Hello Everyone,
( for access to spreadsheets, please see http://www.fredanlyan.com )
Lots of news this week: President Bush signed a sweeping housing bill aimed at providing relief to help beleaguered homeowners as well as setting up a rescue plan for federal mortgage guarantors; Pasadena, Ca.-based IndyMac Bancorp filed for bankruptcy protection, becoming the 3rd largest bank failure in U.S. history; Treasury Secretary Henry Paulson predicted in a speech to a Washington audience that the economy will continue growing at a moderate pace for the rest of this year, despite housing slump-induced problems; DataQuick Information Systems of La Jolla, CA released a report saying that California foreclosure activity was up from last quarter but that "On a loan-by-loan basis, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties - an historical norm"--- and Marin County continued to defy the gloom and doom with sales statistics that reflect optimism and confidence in the economy and the future.
Inventory of Marin County Single Family Residences was down again from the previous week with percentage in contract remaining roughly the same at 22.76% vs. 22.77% the week before. Properties under $1million dropping only very slightly, from 30.47% to 29.4% in contract, still a sellers' market. Properties over $1million experiencing increased percentage in contract in all price segments but all still buyers' markets. YTD units sold again narrowing the gap between this year and 2007, going from -29% to -28.9%, a very small drop, but continuing a trend in the right direction. Days on Market at 76 vs. 69 at this time last year and average sold price down slightly at $1,346,697 vs. $1,371,034 at the same time last year. There were 46 new SFR listings for the week, 48 properties went contingent, 34 pending, and 41 were sold. There were 9 expired listings and 28 withdrawn or temporarily off the market.
Condo inventory down again as well, from 391 to 385, with overall percentage in contract up from 28.39% to 29.09% and the under-$1million segment increasing from 28.8% to 29.56% in contract, both indicating a sellers' market. YTD unit sales improving their position again relative to last year at -29.7% vs -31% last week. Condo Days on Market at 94 vs. 74 last year at this time, and condo prices down significantly with the average price of YTD sold properties at $531,795 vs. last year's $637,608. Condo units under $1million now showing as a sellers' market with only the very small over-$1million condo market still a buyers' market.
Does this mean a return to free-form pricing and let the good times roll? Not in this writer's opinion. Remember, the condo market worked really hard to get back in the game, experiencing a significant pricing drop along the way. Proper pricing is still critical on both condo's and SFR's, but properly priced, presented, and marketed properties are selling. Conversations with other agents this week revealed a number of transactions that experienced multiple offers and still went into contract at less than the listing price. Further local research reveals many deals going through one or more counter-offers, largely based on price, and the buyers' expectations of receiving $off from list price. Agents becoming wary of pricing too low due to awareness that whatever the price, buyers want to feel they got a bargain. Some choice properties still attracting offers over asking price, but the exception rather than the rule. Best advice for buyers and sellers: Hire a real estate professional experienced in your market and then follow the advice provided. Be willing to negotiate in good faith. And get ready to move.
more next week-----
Until then, best wishes to all,
Fred
Friday, August 1, 2008
Friday, July 25, 2008
The Anlyan Report. Marin Market Statistics 07.22.2008
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
Check out the numbers this week! Recovering from its post-holiday hangover, the Marin County real estate market did just fine--thank you very much. There were 63 new listings of Single Family Residences (SFR) but inventory actually went down. 62 listings went contingent, 30 pending, 36 sold, 34 withdrawn or temporarily off the market. There were 83 SFR price reductions, and YTD unit volume remained steady at -29%.
Condominiums had an excellent week too. Continuing their recent popularity, 19 units sold during the period, while only 18 were listed. 26 went contingent, 14 pending, and there were 10 expired and 8 withdrawn or temporarily off the market. Market inventory was reduced from 401 to 391 units, and YTD condo unit sales improved again to -31% vs. last year, continuing the recent trend.
The price of gas began to drop, the weather warmed up, and suddenly people felt a bit better, while the stock market struggled to get back into profitable territory, showing renewed signs of life in spite of many challenges and continued adverse economic news. DataQuick, the La Jolla based source of real estate statistics continued its string of pessimistic reports while allowing that San Francisco and Marin Counties were better off than most other Bay Area markets. (read the full article at http://dqnews.com/News/California/Bay-Area/RRBay080717.aspx ).
