As of April 10, the number of Single
Family Residences (SFR) listed for sale on the Marin MLS actually
decreased from 868 in our March 27 report, to 854. Number of homes in
contract increased from 402 to 419. The net effect of this was that
percentage in contract increased again, to 49.06%--- a Strong Sellers'
Market by our current criteria. Homes under $1million really through the
roof (clever, yes?), with listings down to 511 from 536 on March 27,
and number of homes in contract increasing during the period, from 315
to 326. Doing the math on this tells us that an incredible 63.8% of
MLS-listed SFR's were in contract on April 10. We are calling this a
Very Strong Sellers' Market. Sellers take note. If you are thinking of
selling your home in this price range, this could be the best
opportunity in years! SFR's in upper price ranges somewhat more
reasonable, but the clock is ticking. $1million-$2million range at
34.68% in contract, a balanced market. $2million-$3million at 29.58% in
contract, still just barely in Buyers' Market territory, and headed
north. Homes in the $3million and up category nearly doubled their
percentage in contract during the period, from 8.96% to 17.65% in
contract, vaulting out of Very Strong Buyers' into Strong Buyers'
territory. Still opportunities here for the smart money, but perhaps not
for long----time will tell.
As of April 10, YTD
sales of SFR's in the County at 489 units, compared to 418 a year ago,
or up 16.9%. Average days on market (DOM) down from 141 to 133. Average
sales price up slightly, to $953,153 from the year-ago figure of
$936,295.
Market temperature definitely rising!
Condominium
inventory increased by one unit, to 250, and units in contract
decreased by one unit, to 142. Percentage in contract at 56.8%-- still
in Very Strong Sellers' market territory, even with a 6/10 of a point
drop. 140 of 238 listed condo's under $1million in contract, or 58.82%-
also remaining in Very Strong Sellers' Market territory, with a 6/10
point drop. As of April 10, 146 condo units had sold, YTD, compared to
140 at the same time in 2011, or up 4.3%. This is actually a slight
drop, as it iwas up 8.9% at our last report. Average DOM for sold condo
units at 157, compared to 177 last year at the same time. Average sold
price down somewhat, from $393,675 in April of 2011, to $342,392 on
April 10. A significant percentage of this drop (probably about 50%)
most likely due to changes in market mix rather than price depreciation.
Hotsheet
statistics show 157 properties went contingent between March 28 and
April 10, and 117 units sold, while only 118 new listings came on the
market. Reality from ground-level is that buyers continue to compete
for good new inventory, resulting in a substantial number of multiple
offers over asking price. Rule of thumb for buyers is--if you see a
property you like, make an offer---. Chances are it may not be available
next week.
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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