Hello Everyone,
Bumpy week for the U.S. economy. Jobs report showed only 41,000 new real jobs
after subtracting temporary hirings of Census Workers. Stock market reacted with extreme volatility to this and continuing concerns over the possibility that troubles with the Euro may spread to other countries. In the background, the BP disaster acting as a drag on people's spirits as they wonder how bad it will get before it is under control and what it will take to clean it up.
Included in this week's report are the recently added monthly Condo and Single Family Market Action Reports. If you haven't seen them yet, take a look. Also, the monthly City-by-City report showing the percentage in contract down in ten of thirteen listed Marin County cities and towns, up in two, and one, San Rafael with no change.
Marin real estate market sending mixed signals
Single Family Residences (SFR) percentage in contract down in all categories except for a very slight increase (about half a percentage point) in the $2-$3million dollar segment. Market segment under $1million still doing well at 35% in contract but continues to be quite price sensitive. One Central Marin home last week received 3 offers and still did not get to list price. Buyers looking for value. Average sold price up a bit from this time last year at $1,059,749 vs. $948,599, and days on market (DOM) at 94, down from111 at the same time in '09. YTD units sold at 757 as of June 8, vs. last year's 531, an increase of 42%. Keep in mind, the figure was 46% two weeks ago, so actually represents a slight decline. Having said that, CB MarketQuest shows accepted offers at 100% of new listings for May. Report also shows a 5.6 month supply of inventory for SFR's, the lowest since December, when many sellers typically take their homes off the market for the Holidays. Active SFR inventory at 1,053 units at the end of May vs. last year's 1,267.
Condominiums percentage in contract down in all categories too. The under- $1million segment, representing all but a handfull of units listed for sale, hanging in there at 34.59% in contract. Little if any room for sellers to push price in this market either. Average sold price also up a bit from this time last year at $405,528 vs. $364,733. Days on market (DOM) at 117, up just a bit from 114 at the same time in '09. YTD units sold at 214 as of June 8, vs. last year's 189, an increase of 13%. This also represents a slight decline from the 13.3% figure in our last report so market may be losing a bit of momentum here too. CB MarketQuest shows accepted offers at 91.4 of new listings for May and a 5.7 month supply of inventory for Condo's, again, the best figures since December. Active Condo inventory at 285 units at the end of May vs. last year's 328.
(Note: discrepancy between figures from MLS and MarketQuest due to the difference in the way the two organizations count active listings. Figures consistent within reports)
Local real estate offices quite active with a steady stream of new open escrows. Agents and managers optimistic. In spite of all the ups and downs, the market seems to be improving. Most deals still being negotiated carefully between buyers and sellers. Buyers not throwing money at deals even in multiple offer situations. They are not inclined to do so, and the banks won't let them. Appraisal guidelines continue to be strict. Buyers are buying but again, they are buying value. Buyers and sellers alike benefit from the experience and market knowledge of local REALTORS, familiar with their specific market.
More next time.
