Hello Everyone,
In spite of a loss on Friday, Dow Jones Industrial Average closed the week above 11,000, largely based on speculation the the Fed will step in soon with a major injection of cash in the form of asset purchases, possibly as much as $500 billion.
Local Marin real estate market a bit sluggish for the period, with buyers wary and many sellers unwilling to list their homes at or near prevailing market prices.
Inventory of Marin County single family residences (SFR) actually went down 35 units to 1265 since our last report. YTD units sold still ahead of the same date last year. 1429 SFR's sold as of 10/12 compared to 1194 at the same time in '09, or up 19.7%. This roughly the same as we saw on October 2, representing a pause from several months of steady erosion since the buyer tax credits ended last spring. Overall percentage in contract was up slightly, from 23.17 to 24.58%, tantalizingly close to the "magic" number of 25% that signals a "balanced" market. Homes under $1million also up at 30.47% in contract vs. 29.63% at last report. Upper price segments, $1-2 million and $2-3 million up slightly as well, bucking the recent trend. Homes over 3 million still stubbornly stuck, with only 7.41% in contract compared to 8.7% at last report. That equates to only 8 homes in contract our of 108 currently listed on the Marin county MLS for that price range. Forward-thinking buyers who are well qualified or have cash can pick up tremendous bargains on these upper-end propertied. Like everything else, this situation will eventually change- but for the moment, many luxury homes in Marin County could be called "The Deal of the Century"!
Condo inventory relatively stable, at 364 units on October 13 vs. 362 on October 2. YTD unit sales slipped below the same date last year at 370 on October 12 compared to the year-ago figure of 378, or down 2%. Percentage in contract down slightly from 31.2 to 30.4%. Average YTD sold price of $402,306 on October 12 up from last year at the same time when it was $373,175. This is not necessarily all attributable to price appreciation as much depends on the specific mix of units being sold. Days on Market at 111 vs. 103 last year at the same time.
Pricing a critical element in the curent Marin County real estate market. Smart, successful sellers and their agents search current comparable sales and set prices accordingly. Then they prepare the property carefully and present it in the best possible light, with appropriate marketing. They are prepared to negotiate, and they know that no amount of marketing will sell an overpriced listing in the current environment. Buyers spend a lot of time on Trulia, Redfin, Zillow, and other sites. They have done their homework and they know values. Sellers benefit from the assistance of professional local REALTORS who know neighborhood values.
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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