Who is right? We'll find out soon enough. Meanwhile, lots of activity here with buyers getting tremendous value, especially in Novato and San Rafael, and particularly in Condominiums which languished for too long and are now enjoying renewed popularity courtesy of their relative affordability--- a great opportunity for first-time buyers or downsizing sellers. Let's see what happens next! Our market typically enjoys increased activity in the fall. Buyers who have been waiting may recognize the opportunity they have been waiting for is here now. Experienced local real estate professionals can help mine the gold in this market-----they know values, and are an important resource for buyers and sellers alike.
More next week----
Until then, best wishes to all,
Fred
Hello Everyone,
Check out the numbers this week! Recovering from its post-holiday hangover, the Marin County real estate market did just fine--thank you very much. There were 63 new listings of Single Family Residences (SFR) but inventory actually went down. 62 listings went contingent, 30 pending, 36 sold, 34 withdrawn or temporarily off the market. There were 83 SFR price reductions, and YTD unit volume remained steady at -29%.
Condominiums had an excellent week too. Continuing their recent popularity, 19 units sold during the period, while only 18 were listed. 26 went contingent, 14 pending, and there were 10 expired and 8 withdrawn or temporarily off the market. Market inventory was reduced from 401 to 391 units, and YTD condo unit sales improved again to -31% vs. last year, continuing the recent trend.
The price of gas began to drop, the weather warmed up, and suddenly people felt a bit better, while the stock market struggled to get back into profitable territory, showing renewed signs of life in spite of many challenges and continued adverse economic news. DataQuick, the La Jolla based source of real estate statistics continued its string of pessimistic reports while allowing that San Francisco and Marin Counties were better off than most other Bay Area markets. (read the full article at http://dqnews.com/News/California/Bay-Area/RRBay080717.aspx ).
Who is right? We'll find out soon enough. Meanwhile, lots of activity here with buyers getting tremendous value, especially in Novato and San Rafael, and particularly in Condominiums which languished for too long and are now enjoying renewed popularity courtesy of their relative affordability--- a great opportunity for first-time buyers or downsizing sellers. Let's see what happens next! Our market typically enjoys increased activity in the fall. Buyers who have been waiting may recognize the opportunity they have been waiting for is here now. Experienced local real estate professionals can help mine the gold in this market-----they know values, and are an important resource for buyers and sellers alike.
More next week----
Until then, best wishes to all,
Fred
Thursday, July 10, 2008
The Anlyan Report. Marin Market Statistics 07.08.2008
for access to spreadsheets, please see http://www.fredanlyan.com
Hello Everyone,
As I mentioned last week, June's accepted offers were exceptionally high.
Single Family Residences (SFR) for June had 291 accepted offers and 290 new listings. This compared to 212 accepted offers in '07 out of 304 new listings, and 226 with 387 new listings in '06. The ratio of accepted offers to new listings for SFR's was 100.3% in June, compared to 69.7% in '07 and 58.4% in '06. For Condominiums, the numbers were 93 new listings in June, and 97 accepted offers, or 104.3%, compared to 54 out of 101 new listings in contract in June of '07, or 53.5%, and 51 out of 116 new listings in contract in '06, or 44%. And the past two years are years we have been holding up as a former higher standard. Active inventory is still modest, and sales activity has picked up, a very encouraging sign.
Percentage in contract continues the small, steady advances we have been used to seeing recently. Overall SFR's just below a "balanced" market at 23.67% in contract, up about .3% from last week. The below $1 Million "starter" homes are up for the week, about .9% to 28.95% in contract. Homes between $1million and $3million had a slight dip in percentage in contract and still a "buyers' " market, while homes over $3million improved a bit but still considered a "strong buyers' " market at14.4% in contract. Sales activity for the week was about 28 units, compared to 34 units in 2007, cumulative sales total for the year to date is down about 30% at 801 units vs. 1145 at this time last year.