Until then, best wishes to all,
Fred
p.s for access to spreadsheets please see http://www.fredanlyan.com
Saturday, June 12, 2010
Sunday, May 30, 2010
The Anlyan Report. Marin County Real Estate Statistics 5.28.2010
Hello Everyone,
Another rough week on Wall Street, with the Dow closing below 10,000 at one point for the first time in several months and fluctuating several hundred points during daytime trading. Investors wary of more trouble with the Euro. More talk about a possible double-dip housing recession. MSNBC, in a May 25 article, quotes Robert Shiller, co-creator of the Case-Shiller index who predicted in 2005 that the housing bubble would burst: "It looks like a double-dip already----- There is a very real possibility of some more decline". Read the full article at
http://www.msnbc.msn.com/id/37333160/ns/business-economy_at_a_crossroads/
Also, read the Robert Shiller interview at
http://www.businessweek.com/magazine/content/10_15/b4173013214814.htm
San Diego-based MDA DataQuick, a real estate information service, in an article dated May 20 notes that Bay Area real estate sales (units sold) were about 1.9% lower in April than in the corresponding period last year but questions whether some of the decline might be attributable to sales that were pushed into May or June by tax credits. Article goes on to say "For months we've seen growing signs of a recovery taking hold. But plenty of challenges remain like high unemployment, the possibility of many more distressed properties hitting the market in a rising interest rate environment, and a dysfunctional jumbo loan market, which is a big deal in the Bay Area." The article also notes an almost 22 percent median Bay Area home price increase from April of 2009 which the authors attribute to more high-end activity, better (but still not good) availability of "jumbo" financing, and a decline in foreclosure activity. Read the full article at
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100520.aspx
Here in Marin County, real estate agents I have spoken with are still upbeat about the local housing market. Interest rates remain favorable. Jumbo availability has eased up a bit. Inventory is increasing slightly, following seasonal trends and showing seller willingness to participate in the current market. Buyers are out and about and making offers on desirable, well-priced homes. Local real estate offices experiencing an increase in business which may be tax stimulus induced, but we will have to wait and see. More desirable properties attracting multiple offers but pricing not racing out of control. Even multiple offers often not that far over asking price, if at all. Buyers very prudent and lenders backstopping them with stringent appraisals. Lender requests for appraisal reviews or even second appraisals not uncommon.
Overall, Marin County market conditions seem much improved from a year ago. Single Family YTD units sold at 639 as of 5.25.10, compared to 440 on the same date last year--- represents a 45% increase. Average YTD SFR list price at $1,112,706 and average sold at $1,057,652 compared to $1,010,384 and $948,226 for the same period last year. SFR days on market on a YTD basis improved from 110 in May of '09 to 96 as of 5.25.10.
Condo's up too but much less dramatic at 187 units sold by May 25 compared to last year's 165, a 13% increase. Average YTD condo prices as of 5.25.10 at $415,311 list price vs. $406,558 sold price. Compares to $372,936 list price and $359,709 sold price during the same period last year. Days on market for Condo's up slightly from 115 to 122.
Marin County housing market still extremely price-sensitive, with attractively priced and presented homes in desirable locations getting lots of action. Overpriced,poorly-presented homes often sitting for extended periods with multiple price reductions. Local professional REALTORS who know your neighborhood an invaluable source of information in the current environment.
More next time-------
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
htto://www.fredanlyan.com
Another rough week on Wall Street, with the Dow closing below 10,000 at one point for the first time in several months and fluctuating several hundred points during daytime trading. Investors wary of more trouble with the Euro. More talk about a possible double-dip housing recession. MSNBC, in a May 25 article, quotes Robert Shiller, co-creator of the Case-Shiller index who predicted in 2005 that the housing bubble would burst: "It looks like a double-dip already----- There is a very real possibility of some more decline". Read the full article at
http://www.msnbc.msn.com/id/37333160/ns/business-economy_at_a_crossroads/
Also, read the Robert Shiller interview at
http://www.businessweek.com/magazine/content/10_15/b4173013214814.htm
San Diego-based MDA DataQuick, a real estate information service, in an article dated May 20 notes that Bay Area real estate sales (units sold) were about 1.9% lower in April than in the corresponding period last year but questions whether some of the decline might be attributable to sales that were pushed into May or June by tax credits. Article goes on to say "For months we've seen growing signs of a recovery taking hold. But plenty of challenges remain like high unemployment, the possibility of many more distressed properties hitting the market in a rising interest rate environment, and a dysfunctional jumbo loan market, which is a big deal in the Bay Area." The article also notes an almost 22 percent median Bay Area home price increase from April of 2009 which the authors attribute to more high-end activity, better (but still not good) availability of "jumbo" financing, and a decline in foreclosure activity. Read the full article at
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100520.aspx
Here in Marin County, real estate agents I have spoken with are still upbeat about the local housing market. Interest rates remain favorable. Jumbo availability has eased up a bit. Inventory is increasing slightly, following seasonal trends and showing seller willingness to participate in the current market. Buyers are out and about and making offers on desirable, well-priced homes. Local real estate offices experiencing an increase in business which may be tax stimulus induced, but we will have to wait and see. More desirable properties attracting multiple offers but pricing not racing out of control. Even multiple offers often not that far over asking price, if at all. Buyers very prudent and lenders backstopping them with stringent appraisals. Lender requests for appraisal reviews or even second appraisals not uncommon.
