(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
A relatively quiet mid-summer real estate week in Marin County!
Condominiums continued their steady progress, finishing the week at slightly over 31% in contract overall. The $0-999K Condo market increased to 31% from 29% last week while inventory remained roughly the same. There were 18 new condo listings, 19 price reductions, 21 listings went contingent, 11 pending, 12 sold, 5 expired, and 8 were withdrawn or temporarily off the market. Year-to-date, 258 condo's have sold in the County, compared to 355 at the same time last year, or 27% fewer units. This is a continued improvement from the -29% at last report. Prices are down, with the average YTD sold condo price at a bit over $533,000, compared to $640,000 last year at the same time. Condo's showing a bit more strength now, but no time for sellers to push the envelope on price. Best course of action is to consult with a local real estate professional familiar with your market. Then take that person's advice! Particularly important--- make sure the property is priced right and looks its best before it hits the market
Single Family Residences. Inventory overall roughly even on the boards with 1099 active listings during the period, compared to 1098 a week ago. $0-$999K "entry-level" homes inventory up slightly at 552 vs 544 a week ago, and now a solid sellers' market at 30.8% in contract. Upper-end homes mixed, with the $1M-$2M range picking up a couple of points to 16.5% in contract vs. slightly over 14% a week ago, a buyers' market. $2M-$3M market dropping from 15.8% to 14% in contract, and $3M and up market also dropping from 13% in contract to 10.4% in contract.
There were 55 new listings of single family homes, 76 price reductions, 41 properties went contingent, 29 pending, 32 sold,12 expired, and 22 properties were withdrawn or temporarily off the market. Through August 12, 993 single family homes have sold, compared to 1380 last year, or 28% fewer, representing an improvement from the week-ago figure of -28.9%. Average YTD sold price at $1,349,537 vs. last years figure of $1,367,841. Pricing, preparation, and presentation critical in this market. Professional real estate advice from an experienced local agent is invaluable. Market conditions looking up but constantly changing and vary by town, area, and neighborhood.
More next week---
Until then, best wishes for the rest of the summer,
Fred
Friday, August 15, 2008
Friday, August 8, 2008
The Anlyan Report. Marin Market Statistics 08.05.2008
for access to spreadsheets, please see http://www.fredanlyan.com
Hello Everyone,
Monthly City-by-City report out this month shows 6 of 13 listed markets down and 7 up. Greenbrae still the king of the hill even with a slight drop since last month--coming in with 10 of 26 properties in contract, or 38.46%. Sausalito on the bottom rung of the Marin real estate market ladder this month with only 9.8% of listed properties in contract as of August 5, a strong buyers' market. Biggest surprise- Mill Valley, going from 26.7% in contract to 21.52% and from sellers' to buyers' market in the process. A great time for Mill Valley buyers to take advantage of what is probably a temporary market condition in this perennially popular community. San Rafael and Novato continue to improve their position at 26.8 and 27.98% in contract, respectively.
Single Family Residences (SFR): For the month of July, there were 258 new listings, 268 accepted offers, yielding a ratio of accepted offers to new listings of 103.9% and a 5.4 month supply of inventory, the lowest since April of '07. 176 properties sold and the ratio of sale price to list price was 94.7%, a slight improvement over last month's 93.6%. Inventory was down again from 1125 to 1098, and the overall percentage in contract for all price ranges was 22.4%, a buyers' market. $0-999K "starter" homes were up to 30.7% in contract, a strong sellers' market, while the upper end of the SFR market was substantially softer--$1M-$1.99M down from 16.9% to 14.3% in contract, a strong buyers' market; $2M to $2.99M up marginally (.15%) to 15.84% and still a buyers' market, and finally, the over-$3million market fell from 14,85% in contract to 13%, presenting a great opportunity for well-heeled buyers to scoop up tremendous bargains. Year to date units sold vs last year picks up a very slight advantage, going from -28.9% to -28.6%, but at least headed in the right direction.