Condominium inventory actually dropped a bit, and percentage in contract increased again this week to 27.6% overall, and to 28.34% for condo's under $1million, although sales activity was very modest at only about 7 units for the week. YTD condo unit sales at195 vs. 305 at this time last year, and average sold price is $547,067 vs $636,734 at this time last year.
Market still trying to find its proper level but seems to be stabilizing at the lower end and may be turning. Proper pricing, preparation, presentation still critical and markets are segmented not only by city, but by neighborhood. Experienced local real estate professionals who know their markets definitely add value in the current environment.
More next week-----
Until then, best wishes to all,
Fred
Hello Everyone,
As I mentioned last week, June's accepted offers were exceptionally high.
Single Family Residences (SFR) for June had 291 accepted offers and 290 new listings. This compared to 212 accepted offers in '07 out of 304 new listings, and 226 with 387 new listings in '06. The ratio of accepted offers to new listings for SFR's was 100.3% in June, compared to 69.7% in '07 and 58.4% in '06. For Condominiums, the numbers were 93 new listings in June, and 97 accepted offers, or 104.3%, compared to 54 out of 101 new listings in contract in June of '07, or 53.5%, and 51 out of 116 new listings in contract in '06, or 44%. And the past two years are years we have been holding up as a former higher standard. Active inventory is still modest, and sales activity has picked up, a very encouraging sign.
Percentage in contract continues the small, steady advances we have been used to seeing recently. Overall SFR's just below a "balanced" market at 23.67% in contract, up about .3% from last week. The below $1 Million "starter" homes are up for the week, about .9% to 28.95% in contract. Homes between $1million and $3million had a slight dip in percentage in contract and still a "buyers' " market, while homes over $3million improved a bit but still considered a "strong buyers' " market at14.4% in contract. Sales activity for the week was about 28 units, compared to 34 units in 2007, cumulative sales total for the year to date is down about 30% at 801 units vs. 1145 at this time last year.
Condominium inventory actually dropped a bit, and percentage in contract increased again this week to 27.6% overall, and to 28.34% for condo's under $1million, although sales activity was very modest at only about 7 units for the week. YTD condo unit sales at195 vs. 305 at this time last year, and average sold price is $547,067 vs $636,734 at this time last year.
Market still trying to find its proper level but seems to be stabilizing at the lower end and may be turning. Proper pricing, preparation, presentation still critical and markets are segmented not only by city, but by neighborhood. Experienced local real estate professionals who know their markets definitely add value in the current environment.
More next week-----
Until then, best wishes to all,
Fred
Thursday, July 3, 2008
The Anlyan Report. Marin Market Statistics 07.01.2008
7.01.2008
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
A Happy and Safe 4th of July weekend to all.
City-by-City report for June shows 7 towns and cities with increased percentage in contract, and 6 down. Greenbrae with the biggest increase, going from just over 17% in contract in May, to over 40% at the end of June and making the transition from a buyers' market to a strong sellers' market in the process. San Rafael and Novato increasing their share in contract again, with Novato into sellers' market territory for the second month in a row and San Rafael within a whisker of "balanced", with another increase since last month. Sellers in these areas can enjoy the more favorable environment but should realize that the current market is very price-sensitive and can change at any time.
Active inventory for both Single Family Residences and Condo's has actually come down a bit since last month, the second month in a row for both. June's accepted offers for SFR's amounted to 99.5% of new listings, and for Condo's, the figure was 104.5%, so the market absorbed all the new inventory that became available during the month. All this in spite of the economic turmoil and uncertainty we discussed here last week.
Looks as though we could be in the middle of a market turnaround, barring further unforseen developments.
More next week.
Until then, best wishes to all,
Fred
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
A Happy and Safe 4th of July weekend to all.
City-by-City report for June shows 7 towns and cities with increased percentage in contract, and 6 down. Greenbrae with the biggest increase, going from just over 17% in contract in May, to over 40% at the end of June and making the transition from a buyers' market to a strong sellers' market in the process. San Rafael and Novato increasing their share in contract again, with Novato into sellers' market territory for the second month in a row and San Rafael within a whisker of "balanced", with another increase since last month. Sellers in these areas can enjoy the more favorable environment but should realize that the current market is very price-sensitive and can change at any time.