Overall, Marin County market conditions seem much improved from a year ago. Single Family YTD units sold at 639 as of 5.25.10, compared to 440 on the same date last year--- represents a 45% increase. Average YTD SFR list price at $1,112,706 and average sold at $1,057,652 compared to $1,010,384 and $948,226 for the same period last year. SFR days on market on a YTD basis improved from 110 in May of '09 to 96 as of 5.25.10.
Condo's up too but much less dramatic at 187 units sold by May 25 compared to last year's 165, a 13% increase. Average YTD condo prices as of 5.25.10 at $415,311 list price vs. $406,558 sold price. Compares to $372,936 list price and $359,709 sold price during the same period last year. Days on market for Condo's up slightly from 115 to 122.
Marin County housing market still extremely price-sensitive, with attractively priced and presented homes in desirable locations getting lots of action. Overpriced,poorly-presented homes often sitting for extended periods with multiple price reductions. Local professional REALTORS who know your neighborhood an invaluable source of information in the current environment.
More next time-------
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
htto://www.fredanlyan.com
Friday, May 14, 2010
The Anlyan Report. Marin County Real Estate Statistics 5.14.10
Hello Everyone,
Global stock and currency markets continue to be skittish over fears about Greek debt and the future of the Euro. Oil prices down, stock market down, dollar up. Situation could and does change minute by minute but in the long run, the trend has been positive and seems likely to continue in a positive direction.
Marin County Single Family Residences (SFR) inventory increased slightly to 1252 as of May 11, about 50 more units than at last report and in the same general ballpark as the last two years at this time. Percentage of SFR's in contract up just about a percentage point each at 30.19% overall, 39.5% for homes under $1million, and 20.06% for homes between $1million and $2million. Homes between $2million and $3million dropped about 3/4 of a point to 18.75%, while homes above $3million dropped about 1.8 points to 15.32% in contract. YTD SFR sales at 555 units vs 380 at the same time last year, or up 46%. This compares to an increase of 55% at last report indicating momentum has slowed. Whether this is temporary or a trend resulting from the end of the government homebuyer tax credits remains to be seen. Average SFR list price $1,101,894 compared to $1,009,791 at the same time last year. Average sold price $1,045,650 compared to $953,292. This is not necessarily an indication that housing prices have increased because figures represent "market mix" as well as price levels. Average days on market 100 vs. 112 in May of '09, a slight improvement.
Condominium inventory actually down slightly at 357 units vs.367 at last report. Compares to 328 in April of '09 and 412 in '08 (CB MarketQuest). YTD units sold as of 5.11.10 at 168 vs. 145 at the same time last year, an increase of 15.86%. This is up from the 10% increase indicated at our last report and may or may not signal a trend. More information on this in coming weeks. Average condo list price at $424,938 vs. $356,147 at the same time last year, while average sold price at $415,675 compared to '09's $343,811 (same "market mix" comments apply as for SFR's above). Average DOM at 124 compared to 112 in May of '09.
