Hello Everyone,
The theory of yin and yang tells us that eventually
everything changes into its opposite, and the Marin County real estate market
is in the process of doing just that! The traditional late summer/early fall
market rally has hit. Significantly more homes are being sold than there are
new listings to replace them and our months' supply of inventory (MSI) continues
its southward journey. Frustrated buyers compete for a shrinking inventory of
desirable properties while many potential sellers seem unaware of the dramatic
market turnaround of the last few months. For those who have been waiting, now
may be the best time in the past few years to list your home for sale. Contact
a local REALTOR who is knowledgeable about your neighborhood to get an opinion
on the value of your home.
Inventory of Single Family Residences (SFR) for sale in the
County was 544 at the end of August. This compared to 1003 in 2011, and 1242 in
2010. The current inventory represents a 2.3 MSI vs. 5.7 months in 2011 and 9.0
months in 2010. The numbers for condominiums are similar: Inventory on August
31 was 107 Condo units, or a 1.6 month supply. This compares to a 6.2 month
supply, or 359 units, in August of 2011 and 379 units in August, 2010,
representing a 10 month supply based on market conditions at that time.
New Listings are down, with only 189 new SFR listings and 58
new condo listings in August. In August of 2011, there were 239 SFR and73 condo
listings, and during the same period in 2010, the numbers were 276 for SFR and
82 for condo's.
The number of homes sold for the month of August is up, with
236 SFR's sold during the period this year, compared to 175 in 2011 and 138 in
2010. For condo's, the numbers were: August, 2012- 65; August 2011-58; and
August 2010-38. This represents an increase in the number of homes sold in
August of 2012 over August of 2011 of about 29%!
Average sales price has not shown dramatic gains, but it is
important to remember that it is a reflection not just of market value, but
also of market mix. What this means is that different homes are selling this
year than last year so we can't directly compare the prices. What we can look
at, however, is the ratio of sales price to list price, which is now over 100%
in both the SFR and Condo markets. This reflects an excess of demand over
current supply, resulting in multiple-offer situations and sales prices in
excess of listing prices. (Potential Sellers---see paragraph 1!)
A September 14 article from, DataQuick, a La Jolla, CA-based
real estate information service stated:
"-The Bay Area posted its strongest home sales for the month
of August in six years, the result of low mortgage interest rates, an improving
economy and increasing demand in mid- to move-up market segments." The article
went on to quote DataQuick's president, John Walsh: "Most economists agree that
the housing market is off bottom. But there's a big gap between the market
being ‘off bottom' and being normal, which it's not. The single biggest
bottleneck is still the dysfunctional mortgage lending market. It'll be
interesting to see how yesterday's announcement that the Fed is going to buy
mortgage-backed securities plays out".
With continuing bargain interest rates, and low housing
inventory, "interesting" is probably an understatement. More later. Until then,
best wishes to all,
Fred
Tuesday, September 18, 2012
Friday, August 17, 2012
The Anlyan Report. Marin County Real Estate 8.17.12
The Marin County real estate market bustles with frenzied activity as
buyers scramble for a limited supply of available homes. What's going
on here?
Many potential sellers still seem to be under the impression that it is not a good time to place their homes on the market, and are postponing their plans to relocate, downsize, or move up. It is true that prices are not what they were in 2006---but they are a far cry from the lows of 2009! Seller reluctance has resulted in the following statistics (believed accurate, but not guaranteed) as of July 31.
There were 223 single family residences (SFR) and 53 condominiums (Condo's) sold in July in Marin County. In 2011, it was 172, and 49, and in 2010, it was 166 and 41. Inventory of available homes in July was 563 SFR's and 105 Condo's. The previous year,the numbers were 1034 and 386, and in July of 2010, there were 1290 SFR's and 381 Condo's available for purchase. A client recently made an offer on a home that was newly-listed, went significantly over asking price, was one of 11 offers, and was not in the top half. So, Sellers may want to re-evaluate the quality of this market as it relates to their goals. Admittedly, prices are not what they were a few years ago, but the market is active, interest rates are at historical lows, and well-marketed, well-priced properties are selling quickly, and often for over asking price. The ratio of sale price to list price in Marin at the end of July was .989% for SFR's and 1.005% (meaning they actually went over asking price, on average) for Condo's. New listings continue to lag, with only 223 SFR's and 53 Condo's listed during the month of July, they barely kept up with the number of units sold. Months Supply of Inventory (MSI) in the County continues to drop, with a 2.5 MSI of SFR's and a 2.0 MSI of Condo's as of July 31. This compares to 6.0 and 7.9 in July of 2011, and 6.0 and 9.3 in July of 2010!