Active inventory for both Single Family Residences and Condo's has actually come down a bit since last month, the second month in a row for both. June's accepted offers for SFR's amounted to 99.5% of new listings, and for Condo's, the figure was 104.5%, so the market absorbed all the new inventory that became available during the month. All this in spite of the economic turmoil and uncertainty we discussed here last week.
Looks as though we could be in the middle of a market turnaround, barring further unforseen developments.
More next week.
Until then, best wishes to all,
Fred
Friday, June 27, 2008
The Anlyan Report. Marin Market Statistics 06.24.2008
Hello Everyone,
(for access to spreadsheets, please see http://www.fredanlyan.com/ )
An interesting week. Fires elsewhere in the state sent a haze rolling into the County, obscuring views and smelling reminiscent of a smoky Scout camp-out. Temperatures spiked to 100-plus degrees and then plunged back to the 60's or lower and everyone dragged their jackets back out of the closet. Oil closed at record prices around $140 per barrel, and the Dow Jones Industrial Average plummeted again. Buyers were feeling far from relaxed and comfortable, and sellers were left wondering about the value in their homes.
Through all of this, the Marin County real estate market remained amazingly calm. Carolyn Said, in the June 27 SF Chronicle business section quoted USC's Raphael Bostic, saying that "San Jose and San Francisco were in the best shape of major California cities, with home prices flattening, instead of plunging like those in Southern California and inland." The thrust of the article was that the costs of owning a home are now nearly as low as the costs of renting in many areas, and that this should stabilize the market. Business Week obviously had a different opion, and ran an article under the headline "The Housing Abyss" "Why the worst may be yet to come---" http://www.businessweek.com/magazine/content/08_27/b4091032364818.htm?campaign_id=rss_daily
Newly appointed HUD Secretary Steve Preston has been quoted as saying he is optimistic about the passage of a bill currently in Congress to allow hundreds of thousands of qualified homeowners to refinance into affordable government insures mortgages.
And the Wall Street Journal ran a headline "Market's Fall Raises Fears on Banks"
So what is the truth, and what are we to think? Well, as a French friend of mine is fond of saying "Courage, mon ami." Times like this offer opportunity. A check with local mortgage brokers revealed that although rates last week hit their high for the year, they have receded significantly since then, due in part to the Fed leaving rates unchanged, and also to the selloff of the stock market which sent money fleeing to the relative safety of bonds, increasing the potential pool of mortgage money. The increase in FHA loan levels has had a significant positive effect on the availability of funds, and there is even a program called "203K" that allows buyers to purchase a home and then get extra funds to fix it up. Although lending guidelines have been tightened, money is available for qualified borrowers. And prices are very attractive.
Inventory for both single family residences and condo's remained relatively stable, and percentage in contract actually increased slightly in most market segments. 46 single family residences sold during the 7 days ending on June 24, not that far off the 52 that sold during the same period last year. As a result, the SFR YTD unit sales closed the gap a bit from -32% to -28%. During the same period, 16 condominium units sold, vs. 15 last year, narrowing the condo YTD unit sales gap as well, from -38% to -35.8%.
My opinion? Great opportunities in this market. If history is any indicator prices will be headed up and people will be telling stories about the one that got away.
more next week---
Until then, best wishes to all,
Fred
(for access to spreadsheets, please see http://www.fredanlyan.com/ )
An interesting week. Fires elsewhere in the state sent a haze rolling into the County, obscuring views and smelling reminiscent of a smoky Scout camp-out. Temperatures spiked to 100-plus degrees and then plunged back to the 60's or lower and everyone dragged their jackets back out of the closet. Oil closed at record prices around $140 per barrel, and the Dow Jones Industrial Average plummeted again. Buyers were feeling far from relaxed and comfortable, and sellers were left wondering about the value in their homes.
