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
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