Marin real estate market continues to offer opportunity for buyers, with excellent prices and mortgages still available at attractive rates. Rules for qualifying stricter than in the past but those with good credit and income taking advantage of this rare opportunity to buy a Marin County home at a more affordable price than in the recent past. Local professional REALTORS familiar with buyers' area(s) of interest still the best source of information on price, location, condition, financing, etc. They see a lot of homes every week. Agents I have spoken with still feeling positive about market activity and direction in the County and see significant improvement over last year. Local market seems poised for continued gradual improvement in the coming months. Lots of excellent deals still available on upper-end properties, especially for cash buyers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Global stock and currency markets continue to be skittish over fears about Greek debt and the future of the Euro. Oil prices down, stock market down, dollar up. Situation could and does change minute by minute but in the long run, the trend has been positive and seems likely to continue in a positive direction.
Marin County Single Family Residences (SFR) inventory increased slightly to 1252 as of May 11, about 50 more units than at last report and in the same general ballpark as the last two years at this time. Percentage of SFR's in contract up just about a percentage point each at 30.19% overall, 39.5% for homes under $1million, and 20.06% for homes between $1million and $2million. Homes between $2million and $3million dropped about 3/4 of a point to 18.75%, while homes above $3million dropped about 1.8 points to 15.32% in contract. YTD SFR sales at 555 units vs 380 at the same time last year, or up 46%. This compares to an increase of 55% at last report indicating momentum has slowed. Whether this is temporary or a trend resulting from the end of the government homebuyer tax credits remains to be seen. Average SFR list price $1,101,894 compared to $1,009,791 at the same time last year. Average sold price $1,045,650 compared to $953,292. This is not necessarily an indication that housing prices have increased because figures represent "market mix" as well as price levels. Average days on market 100 vs. 112 in May of '09, a slight improvement.
Condominium inventory actually down slightly at 357 units vs.367 at last report. Compares to 328 in April of '09 and 412 in '08 (CB MarketQuest). YTD units sold as of 5.11.10 at 168 vs. 145 at the same time last year, an increase of 15.86%. This is up from the 10% increase indicated at our last report and may or may not signal a trend. More information on this in coming weeks. Average condo list price at $424,938 vs. $356,147 at the same time last year, while average sold price at $415,675 compared to '09's $343,811 (same "market mix" comments apply as for SFR's above). Average DOM at 124 compared to 112 in May of '09.
Marin real estate market continues to offer opportunity for buyers, with excellent prices and mortgages still available at attractive rates. Rules for qualifying stricter than in the past but those with good credit and income taking advantage of this rare opportunity to buy a Marin County home at a more affordable price than in the recent past. Local professional REALTORS familiar with buyers' area(s) of interest still the best source of information on price, location, condition, financing, etc. They see a lot of homes every week. Agents I have spoken with still feeling positive about market activity and direction in the County and see significant improvement over last year. Local market seems poised for continued gradual improvement in the coming months. Lots of excellent deals still available on upper-end properties, especially for cash buyers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Wednesday, May 5, 2010
The Anlyan Report. Marin County Real Estate 5.2.10
Hello Everyone,
Mood on the street and around town is upbeat. Most REALTORS I have spoken with believe that the Marin County real estate market is picking up. Sellers are better educated about current values and know that they have to price for the market if they want to sell. Plenty of qualified buyers competing for a limited amount of inventory make it their business to know the market and refuse to overpay. Lenders backing them up with strict appraisal guidelines, appraisal reviews, and requests for multiple appraisals so prices have to be real. Interest rates still excellent. Stock Market and consumer confidence recovering and the FED holding the line on interest rates last week with a statement that they intend to continue to do so for an extended period. "Jumbo" loans still difficult to obtain with lots of hoops for buyers to jump, vault, or squeeze themselves through. Well-qualified buyers with good income, credit, assets, reserves can qualify but the process is time-consuming. Upper end of the market continues to be sluggish as a result. Cash is king, with all-cash offers holding a decided edge over buyers who need to obtain loans, particularly on higher-priced homes.
City by City Report out this week shows 7 of 13 listed Marin cities and towns with percentage in contract up, and 6 down. No dramatic moves. Novato in first place, gaining since last month and now at 45.8% in contract. Novato real estate still very sensitive to price in spite of this due to continued REO and short-sale activity. Sausalito still at the bottom of the heap with only 17.89% in contract, but significantly better than last month's 10.2%.
