Hello Everyone,
Attached to this week's report is the Annual Marin Sales Comparison, with sales by town/city from 1965 through 2011. Average sales price decline across the County was 6.49%, however , Larkspur, San Anselmo, and Kentfield actually bucked the trend, with price increases of 1.9%, 3.16%, and 11.6%. Towns where sales prices declined ranged from a high -18.59% in Belvedere to a low of -3.05% in Ross. A separate category called "Miscellaneous Marin" showed an average decline of 19.8%.
Attached percentage-in-contract reports show inventory and percentage in contract at most price points slowly beginning to build for both Single Family Residences and Condo's--- normal for this time of year, but inventory still at very low levels.
A January 18 article from DataQuick, the San Diego-based real estate news service summed up the Bay Area real estate market for 2011, saying, in part, "The Bay Area’s housing market rounded out 2011 much the way it started it: with constricted and atypical sales activity, lots of bottom feeding, and a largely dormant mid- to move-up market. Sales were up slightly last month, while prices dropped". The article went on to quote DQ's President, John Walsh who noted that most people had put "discretionary buying and selling on hold, except at the very top of the market". Mr. Walsh was also quoted as saying that the "spectacular gains in affordability, based on the combination of lower prices and ultra-low interest rates, (were) largely theoretical for many people because it was so hard to get a mortgage". According to the article, distressed sales (REO's and short sales) in the Bay Area represented over 49%
of the Bay Area resale market in December, an increase over November, as well as the previous December. Read the full text of the article at:
http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120118.aspx
Many local REALTORS as well as other writers and analysts seem to feel that 2012 will be a bit more upbeat than 2011, but caution that there will still be quite a bit of foreclosure and short sale activity to hold prices in check. Lending standards will continue to be tight, but for those who qualify, interest rates are expected to remain low. Price increases, if any are expected to remain low. A great time to buy for those who can qualify. Because of continued low inventory of homes for sale, also a great time for sellers to check back in if they have a realistic attitude about prices and marketing. Key factors are flexibility and a knowledgable local REALTOR who can provide reliable information about the state of the market in your specific neighborhood. Buyers are snapping up attractive, well-located, well-priced homes--- often in the first week they are listed.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website, http://www.fredanlyan.com/
Monday, January 23, 2012
Tuesday, January 10, 2012
The Anlyan Report. Marin County Real Estate 1.8.12
Hello Everyone,
Welcome to a brand new year! May it be the best one yet, but only the first of many great ones to come!
Attached Market Action Reports show Marin County housing inventory closed out 2011 at the lowest levels in the entire 36 month period covered, creating continued competition among buyers for desirable new listings. Single Family Residences (SFR) at 412 units and a 3.1 month supply of inventory (MSI) at the end of December. This compares to 760 units and 5 month MSI last December, and 810 units and 4.7 month MSI in Dec 2009. The Condo Market Action Report reveals a similar story, closing out 2011 with only 138 units and a 2.2 month MSI, compared to 287 units and an MSI of 6.7 in 2010, and 259 units with 4.8 MSI in Dec 2009. New listings also lowest in 36 months, with SFR's at 70 and condo's at only 34. (Market Action Report numbers for inventory do not include current listings that are in contract, so differ from MLS statistics, where they are included).
Sales of SFR's closed out the year at 1912 units, with an average price of $991,907, compared to the year-ago figure of 1844 units and sale price of $1,034,191. Unit sales up 3.6%, and average sales price down 4.7%. Condo sales at 583 units vs. 479 in 2010, up 21.7% with average sales price at $370,298 vs. $400,313 in 2010, down 7.7%. Remember, most analysts attribute about half of average price decline to loss of value, with the other half attributable to market mix.
Local real estate market normally starts to perk up in February and March. With the national and local economies appearing to be on a positive trend , we are looking for continuing improvement. Price increases expected to be limited by continuing supply of distressed properties --- short sales and REO's, as well as cautious buyers, lenders, and appraisers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website
http://www.fredanlyan.com/
Welcome to a brand new year! May it be the best one yet, but only the first of many great ones to come!
Attached Market Action Reports show Marin County housing inventory closed out 2011 at the lowest levels in the entire 36 month period covered, creating continued competition among buyers for desirable new listings. Single Family Residences (SFR) at 412 units and a 3.1 month supply of inventory (MSI) at the end of December. This compares to 760 units and 5 month MSI last December, and 810 units and 4.7 month MSI in Dec 2009. The Condo Market Action Report reveals a similar story, closing out 2011 with only 138 units and a 2.2 month MSI, compared to 287 units and an MSI of 6.7 in 2010, and 259 units with 4.8 MSI in Dec 2009. New listings also lowest in 36 months, with SFR's at 70 and condo's at only 34. (Market Action Report numbers for inventory do not include current listings that are in contract, so differ from MLS statistics, where they are included).
Sales of SFR's closed out the year at 1912 units, with an average price of $991,907, compared to the year-ago figure of 1844 units and sale price of $1,034,191. Unit sales up 3.6%, and average sales price down 4.7%. Condo sales at 583 units vs. 479 in 2010, up 21.7% with average sales price at $370,298 vs. $400,313 in 2010, down 7.7%. Remember, most analysts attribute about half of average price decline to loss of value, with the other half attributable to market mix.
Local real estate market normally starts to perk up in February and March. With the national and local economies appearing to be on a positive trend , we are looking for continuing improvement. Price increases expected to be limited by continuing supply of distressed properties --- short sales and REO's, as well as cautious buyers, lenders, and appraisers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website
http://www.fredanlyan.com/
Subscribe to:
Posts (Atom)