Condos: There were 89 new listings and 108 accepted offers, yielding a ratio of accepted offers to new listings of 121.3%, and bringing the months' supply of inventory down to 5.7, the lowest since June of 2007. 52 condominiums sold, and the ratio of sale price to list price was 91.2, a slight improvement over last month's 90.3%.
Inventory was down again to 376 units from 385 last week. Overall percentage in contract down 1 tenth of 1 percent to 28.99%- still a sellers' market. The $0-$999K segment was down 1% to 28.58%, remaining a sellers' market as well. The $1M to $1.99M market down to 20% in contract, still a buyers' market, but representing only 20 units. Year to date units sold vs. last year narrows to -27.9%, a continued improvement, following the recent trend.
It is important to remember that the terms "buyers'" and "sellers'" market are relative and do not mean what they have meant in the past. Market generalizations do not necessarily apply to every home and there are certainly many exceptions. Pricing is critical in this market and overpricing is probably the greatest single reason that listings do not sell. The advice of a local real estate professional with recent experience in your market is an important component for success in the current market for both buyers and sellers.
more next week----
Until then, best wishes to all,
Fred
Hello Everyone,
Monthly City-by-City report out this month shows 6 of 13 listed markets down and 7 up. Greenbrae still the king of the hill even with a slight drop since last month--coming in with 10 of 26 properties in contract, or 38.46%. Sausalito on the bottom rung of the Marin real estate market ladder this month with only 9.8% of listed properties in contract as of August 5, a strong buyers' market. Biggest surprise- Mill Valley, going from 26.7% in contract to 21.52% and from sellers' to buyers' market in the process. A great time for Mill Valley buyers to take advantage of what is probably a temporary market condition in this perennially popular community. San Rafael and Novato continue to improve their position at 26.8 and 27.98% in contract, respectively.
Single Family Residences (SFR): For the month of July, there were 258 new listings, 268 accepted offers, yielding a ratio of accepted offers to new listings of 103.9% and a 5.4 month supply of inventory, the lowest since April of '07. 176 properties sold and the ratio of sale price to list price was 94.7%, a slight improvement over last month's 93.6%. Inventory was down again from 1125 to 1098, and the overall percentage in contract for all price ranges was 22.4%, a buyers' market. $0-999K "starter" homes were up to 30.7% in contract, a strong sellers' market, while the upper end of the SFR market was substantially softer--$1M-$1.99M down from 16.9% to 14.3% in contract, a strong buyers' market; $2M to $2.99M up marginally (.15%) to 15.84% and still a buyers' market, and finally, the over-$3million market fell from 14,85% in contract to 13%, presenting a great opportunity for well-heeled buyers to scoop up tremendous bargains. Year to date units sold vs last year picks up a very slight advantage, going from -28.9% to -28.6%, but at least headed in the right direction.
Condos: There were 89 new listings and 108 accepted offers, yielding a ratio of accepted offers to new listings of 121.3%, and bringing the months' supply of inventory down to 5.7, the lowest since June of 2007. 52 condominiums sold, and the ratio of sale price to list price was 91.2, a slight improvement over last month's 90.3%.
Inventory was down again to 376 units from 385 last week. Overall percentage in contract down 1 tenth of 1 percent to 28.99%- still a sellers' market. The $0-$999K segment was down 1% to 28.58%, remaining a sellers' market as well. The $1M to $1.99M market down to 20% in contract, still a buyers' market, but representing only 20 units. Year to date units sold vs. last year narrows to -27.9%, a continued improvement, following the recent trend.
It is important to remember that the terms "buyers'" and "sellers'" market are relative and do not mean what they have meant in the past. Market generalizations do not necessarily apply to every home and there are certainly many exceptions. Pricing is critical in this market and overpricing is probably the greatest single reason that listings do not sell. The advice of a local real estate professional with recent experience in your market is an important component for success in the current market for both buyers and sellers.
more next week----
Until then, best wishes to all,
Fred
Friday, August 1, 2008
The Anlyan Report. Marin Market Statistics 07.29.2008
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
( 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, 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
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