Through all of this, the Marin County real estate market remained amazingly calm. Carolyn Said, in the June 27 SF Chronicle business section quoted USC's Raphael Bostic, saying that "San Jose and San Francisco were in the best shape of major California cities, with home prices flattening, instead of plunging like those in Southern California and inland." The thrust of the article was that the costs of owning a home are now nearly as low as the costs of renting in many areas, and that this should stabilize the market. Business Week obviously had a different opion, and ran an article under the headline "The Housing Abyss" "Why the worst may be yet to come---" http://www.businessweek.com/magazine/content/08_27/b4091032364818.htm?campaign_id=rss_daily
Newly appointed HUD Secretary Steve Preston has been quoted as saying he is optimistic about the passage of a bill currently in Congress to allow hundreds of thousands of qualified homeowners to refinance into affordable government insures mortgages.
And the Wall Street Journal ran a headline "Market's Fall Raises Fears on Banks"
So what is the truth, and what are we to think? Well, as a French friend of mine is fond of saying "Courage, mon ami." Times like this offer opportunity. A check with local mortgage brokers revealed that although rates last week hit their high for the year, they have receded significantly since then, due in part to the Fed leaving rates unchanged, and also to the selloff of the stock market which sent money fleeing to the relative safety of bonds, increasing the potential pool of mortgage money. The increase in FHA loan levels has had a significant positive effect on the availability of funds, and there is even a program called "203K" that allows buyers to purchase a home and then get extra funds to fix it up. Although lending guidelines have been tightened, money is available for qualified borrowers. And prices are very attractive.
Inventory for both single family residences and condo's remained relatively stable, and percentage in contract actually increased slightly in most market segments. 46 single family residences sold during the 7 days ending on June 24, not that far off the 52 that sold during the same period last year. As a result, the SFR YTD unit sales closed the gap a bit from -32% to -28%. During the same period, 16 condominium units sold, vs. 15 last year, narrowing the condo YTD unit sales gap as well, from -38% to -35.8%.
My opinion? Great opportunities in this market. If history is any indicator prices will be headed up and people will be telling stories about the one that got away.
more next week---
Until then, best wishes to all,
Fred
Friday, June 20, 2008
The Anlyan Report. Marin Market Statistics 06.17.2008
(for access to spreadsheets, please see http://www.fredanlyan.com )
6.17.2008
Hello Everyone,
The Marin County real estate market results for the past week were mixed.
DataQuick, the LaJolla, Ca. based real estate news service, reported as follows:
"A total of 6,216 new and resale houses and condos closed escrow in the nine-county Bay Area in May. That was down 1.5 percent from 6,310 in April, and down 23.1 percent from 8,080 in May 2007, DataQuick Information Systems reported. Last month was the slowest May in DataQuick's statistics, which go back to 1988."
A bit of a comedown from April. Data Quick's commentary on that:
"April had broken a seven-month string of record-low months that began after the credit crunch hit last August, where each month had the lowest sales for that particular month since 1988. April saw a record month-to-month sales increase of 28.8 percent from March. However, it appears at least a portion of the April gain was the result of escrows taking longer to close this year. Some sales that would normally have closed in March, seasonally a strong month, likely spilled into April."
(full text of article available at http://www.dqnews.com/News/California/Bay-Area/RRBay080618.aspx )
Marin County single family residences slipped from 22.9% to 21.87% in contract on an overall basis, a buyers' market. The $0-$999K single family home market, which briefly ventured into sellers' market territory in our last report slipped from 26.04% to 25.3% in contract, now back in the "balanced" range. 46 Single family residences closed escrow in the county for the 7day period ending June 17, compared to 43 last year. As a result, YTD SFR unit sales compared to 2007 improved a bit, from -34% to -32.3%. Average YTD list price for units sold, $1,420,038, average sold price, $1,369,833, average Days on Market, 77. Comparable numbers in 2007 were $1,390,183, $1,365,386, and 70. We are now near the halfway point of the year, and entering a traditionally slower sales period as people turn their attention to vacations and travel. Let's watch and see what develops in the next few weeks.
Condominium sales in the County fared a bit less well but there was still some good news. Condo's overall stayed "balanced" at 25.83% in contract, a slight increase from the previous week's 25.06%. Condo's under $1million increased from 26.08% to 26.82% in contract, hanging in there in sellers' market territory for the second week. (Sellers, take this with the proverbial grain of salt; proper pricing is still critical.) In spite of this, closed condo escrows for the 7 days ended on June 17 were only 6 units, compared to 14 in 2007. Total YTD units sold slipped from -37.2% to -38% compared to 2007.
