Hello Everyone,
La Jolla-based MDA DataQuick, a real estate information service, in its monthly report dated May 16, fretted over Bay-Area sales declines in both unit sales volume and median price. But the article also cited encouraging statistics regarding decreasing foreclosure sales, sales to investors, all-cash buyers sales, as well as increased availability of adjustable rate and "jumbo" mortgages. The really good news for Marin County homeowners came in a chart at the end of the article. That table showed Marin County sales volume for April down only 1.6% from April of 2010, only about half the Bay Area average. Also, according to the index, the Marin County median sales price actually inceased .2 percent compared to the 2.7 percent average Bay Area decline for the period putting Marin in top position of the nine-county area.
Read the full article at: http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay110516.aspx
After a torrid two months, the Marin County real estate market paused to catch its breath for the last couple of weeks. Local offices caught up on their paperwork and wondered what was going to happen next. Conversations with local agents reveal that agents and their clients are working really hard to put deals together, with buyers often making several offers on prospective homes before being successful. Multiple offers still with us, but mostly in much less dramatic fashion than in the years when appraisers were rubber-stamping deals on a regular basis. Agents, Buyers, and Sellers all acutely aware that if a loan is involved in the purchase transaction, the home will have to appraise at contract value for the deal to go through. Lots of all-cash deals still around though and these are not subject to appraisal. A recent story about a listing in the mid-$1million range that had 7 offers and went more than $200 K over asking price is a case in point of what can happen with all-cash deals. Still, this is the exception rather than the rule, and sellers are advised, as always, to focus their attention on preparation, pricing, presentation, and good-faith negotiation. Best source of information and advice for this is still a local REALTOR who is experienced in your market.
Single Family Residences (SFR)
For the period ending May 17, SFR listings had increased slightly, from 1087 to 1118. 334 of these, or 30.77% were in contract on that date, just slightly more than the 30.45% recorded on May 3. The under-$1million price range had 646 available units county-wide, and 253 of them, or about 39% were in contract on May 17, just about the same as last time, indicating this price range is just a bit of a sellers' market. $1million-$2million and $2million-$3million price ranges holding their own at 21.79% and 23.33% in contract, respectively. Both solid buyers' markets, and both representing great opportunities for buyers shopping for value in upper-end homes. Year to date unit sales at 628 on May 17, compared to the year-ago figure of 599, or up 5%. This, in spite of the fact that last year's buyer tax incentives are no longer with us.
Condo's
On May 17, there were 348 active condominium listings in the County, an increase of 22 units over the May 3 figure. 122 of these, or 35.06% were in contract, an increase from 32.52% at last report. 333 of the above units were priced under $1million. Of these, 36.04% were in contract, putting the category just into sellers' market territory. Just enough to make sellers feel good about their prospects, but not enough to be a pricing advantage. Condo pricing still very competitive. Buyers continue to shop for attractive deals, but they will buy when they perceive value. Condo YTD units sold at 179 on May 17, virtually unchanged from the year-ago figure of 178.
Everyone waiting to see what the next few weeks bring for Marin County real estate. Deals starting to come in again in the last few days, renewing optimism about the prospects for continued improvement during the second half of the year. We will know soon enough!
More next time.
Until then, best wishes to all,
Fred
p.s. see my website for access to spreadsheets
http://www.fredanlyan.com
Monday, May 23, 2011
Wednesday, May 11, 2011
The Anlyan Report. Marin County Real Estate 5.8.2011
Hello Everyone,
Well, it sure seems as if 2011 is streaking by us with the throttle stuck on "afterburner". Hard to believe it is May already, but the sunny weather is certainly welcome, and the buyers are out in droves. Agents report open houses well-attended, and local offices seeing large numbers of open escrows. At some locations, admins having trouble keeping up with all the open files--- not a bad problem to have after going through the last couple of years!