Momentum in YTD units sold seems to be slowing, with SFR's still up about 55% from this period last year at 479 vs. 308. Condo YTD units sold at 143 vs. 130 last year at the same time, or up 10%. With the expiration of the Federal tax credit, remains to be seen whether the market is still strong enough (assisted by the California state tax credit) to continue on its upward course.
Signs of strength in the market include the high ratio of accepted offers to new listings in both the SFR and Condo market------ 88.5% and 95.1% respectively.
CB MarketQuest Market Action Report for April (attached) just out shows SFR's in a strong position with prices up, Days on Market down. Condo's a bit more challenging. See reports for full information.
Opportunities abound, particularly in the upper end of the market where qualified buyers continue to get great deals. Good prices and good rates will probably continue for a while, but not forever. Now is a great time to buy. Check with a professional REALTOR experienced in the specific area of interest.
More next time. Until then,
Best wishes to all,
Fred
P.S. For access to spreadsheets please see http://www.fredanlyan.com
Mood on the street and around town is upbeat. Most REALTORS I have spoken with believe that the Marin County real estate market is picking up. Sellers are better educated about current values and know that they have to price for the market if they want to sell. Plenty of qualified buyers competing for a limited amount of inventory make it their business to know the market and refuse to overpay. Lenders backing them up with strict appraisal guidelines, appraisal reviews, and requests for multiple appraisals so prices have to be real. Interest rates still excellent. Stock Market and consumer confidence recovering and the FED holding the line on interest rates last week with a statement that they intend to continue to do so for an extended period. "Jumbo" loans still difficult to obtain with lots of hoops for buyers to jump, vault, or squeeze themselves through. Well-qualified buyers with good income, credit, assets, reserves can qualify but the process is time-consuming. Upper end of the market continues to be sluggish as a result. Cash is king, with all-cash offers holding a decided edge over buyers who need to obtain loans, particularly on higher-priced homes.
City by City Report out this week shows 7 of 13 listed Marin cities and towns with percentage in contract up, and 6 down. No dramatic moves. Novato in first place, gaining since last month and now at 45.8% in contract. Novato real estate still very sensitive to price in spite of this due to continued REO and short-sale activity. Sausalito still at the bottom of the heap with only 17.89% in contract, but significantly better than last month's 10.2%.
Momentum in YTD units sold seems to be slowing, with SFR's still up about 55% from this period last year at 479 vs. 308. Condo YTD units sold at 143 vs. 130 last year at the same time, or up 10%. With the expiration of the Federal tax credit, remains to be seen whether the market is still strong enough (assisted by the California state tax credit) to continue on its upward course.
Signs of strength in the market include the high ratio of accepted offers to new listings in both the SFR and Condo market------ 88.5% and 95.1% respectively.
CB MarketQuest Market Action Report for April (attached) just out shows SFR's in a strong position with prices up, Days on Market down. Condo's a bit more challenging. See reports for full information.
Opportunities abound, particularly in the upper end of the market where qualified buyers continue to get great deals. Good prices and good rates will probably continue for a while, but not forever. Now is a great time to buy. Check with a professional REALTOR experienced in the specific area of interest.