San Diego, California-based DataQuick, a real estate news service, in an article dated August 15, and captioned "Bay Area Home Sales and Prices Continue Upward Trend". Noted that home sales in the Bay Area rose on a year-over-year basis in July for the 13th continuous month. The article stated that the Bay Area market is "re-balancing slowly" from "low-end bargain chasing" to "increasing activity in the mid and move-up markets". The article went on to note that absentee buyers (mostly investors) purchased 22.6% of Bay Area homes in July, and that all-cash buyers accounted for 27.3% of Bay Area sales during the month, up 26% from a year ago. The article also mentioned that jumbo loans (over $417K) represented 38.5% of July's "purchase lending", the highest since December of 2007, when it was 38.6%.
The increase in jumbo loan availability and use is fueling the demand for mid-range and higher homes. Loan guidelines have eased, and mortgage money is available for qualified buyers. Strict appraisal standards are holding prices to more rational levels compared to the go-go days of a few years ago, but many homes still garner multiple offers and go significantly over asking price.
Buyers need not be discouraged. Following the advice of a good, persistent REALTOR, it is still entirely possible to find the home of your dreams. But sales happen fast, especially on attractive listings, so the home that comes on the market on Wednesday or Thursday may already be in contract before the open home on Sunday. It is a better idea to go see it now! Ask your agent about pre-emptive offers. And don't be afraid to put your best foot forward!
Many potential sellers still seem to be under the impression that it is not a good time to place their homes on the market, and are postponing their plans to relocate, downsize, or move up. It is true that prices are not what they were in 2006---but they are a far cry from the lows of 2009! Seller reluctance has resulted in the following statistics (believed accurate, but not guaranteed) as of July 31.
There were 223 single family residences (SFR) and 53 condominiums (Condo's) sold in July in Marin County. In 2011, it was 172, and 49, and in 2010, it was 166 and 41. Inventory of available homes in July was 563 SFR's and 105 Condo's. The previous year,the numbers were 1034 and 386, and in July of 2010, there were 1290 SFR's and 381 Condo's available for purchase. A client recently made an offer on a home that was newly-listed, went significantly over asking price, was one of 11 offers, and was not in the top half. So, Sellers may want to re-evaluate the quality of this market as it relates to their goals. Admittedly, prices are not what they were a few years ago, but the market is active, interest rates are at historical lows, and well-marketed, well-priced properties are selling quickly, and often for over asking price. The ratio of sale price to list price in Marin at the end of July was .989% for SFR's and 1.005% (meaning they actually went over asking price, on average) for Condo's. New listings continue to lag, with only 223 SFR's and 53 Condo's listed during the month of July, they barely kept up with the number of units sold. Months Supply of Inventory (MSI) in the County continues to drop, with a 2.5 MSI of SFR's and a 2.0 MSI of Condo's as of July 31. This compares to 6.0 and 7.9 in July of 2011, and 6.0 and 9.3 in July of 2010!
San Diego, California-based DataQuick, a real estate news service, in an article dated August 15, and captioned "Bay Area Home Sales and Prices Continue Upward Trend". Noted that home sales in the Bay Area rose on a year-over-year basis in July for the 13th continuous month. The article stated that the Bay Area market is "re-balancing slowly" from "low-end bargain chasing" to "increasing activity in the mid and move-up markets". The article went on to note that absentee buyers (mostly investors) purchased 22.6% of Bay Area homes in July, and that all-cash buyers accounted for 27.3% of Bay Area sales during the month, up 26% from a year ago. The article also mentioned that jumbo loans (over $417K) represented 38.5% of July's "purchase lending", the highest since December of 2007, when it was 38.6%.
The increase in jumbo loan availability and use is fueling the demand for mid-range and higher homes. Loan guidelines have eased, and mortgage money is available for qualified buyers. Strict appraisal standards are holding prices to more rational levels compared to the go-go days of a few years ago, but many homes still garner multiple offers and go significantly over asking price.
Buyers need not be discouraged. Following the advice of a good, persistent REALTOR, it is still entirely possible to find the home of your dreams. But sales happen fast, especially on attractive listings, so the home that comes on the market on Wednesday or Thursday may already be in contract before the open home on Sunday. It is a better idea to go see it now! Ask your agent about pre-emptive offers. And don't be afraid to put your best foot forward!
Sunday, May 20, 2012
The Anlyan Report. Marin County Real Estate 5.20.12
Hello Everyone,
The Marin County Real Estate Market is Hot, Hot, Hot! Attractive new listings are flying off the shelf, often in their first week on the market, and, not infrequently, with multiple offers --sometimes going substantially over asking price. Sellers----can you count on this? Not necessarily. But if your listing is well prepared, priced, presented, and marketed, don't be surprised if it does happen.
What is going on here?