Coldwell Banker MarketQuest report for April shows accepted offers for April at 291 for Single Family Residences (SFR) and 86 for Condo's. This compares to April, 2010's 170/44 and 2009's 141/47, so there is significantly more activity in this year's market. The April ratio of accepted offers to new listings for SFR's was 107% and for Condo's, it was 89.6%. For SFR's, this represents the highest level in the 24 months covered by the report. For condo's, it is the highest since December of '09, which came in at 102%. We expect these kinds of numbers more during the Holidays, when folks are taking their homes off the market as much as they are putting new ones on, but in the spring, with growing inventory, it is a very favorable sign! As we have reported these numbers have been favorable and growing in recent months.
Mortgage rates, which had been rising, have trended down in the past few weeks, extending the opportunity for potential buyers chance to purchase their dream home at a price they could only dream of until recently! MarketQuest, confirming what we have read in recent articles shows the average price of homes sold in April down from March levels, for both SFR' s and Condo's. This a bit confusing, since the same report shows 3 month $/sq ft. prices up for both categories. SFR April level at $429/SF vs. March's $415. For Condo's, the April number was $309/SF vs. March's $297. Upon further investigation through Marin County MLS listing history, the average Condo or SFR sold in April was smaller than in March! The average size of an SFR sold in April was 2,155 SF compared to 2,302 in March, while the average size of a Condo sold in April was 1,294 SF compared to 1,324 in March. This certainly helps explain the decrease in selling prices from March to April.
City-by-City Report out this week shows that of the 13 towns and cities covered, 4 increased their percentage in contract, 6 decreased, and 3 remained essentially unchanged. Fairfax at the top of the heap, with 40% in contract. Novato next at 39+%. Corte Madera close behind at 38%. Larkspur and Greenbrae both hanging in nicely at about 35% and San Rafael just above 34%. Belvedere back down to 6%, with only 2 of 33 listed properties in contract as of May 3. A great opportunity for high-end buyers!
Wishing all Mothers the very best of everything on this beautiful Mothers' Day!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please visit my website
http://www.fredanlyan.com
Well, it sure seems as if 2011 is streaking by us with the throttle stuck on "afterburner". Hard to believe it is May already, but the sunny weather is certainly welcome, and the buyers are out in droves. Agents report open houses well-attended, and local offices seeing large numbers of open escrows. At some locations, admins having trouble keeping up with all the open files--- not a bad problem to have after going through the last couple of years!
Coldwell Banker MarketQuest report for April shows accepted offers for April at 291 for Single Family Residences (SFR) and 86 for Condo's. This compares to April, 2010's 170/44 and 2009's 141/47, so there is significantly more activity in this year's market. The April ratio of accepted offers to new listings for SFR's was 107% and for Condo's, it was 89.6%. For SFR's, this represents the highest level in the 24 months covered by the report. For condo's, it is the highest since December of '09, which came in at 102%. We expect these kinds of numbers more during the Holidays, when folks are taking their homes off the market as much as they are putting new ones on, but in the spring, with growing inventory, it is a very favorable sign! As we have reported these numbers have been favorable and growing in recent months.
Mortgage rates, which had been rising, have trended down in the past few weeks, extending the opportunity for potential buyers chance to purchase their dream home at a price they could only dream of until recently! MarketQuest, confirming what we have read in recent articles shows the average price of homes sold in April down from March levels, for both SFR' s and Condo's. This a bit confusing, since the same report shows 3 month $/sq ft. prices up for both categories. SFR April level at $429/SF vs. March's $415. For Condo's, the April number was $309/SF vs. March's $297. Upon further investigation through Marin County MLS listing history, the average Condo or SFR sold in April was smaller than in March! The average size of an SFR sold in April was 2,155 SF compared to 2,302 in March, while the average size of a Condo sold in April was 1,294 SF compared to 1,324 in March. This certainly helps explain the decrease in selling prices from March to April.
City-by-City Report out this week shows that of the 13 towns and cities covered, 4 increased their percentage in contract, 6 decreased, and 3 remained essentially unchanged. Fairfax at the top of the heap, with 40% in contract. Novato next at 39+%. Corte Madera close behind at 38%. Larkspur and Greenbrae both hanging in nicely at about 35% and San Rafael just above 34%. Belvedere back down to 6%, with only 2 of 33 listed properties in contract as of May 3. A great opportunity for high-end buyers!
Wishing all Mothers the very best of everything on this beautiful Mothers' Day!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please visit my website
http://www.fredanlyan.com
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