Average list price was $580,381. Average sold price $563,811, and DOM at 92. These figures compared to 2007's $641,797, $632,794, and 75. Obviously, condo prices have come down considerably over the course of the year, pushed by REO's (bank owned real estate) selling at low prices, particularly in Novato.
Marin County real estate market continues to be segmented, with no true "average" Marin home. Market is neighborhood by neighborhood, and the above trends are only averages. It is critical during this market to have the advice of an experienced local REALTOR who is familiar with the specific neighborhood. Certain areas are doing spectacularly well, others more challenging. Marin County is a great place to work and live, expansion is limited, and there is a lot of demand for homes in the County. This insulates us a bit, and the swings of our market are considerably less intense than elsewhere in the state or the nation but local real estate is still sensitive to the economic news of the moment. Historically, Marin County real estate has been an excellent investment and some of the current favorable prices offer buyers an opportunity to get a great home at an affordable price. What could be better?
more next week.
Until then, best wishes to all,
Fred
6.17.2008
Hello Everyone,
The Marin County real estate market results for the past week were mixed.
DataQuick, the LaJolla, Ca. based real estate news service, reported as follows:
"A total of 6,216 new and resale houses and condos closed escrow in the nine-county Bay Area in May. That was down 1.5 percent from 6,310 in April, and down 23.1 percent from 8,080 in May 2007, DataQuick Information Systems reported. Last month was the slowest May in DataQuick's statistics, which go back to 1988."
A bit of a comedown from April. Data Quick's commentary on that:
"April had broken a seven-month string of record-low months that began after the credit crunch hit last August, where each month had the lowest sales for that particular month since 1988. April saw a record month-to-month sales increase of 28.8 percent from March. However, it appears at least a portion of the April gain was the result of escrows taking longer to close this year. Some sales that would normally have closed in March, seasonally a strong month, likely spilled into April."
(full text of article available at http://www.dqnews.com/News/California/Bay-Area/RRBay080618.aspx )
Marin County single family residences slipped from 22.9% to 21.87% in contract on an overall basis, a buyers' market. The $0-$999K single family home market, which briefly ventured into sellers' market territory in our last report slipped from 26.04% to 25.3% in contract, now back in the "balanced" range. 46 Single family residences closed escrow in the county for the 7day period ending June 17, compared to 43 last year. As a result, YTD SFR unit sales compared to 2007 improved a bit, from -34% to -32.3%. Average YTD list price for units sold, $1,420,038, average sold price, $1,369,833, average Days on Market, 77. Comparable numbers in 2007 were $1,390,183, $1,365,386, and 70. We are now near the halfway point of the year, and entering a traditionally slower sales period as people turn their attention to vacations and travel. Let's watch and see what develops in the next few weeks.
Condominium sales in the County fared a bit less well but there was still some good news. Condo's overall stayed "balanced" at 25.83% in contract, a slight increase from the previous week's 25.06%. Condo's under $1million increased from 26.08% to 26.82% in contract, hanging in there in sellers' market territory for the second week. (Sellers, take this with the proverbial grain of salt; proper pricing is still critical.) In spite of this, closed condo escrows for the 7 days ended on June 17 were only 6 units, compared to 14 in 2007. Total YTD units sold slipped from -37.2% to -38% compared to 2007.
Average list price was $580,381. Average sold price $563,811, and DOM at 92. These figures compared to 2007's $641,797, $632,794, and 75. Obviously, condo prices have come down considerably over the course of the year, pushed by REO's (bank owned real estate) selling at low prices, particularly in Novato.
Marin County real estate market continues to be segmented, with no true "average" Marin home. Market is neighborhood by neighborhood, and the above trends are only averages. It is critical during this market to have the advice of an experienced local REALTOR who is familiar with the specific neighborhood. Certain areas are doing spectacularly well, others more challenging. Marin County is a great place to work and live, expansion is limited, and there is a lot of demand for homes in the County. This insulates us a bit, and the swings of our market are considerably less intense than elsewhere in the state or the nation but local real estate is still sensitive to the economic news of the moment. Historically, Marin County real estate has been an excellent investment and some of the current favorable prices offer buyers an opportunity to get a great home at an affordable price. What could be better?
more next week.