The current supply of housing inventory for sale is extremely low--- only 3.1 months for Single Family Residences (SFR) and 2.9 months for Condo's. In both cases, this is more than 50% below the available inventory in April of 2011. Year-to-date numbers of homes sold are up as well, in spite of low inventory---running nearly 16% ahead of April '11 for SFR's and more than 19% for condo's.
Of 1222 SFR and Condo properties listed for sale on the MLS on May 20, 564 were in contract, or 46%.In Novato, the number is even higher, with 165 of 266, or 62%. But in Belvedere, only 8 of 25 listed properties, 32%, were in contract on May 20.
What this tells us is not necessarily that buyers prefer Novato over Belvedere. Looking County-wide at SFR's and condo's under $1million, we find 58% in contract, while only 15.8% of over-$3million listings were in contract.
There is a message here for Sellers. A large portion of the market has turned.For would-be sellers, this may be the best opportunity in several years, with ultra-low interest rates and frustrated buyers out in droves snapping up everything in sight, especially in the "lower" end of the market. DataQuick, the La Jolla, California-based real estate news service, said, in an article dated May 17 "Bay Area home sales increased last month to their highest level for an April since 2006---".
Buyers: If you are looking for property in one of the most popular price ranges and locations, keep working on it---success is possible and may be just around the corner! Remember, your REALTOR is a great resource. If, however, you are looking for a $2 or $3million property, you may just still have a window of opportunity. Don't wait too long though!
More next time.
Until then, best wishes to all,
Fred
The Marin County Real Estate Market is Hot, Hot, Hot! Attractive new listings are flying off the shelf, often in their first week on the market, and, not infrequently, with multiple offers --sometimes going substantially over asking price. Sellers----can you count on this? Not necessarily. But if your listing is well prepared, priced, presented, and marketed, don't be surprised if it does happen.
What is going on here?
The current supply of housing inventory for sale is extremely low--- only 3.1 months for Single Family Residences (SFR) and 2.9 months for Condo's. In both cases, this is more than 50% below the available inventory in April of 2011. Year-to-date numbers of homes sold are up as well, in spite of low inventory---running nearly 16% ahead of April '11 for SFR's and more than 19% for condo's.
Of 1222 SFR and Condo properties listed for sale on the MLS on May 20, 564 were in contract, or 46%.In Novato, the number is even higher, with 165 of 266, or 62%. But in Belvedere, only 8 of 25 listed properties, 32%, were in contract on May 20.
What this tells us is not necessarily that buyers prefer Novato over Belvedere. Looking County-wide at SFR's and condo's under $1million, we find 58% in contract, while only 15.8% of over-$3million listings were in contract.
There is a message here for Sellers. A large portion of the market has turned.For would-be sellers, this may be the best opportunity in several years, with ultra-low interest rates and frustrated buyers out in droves snapping up everything in sight, especially in the "lower" end of the market. DataQuick, the La Jolla, California-based real estate news service, said, in an article dated May 17 "Bay Area home sales increased last month to their highest level for an April since 2006---".
Buyers: If you are looking for property in one of the most popular price ranges and locations, keep working on it---success is possible and may be just around the corner! Remember, your REALTOR is a great resource. If, however, you are looking for a $2 or $3million property, you may just still have a window of opportunity. Don't wait too long though!
More next time.
Until then, best wishes to all,
Fred
Monday, April 16, 2012
The Anlyan Report. Marin County Real Estate 4.16.12
Hello Everyone,
As of April 10, the number of Single
Family Residences (SFR) listed for sale on the Marin MLS actually
decreased from 868 in our March 27 report, to 854. Number of homes in
contract increased from 402 to 419. The net effect of this was that
percentage in contract increased again, to 49.06%--- a Strong Sellers'
Market by our current criteria. Homes under $1million really through the
roof (clever, yes?), with listings down to 511 from 536 on March 27,
and number of homes in contract increasing during the period, from 315
to 326. Doing the math on this tells us that an incredible 63.8% of
MLS-listed SFR's were in contract on April 10. We are calling this a
Very Strong Sellers' Market. Sellers take note. If you are thinking of
selling your home in this price range, this could be the best
opportunity in years! SFR's in upper price ranges somewhat more
reasonable, but the clock is ticking. $1million-$2million range at
34.68% in contract, a balanced market. $2million-$3million at 29.58% in
contract, still just barely in Buyers' Market territory, and headed
north. Homes in the $3million and up category nearly doubled their
percentage in contract during the period, from 8.96% to 17.65% in
contract, vaulting out of Very Strong Buyers' into Strong Buyers'
territory. Still opportunities here for the smart money, but perhaps not
for long----time will tell.
