit from this time last year at $405,528 vs. $364,733. Days on market (DOM) at 117, up just a bit from 114 at the same time in '09. YTD units sold at 214 as of June 8, vs. last year's 189, an increase of 13%. This also represents a slight decline from the 13.3% figure in our last report so market may be losing a bit of momentum here too. CB MarketQuest shows accepted offers at 91.4 of new listings for May and a 5.7 month supply of inventory for Condo's, again, the best figures since December. Active Condo inventory at 285 units at the end of May vs. last year's 328.
(Note: discrepancy between figures from MLS and MarketQuest due to the difference in the way the two organizations count active listings. Figures consistent within reports)
Local real estate offices quite active with a steady stream of new open escrows. Agents and managers optimistic. In spite of all the ups and downs, the market seems to be improving. Most deals still being negotiated carefully between buyers and sellers. Buyers not throwing money at deals even in multiple offer situations. They are not inclined to do so, and the banks won't let them. Appraisal guidelines continue to be strict. Buyers are buying but again, they are buying value. Buyers and sellers alike benefit from the experience and market knowledge of local REALTORS, familiar with their specific market.
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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