Until then, best wishes to all,
Fred
Friday, June 13, 2008
The Anlyan Report. Marin Market Statistics 06.10.2008
Hello Everyone,
(for access to spreadsheets, please see http://www.fredanlyan.com )
Look at what has happened! After making continuous progress over a number of weeks the SFR and Condo markets both showed up with good news last week. As of June 10, Single Family Residences overall were at 22.9% in contract, still a buyers' market, but close to balanced. HOWEVER, SFR's from $0-$999,999 clocked in at 26.04% in contract county-wide, officially in sellers' market territory for the first time in a long time. SFR listing activity was flat, and homes above $2million are a bit soft at only 18.6% in contract. $3million-plus properties a major buyers' opportunity at only 10.6% in contract. Sellers- This is a time to be optimistic, but not a time to push the envelope on pricing. Savvy buyers still looking for value, but writing offers and buying homes.
Condo's made progress during the week as well, with the overall condo market balanced at 25.06% in contract and the under-$1million condo market at 26.08% in contract---believe it or not, in sellers' market territory. Still large pockets of condo listings that have been on the market for a while, and this makes ambitious pricing unwise. But, well-located, right-priced condo's in desirable areas are selling.
This welcome news, together with last week's City-by-City report's (included again in this week's attachments) data showing Novato officially back in sellers' market territory indicate steady progress in our local markets. Year to date units sold continue to be off substantially (-37% condo and-34% SFR) from last year, but recent sales activity is steady and improving. Lots of uncertainty in the economy and with the price of gas going up weekly and even daily, and the Dow Jones bouncing up and down like a golden retriever's green tennis ball. Folks are being careful about their money and financial commitments. Still, buyers are recognizing tremendous value in certain segments of the Marin County housing market and voting their confidence with the expenditure of their housing dollars. Many experienced local real estate agents are saying this is a great time to buy. Interest rates are low, loans are available, and home prices are reasonable and reasonably stable. Marin County housing dreams are coming true for many buyers who recognize value and act on their convictions.
more next week---
Until then, best wishes to all,
Fred
(for access to spreadsheets, please see http://www.fredanlyan.com )
Look at what has happened! After making continuous progress over a number of weeks the SFR and Condo markets both showed up with good news last week. As of June 10, Single Family Residences overall were at 22.9% in contract, still a buyers' market, but close to balanced. HOWEVER, SFR's from $0-$999,999 clocked in at 26.04% in contract county-wide, officially in sellers' market territory for the first time in a long time. SFR listing activity was flat, and homes above $2million are a bit soft at only 18.6% in contract. $3million-plus properties a major buyers' opportunity at only 10.6% in contract. Sellers- This is a time to be optimistic, but not a time to push the envelope on pricing. Savvy buyers still looking for value, but writing offers and buying homes.
Condo's made progress during the week as well, with the overall condo market balanced at 25.06% in contract and the under-$1million condo market at 26.08% in contract---believe it or not, in sellers' market territory. Still large pockets of condo listings that have been on the market for a while, and this makes ambitious pricing unwise. But, well-located, right-priced condo's in desirable areas are selling.
This welcome news, together with last week's City-by-City report's (included again in this week's attachments) data showing Novato officially back in sellers' market territory indicate steady progress in our local markets. Year to date units sold continue to be off substantially (-37% condo and-34% SFR) from last year, but recent sales activity is steady and improving. Lots of uncertainty in the economy and with the price of gas going up weekly and even daily, and the Dow Jones bouncing up and down like a golden retriever's green tennis ball. Folks are being careful about their money and financial commitments. Still, buyers are recognizing tremendous value in certain segments of the Marin County housing market and voting their confidence with the expenditure of their housing dollars. Many experienced local real estate agents are saying this is a great time to buy. Interest rates are low, loans are available, and home prices are reasonable and reasonably stable. Marin County housing dreams are coming true for many buyers who recognize value and act on their convictions.
more next week---
Until then, best wishes to all,
Fred
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