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/
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