More next time. Until then,
Best wishes to all,
Fred
P.S. For access to spreadsheets please see http://www.fredanlyan.com
Sunday, April 18, 2010
The Anlyan Report. Marin County Real Estate. 4.17.10
Hello Everyone,
La Jolla, CA-based MDA DataQuick, in an April 15 article headlined
"Bay Area March home sales and median price rise above prior month and ‘09"
noted that although Bay Area median sales prices have risen for 6 straight months, the $380,000 figure for March was still more than 42% below the high of $665K reached in the summer of 2007. The article called the increase a "statistical quirk", citing a decreasing percentage of foreclosure sales and increasing sales in medium to high-priced neighborhoods but noting that the upper end is still constrained by a "dysfunctional" jumbo loan market and a lack of the adjustable rate mortgages upon which upper-end sales have historically depended. The article also noted over 17% of Bay Area homes being purchased by absentee buyers "mostly investors", and that all-cash sales accounted for almost 25% of Bay Area home sales in March. Full text of article
Single Family Residence (SFR) inventory at 1114 vs. 1032 two weeks ago, up about 10% and percentage in contract down a bit, at 29.9% overall vs 31% at last report. SFR's under $1million still leading the market with 37.5% of listed homes in contract, down just a bit from 40% two weeks ago and significantly lower than the early- February level of 46%, but still strong. YTD SFR units sold up 55% on April 13 compared to '09's 257 at the same time, continuing their recent red-hot trend. Average sales price at $1,021,919 vs. $927,629 at the same time last year.
Condo inventory up only 20 units since last report, from 325 to 345 and percentage in contract at 40% on April 13, compared to 36.7% two weeks ago. YTD units sold at 120 vs. 111 at the same time last year, an increase of about 8%. Average sold price at $409,234 vs. 2009's $326,182 at the same time.
Marin County real estate market active, with lots of buyers and their agents out and about. Open houses well-attended and well-priced, well-prepared, well-marketed homes selling at a brisk pace. Reality is that the market is still very price-sensitive with even multiple-offer situations often not going very far over asking price. Pushing the pricing envelope usually results in homes that sit on the market and either do not sell or sell for less than they would have if priced correctly from the start and then only after a long period of marketing and multiple price reductions. Experienced professional REALTORS familiar with your local area are an invaluable source of information in this market. They often see many homes each week and track the results, providing an important frame of reference.
More next time.
Until then, best wishes to all,
Fred
La Jolla, CA-based MDA DataQuick, in an April 15 article headlined
"Bay Area March home sales and median price rise above prior month and ‘09"
noted that although Bay Area median sales prices have risen for 6 straight months, the $380,000 figure for March was still more than 42% below the high of $665K reached in the summer of 2007. The article called the increase a "statistical quirk", citing a decreasing percentage of foreclosure sales and increasing sales in medium to high-priced neighborhoods but noting that the upper end is still constrained by a "dysfunctional" jumbo loan market and a lack of the adjustable rate mortgages upon which upper-end sales have historically depended. The article also noted over 17% of Bay Area homes being purchased by absentee buyers "mostly investors", and that all-cash sales accounted for almost 25% of Bay Area home sales in March. Full text of article
Single Family Residence (SFR) inventory at 1114 vs. 1032 two weeks ago, up about 10% and percentage in contract down a bit, at 29.9% overall vs 31% at last report. SFR's under $1million still leading the market with 37.5% of listed homes in contract, down just a bit from 40% two weeks ago and significantly lower than the early- February level of 46%, but still strong. YTD SFR units sold up 55% on April 13 compared to '09's 257 at the same time, continuing their recent red-hot trend. Average sales price at $1,021,919 vs. $927,629 at the same time last year.
Condo inventory up only 20 units since last report, from 325 to 345 and percentage in contract at 40% on April 13, compared to 36.7% two weeks ago. YTD units sold at 120 vs. 111 at the same time last year, an increase of about 8%. Average sold price at $409,234 vs. 2009's $326,182 at the same time.
Marin County real estate market active, with lots of buyers and their agents out and about. Open houses well-attended and well-priced, well-prepared, well-marketed homes selling at a brisk pace. Reality is that the market is still very price-sensitive with even multiple-offer situations often not going very far over asking price. Pushing the pricing envelope usually results in homes that sit on the market and either do not sell or sell for less than they would have if priced correctly from the start and then only after a long period of marketing and multiple price reductions. Experienced professional REALTORS familiar with your local area are an invaluable source of information in this market. They often see many homes each week and track the results, providing an important frame of reference.
