San Diego-based DataQuick Information Systems, in an article dated April 14 noted:
Bay Area home sales last month logged the best March in four years, barely, as prices slipped back a notch. A variety of indicators – including investor and cash purchase levels and adjustable-rate loan use – pointed toward a more normal market, though suggested that it’s still a ways off-------"
However, the chart at the bottom of the page shows Marin County leading the entire Bay Area in both numbers of sales (up 10.7% for March, year over year) and appreciation in the median selling price (+4.4% for March compared to the year-ago figure).
(Full text of the article available at http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay110414.aspx )
The Wall Street Journal, in an April 21 article titled Mortgage Rates Fall; 30-Year Fixed at 4.8% remarked
"Mortgage rates fell in the latest week for the first time in more than a month, with the average rate on 30-year fixed-rate mortgages falling to 4.8%, according to Freddie Mac's weekly survey of mortgage rates. ", adding " 'Low inflation is keeping mortgage rates at bay', said Freddie Chief Economist Frank Nothaft",
http://online.wsj.com/article/SB10001424052748703983704576277083168337572.html
So there is some happy news for buyers and sellers, and, theoretically, some incentive for buyers sitting on the proverbial fence to finally take advantage of a great opportunity while it lasts!
Marin County percentage in contract just a shade lower in all categories of both Single Family Residences (SFR) and Condominiums with the notable exception of the SFR $2million to $2.99 million price range, which went up, from 17.11% in contract at last report to 21.43% on April 19. Percentage in contract of all other price ranges for both SFR and Condo's down slightly, probably at least partially attributable to a recent increase in listings that had not yet been absorbed.
Local real estate offices very busy, with many deals going into contract. Significant numbers of multiple offers--- though still not going very far over asking price in most cases. Many agents cautiously upbeat about the prospects for the rest of the year, but aware that adverse news events and financial bumps in the road on the national and international scene can still trigger exaggerated effects on local real estate because they affect buyers' sense of security and willingness to make long-term financial commitments.
Banks still imposing strict standards on borrowers and not infrequently adding additional hoops for buyers to jump through as transactions progress. Not usually a problem for well-qualified borrowers. Buyers advised not to do anything to change their financial status during the escrow period--- includes making large credit card purchases, buying cars, boats, other big ticket items---- even furniture. If in doubt, check in with lender or mortgage broker beforehand!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
http://www.fredanlyan.com
Monday, April 25, 2011
Tuesday, April 12, 2011
The Anlyan Report. Marin County Real Estate 4.10.11
Hello Everyone,
CNN.Money.com staff writer Les Christie (and a lot of other people too) has been talking about a "double dip" housing recession. In a March 29 article "Home prices near a double dip", he wrote, "I think prices will drop another 5% to 10%.--------The double dip will hit in the next couple of months." (read the full article)
http://cnnmoney.mobi/primary/_T0o1le-iJAAuzZYl4
Mr. Christie is referring to the national housing market, an animal that barely exists, since it is composed of averages of thousands of individual markets which vary greatly from each other in their performance at any given point in time. And with regard to the national averages, Mr. Christie may or may not be right---- but he obviously hasn't been to Marin County recently!
Coldwell Banker's MarketQuest report for the period ending March 31 shows the following extremely encouraging statistics:
Single Family Residences:
Active inventory 647*. This is down from February's 754. In March of 2010, the comparable number was 1,078
Sold listings for March 168. An increase from February's 108. In March of 2010, even with the Housing Stimulus Program, the number was 144.
Accepted offers for March, 307. In February it was 159. Last year in March it was 157.
Ratio of accepted offers to new listings 112%. February, 62.8%. Last March, 35.8%.
Ratio of accepted offers to inventory 47.4%. February, 21.1%. Last March, 14.6% (yes, even with the stimulus program!)
Months supply of inventory 3.9. February, 7.0. Last March 7.5
Condominiums:
Active inventory 238*. This is down from February's 280. In March of 2010, the comparable number was 335.
Sold listings for March 52. An increase from February's 42. In March of 2010, even with the Housing Stimulus Program, the number was 43.
Accepted offers for March 90. In February, it was 59. Last year in March, it was 57.
Ratio of accepted offers to new listings 109.8%. February, 67%. Last March 53.8%.
Ratio of accepted offers to inventory 37.8%. February, 21.1%. Last March 17%.
Months supply of inventory 4.6. February, 6.7. Last March 7.8.
New "open" transaction files are being welcomed into Marin County real estate brokerages at an increasingly and encouragingly fast pace. Multiple offer situations becoming more common although not going wildly over asking prices as in the past, due to much stricter appraisals and lender standards as well as buyer reluctance. Lots of distressed property sales still working their way through the system also holding prices down and for the moment, mortgage rates are still excellent. This tremendous opportunity for Buyers Won't last forever!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website http://www.fredanlyan.com
CNN.Money.com staff writer Les Christie (and a lot of other people too) has been talking about a "double dip" housing recession. In a March 29 article "Home prices near a double dip", he wrote, "I think prices will drop another 5% to 10%.--------The double dip will hit in the next couple of months." (read the full article)
http://cnnmoney.mobi/primary/_T0o1le-iJAAuzZYl4
Mr. Christie is referring to the national housing market, an animal that barely exists, since it is composed of averages of thousands of individual markets which vary greatly from each other in their performance at any given point in time. And with regard to the national averages, Mr. Christie may or may not be right---- but he obviously hasn't been to Marin County recently!
Coldwell Banker's MarketQuest report for the period ending March 31 shows the following extremely encouraging statistics:
Single Family Residences:
Active inventory 647*. This is down from February's 754. In March of 2010, the comparable number was 1,078
Sold listings for March 168. An increase from February's 108. In March of 2010, even with the Housing Stimulus Program, the number was 144.
Accepted offers for March, 307. In February it was 159. Last year in March it was 157.
Ratio of accepted offers to new listings 112%. February, 62.8%. Last March, 35.8%.
Ratio of accepted offers to inventory 47.4%. February, 21.1%. Last March, 14.6% (yes, even with the stimulus program!)
Months supply of inventory 3.9. February, 7.0. Last March 7.5
Condominiums:
Active inventory 238*. This is down from February's 280. In March of 2010, the comparable number was 335.
Sold listings for March 52. An increase from February's 42. In March of 2010, even with the Housing Stimulus Program, the number was 43.
Accepted offers for March 90. In February, it was 59. Last year in March, it was 57.
Ratio of accepted offers to new listings 109.8%. February, 67%. Last March 53.8%.
Ratio of accepted offers to inventory 37.8%. February, 21.1%. Last March 17%.
Months supply of inventory 4.6. February, 6.7. Last March 7.8.
New "open" transaction files are being welcomed into Marin County real estate brokerages at an increasingly and encouragingly fast pace. Multiple offer situations becoming more common although not going wildly over asking prices as in the past, due to much stricter appraisals and lender standards as well as buyer reluctance. Lots of distressed property sales still working their way through the system also holding prices down and for the moment, mortgage rates are still excellent. This tremendous opportunity for Buyers Won't last forever!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website http://www.fredanlyan.com
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