More next time.
Until then, best wishes to all,
Fred
Monday, March 22, 2010
The Anlyan Report. Marin County Real Estate Statistics 3.21.10
Hello Everyone,
La Jolla, Ca-based MDA DataQuick, in a March 18 article, noted that Bay Area home sales were up from a month ago, but down slightly from February of '09. The Marin IJ used some of that information for their own article the same day, but with a local emphasis. For a good discussion of Bay Area real estate prospects for the coming months, see the two articles using these links.
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100318.aspx
http://www.marinij.com/marinrealestate/ci_14701247
Here in Marin, Single Family Residence (SFR) Year To Date sales (YTD) were 259 units as of March 16. This compares to 161 on the same date a year ago, or a very impressive 60% increase! Average list price was $1,069,335 compared to $904,674 a year ago while average sales price was $1,003,205 compared to $846,197 in '09.
Condominium sales also up from the year-ago YTD figure of 78 to 84 on March 16, a 6% increase. Not dramatic, but headed in the right direction. Condo average list price YTD (March 16) was $423,407 vs. $302,542 at the same time last year. The average YTD sold price of $412,718 was substantially ahead of the '09 YTD figure of $295,504.
Sellers need to be aware that even though sales and sales prices are up, the local market is extremely sensitive to price. Part of the increase in prices is the result of fewer low-priced REO transactions rather than rising values. Correct pricing is critical, as are preparation, presentation, marketing. Pricing adjustments should be made promptly based on market feedback. No offers? No showings? No previews by agents? Low turnout at open houses? Take a close look at the factors mentioned above--- especially price. Then act quickly! It is critical to have the advice of a professional real estate agent experienced in the local market---and important to make use of the information that is offered!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see my website
http://www.fredanlyan.com
La Jolla, Ca-based MDA DataQuick, in a March 18 article, noted that Bay Area home sales were up from a month ago, but down slightly from February of '09. The Marin IJ used some of that information for their own article the same day, but with a local emphasis. For a good discussion of Bay Area real estate prospects for the coming months, see the two articles using these links.
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100318.aspx
http://www.marinij.com/marinrealestate/ci_14701247
Here in Marin, Single Family Residence (SFR) Year To Date sales (YTD) were 259 units as of March 16. This compares to 161 on the same date a year ago, or a very impressive 60% increase! Average list price was $1,069,335 compared to $904,674 a year ago while average sales price was $1,003,205 compared to $846,197 in '09.
Condominium sales also up from the year-ago YTD figure of 78 to 84 on March 16, a 6% increase. Not dramatic, but headed in the right direction. Condo average list price YTD (March 16) was $423,407 vs. $302,542 at the same time last year. The average YTD sold price of $412,718 was substantially ahead of the '09 YTD figure of $295,504.
Sellers need to be aware that even though sales and sales prices are up, the local market is extremely sensitive to price. Part of the increase in prices is the result of fewer low-priced REO transactions rather than rising values. Correct pricing is critical, as are preparation, presentation, marketing. Pricing adjustments should be made promptly based on market feedback. No offers? No showings? No previews by agents? Low turnout at open houses? Take a close look at the factors mentioned above--- especially price. Then act quickly! It is critical to have the advice of a professional real estate agent experienced in the local market---and important to make use of the information that is offered!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see my website
http://www.fredanlyan.com
Sunday, February 21, 2010
The Anlyan Report. Marin County Real Estate Statistics 2.16.10
Hello Everyone,
The Federal Reserve, in an unexpected move, and one some think is premature, increased the Discount Rate Friday by .25%. Federal Reserve Chairman Ben Bernanke is scheduled to appear before the House and Senate in the coming week to explain the policy. Speculation is that with the jobless rate still in the area of 10% there will not be much further tightening in the near future, but that remains to be seen. Interesting article at: http://www.google.com/hostednews/afp/article/ALeqM5j_JKlWJuvyH9o86cq2-UrJdVTAZA
La Jolla, California-based MDA DataQuick, a real estate information service, in a February 18 article headlined "Bay Area home sales fall; median price up from last year, down from December" notes the number of Bay Area homes sold in January was below January of 2009, even though the median price was up. Full text of article available at:
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100218.aspx
Marin County, however, bucking the trend, with 144 Single Family Residences (SFR) sold to Feb. 16, as opposed to 98 during the same perior in '09, a 46.9% increase. Condo units sold up too, though less spectacular at 50 in 2010 vs. 47 in '09 or 6.3% more. Average sold prices up too, with SFR avg. sold price for the period at $1,037,231 vs. $846,678 in '09 and condo avg. sold price at $400,424 for 2010 vs. $287,949 for the same '09 dates. Caution is advised in interpreting these results. With a small sample size this early in the year, "market mix" can have a greater effect on the figures. Still, the numbers are at least interesting and bear watching.
Inventory still low, with 792 SFR's being actively marketed on MLS as of 2.16. This compares to 952 units at the end of February, '09. On February 16, 33.8% of active SFR units were in contract in all price ranges. The under-$1million price range still incredibly hot, with 46.4% of listed units in contract while at the upper end, $3million-plus properties still slow movers at only 7.25% in contract-- a tremendous opportunity for upper-end buyers.
Condominium inventory at 285 units on 2.16.2010 vs 312 at the end of Feb. '09. Over 39% of these were in contract. Condo's under $1million, the majority of the market, at 41.6% in contract.
Early results encouraging. Economy still iffy. Buyers still jittery. I will go out on a limb and predict a brighter 2010 for real estate. We shall see.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see
http://www.fredanlyan.com
The Federal Reserve, in an unexpected move, and one some think is premature, increased the Discount Rate Friday by .25%. Federal Reserve Chairman Ben Bernanke is scheduled to appear before the House and Senate in the coming week to explain the policy. Speculation is that with the jobless rate still in the area of 10% there will not be much further tightening in the near future, but that remains to be seen. Interesting article at: http://www.google.com/hostednews/afp/article/ALeqM5j_JKlWJuvyH9o86cq2-UrJdVTAZA
La Jolla, California-based MDA DataQuick, a real estate information service, in a February 18 article headlined "Bay Area home sales fall; median price up from last year, down from December" notes the number of Bay Area homes sold in January was below January of 2009, even though the median price was up. Full text of article available at:
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100218.aspx
Marin County, however, bucking the trend, with 144 Single Family Residences (SFR) sold to Feb. 16, as opposed to 98 during the same perior in '09, a 46.9% increase. Condo units sold up too, though less spectacular at 50 in 2010 vs. 47 in '09 or 6.3% more. Average sold prices up too, with SFR avg. sold price for the period at $1,037,231 vs. $846,678 in '09 and condo avg. sold price at $400,424 for 2010 vs. $287,949 for the same '09 dates. Caution is advised in interpreting these results. With a small sample size this early in the year, "market mix" can have a greater effect on the figures. Still, the numbers are at least interesting and bear watching.
Inventory still low, with 792 SFR's being actively marketed on MLS as of 2.16. This compares to 952 units at the end of February, '09. On February 16, 33.8% of active SFR units were in contract in all price ranges. The under-$1million price range still incredibly hot, with 46.4% of listed units in contract while at the upper end, $3million-plus properties still slow movers at only 7.25% in contract-- a tremendous opportunity for upper-end buyers.
Condominium inventory at 285 units on 2.16.2010 vs 312 at the end of Feb. '09. Over 39% of these were in contract. Condo's under $1million, the majority of the market, at 41.6% in contract.
Early results encouraging. Economy still iffy. Buyers still jittery. I will go out on a limb and predict a brighter 2010 for real estate. We shall see.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see
http://www.fredanlyan.com
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