As of April 10, YTD
sales of SFR's in the County at 489 units, compared to 418 a year ago,
or up 16.9%. Average days on market (DOM) down from 141 to 133. Average
sales price up slightly, to $953,153 from the year-ago figure of
$936,295.
Market temperature definitely rising!
Condominium
inventory increased by one unit, to 250, and units in contract
decreased by one unit, to 142. Percentage in contract at 56.8%-- still
in Very Strong Sellers' market territory, even with a 6/10 of a point
drop. 140 of 238 listed condo's under $1million in contract, or 58.82%-
also remaining in Very Strong Sellers' Market territory, with a 6/10
point drop. As of April 10, 146 condo units had sold, YTD, compared to
140 at the same time in 2011, or up 4.3%. This is actually a slight
drop, as it iwas up 8.9% at our last report. Average DOM for sold condo
units at 157, compared to 177 last year at the same time. Average sold
price down somewhat, from $393,675 in April of 2011, to $342,392 on
April 10. A significant percentage of this drop (probably about 50%)
most likely due to changes in market mix rather than price depreciation.
Hotsheet
statistics show 157 properties went contingent between March 28 and
April 10, and 117 units sold, while only 118 new listings came on the
market. Reality from ground-level is that buyers continue to compete
for good new inventory, resulting in a substantial number of multiple
offers over asking price. Rule of thumb for buyers is--if you see a
property you like, make an offer---. Chances are it may not be available
next week.
More next time. Until then---
Best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website http://www.fredanlyan.com
Wednesday, April 4, 2012
The Anlyan Report. Marin County Real Estate 4.3.12
Hello Everyone,
City-by-City Report, out this week, shows percentage in contract up in 9 of the 13 cities and towns we follow, and down in only 4. Two of the decreases (Mill Valley and Larkspur) were so small that we could call those markets stable. Fairfax's decrease was due to a significant influx in new listings, and the Greenbrae figures were influenced by a swing of only 3 listings. So really, the idea of decreasing percentage in contract does not seem to be a significant factor at this time. Always popular, Corte Madera is in the lead again this time, with 26 of 38 listed properties in contract, or 68.4%. Novato and San Rafael not far behind, with 59.7% and 56.45% respectively. All three of these markets qualify as Very Strong Sellers' markets under our guidelines.
Single Family Residences (SFR)
Inventory* at 454 homes as of March 31. Compares to 954 last March 31, 1082 in 2010, and 1250 in 2009. Sellers with outdated ideas about the favorability of the market may want to take a quick look at current reality and take advantage of the unusual conditions with buyers out in droves, snapping up good inventory quickly. 171 SFR's sold in March, same as last year, and about 30 more units than the previous two years (2010 and 2009). Average sales price was down just a bit from the $1,040,000 in March of 2011, at $908K, but remember, at least half of this is attributable to market mix rather than price declines. What we are actually seeing is a lot of multiple-offer activity. Still quite a few all-cash and quick-close offers being presented, frustrating well-qualified would-be buyers who need loans. 46.31% of all MLS-listed SFR's were in contract as of March 27-- about the same percentage as at last report. Homes under $1million also held steady at 58.77% in contract, a high figure by historical standards. This indicates a Very Strong Sellers' Market by our guidelines. $1million to $1.99 million segment also holding steady at just under 32%, and we are calling it a balanced market. $2-$2.99million segment up 4 points to 27.94%, still a buyers' market, but not by much and probably not for long. Homes in the over-$3million range still waiting for the fuse to be lit and settling back a bit at 8.96% in contract, a very strong buyers' market. Buyers of high-end homes take note--- there is still an opportunity here! As of 3/27, 380 SFR's had sold, YTD compared to 350 at the same time in 2011, an 8.6% increase. At last report, this figure was up 5.7%, so continuing to increase.
Condominiums
Condo Inventory* very low, at only 106 units on 3/31-- compares to 293 in 2011 at the same time, 178 in 2010, and 176 in 2009 51 condominium units sold in March vs. 43 at the same time last year, 39 in 2010, and 42 in 2009. Average sales price down to $380,000, compared to $446K at the same time last year, $411k in 2010, and $427k in 2009. (see sales-price notes above under single family residences) 57.43% of all MLS-listed Condo's, were in contract as of March 27-- up about a point and a half from our last report. Condo's under $1million (all but 10) also increased their percentage in contract slightly to 59.41% from 57.785 last time. This qualifies as a very strong sellers' market. Those shopping for over-$1million condo's may still be in luck, as only 1 unit out of the 10 listed properties was in contract on March 27. As of 3/27, 122 condominium units had sold, YTD, compared to 112 at the same time in 2011, an 8.9% increase. Compares to 1% at last report, so a strong increase for the two-week period.
Marin County real estate market active and buyer activity high. Buyers continue to experience frustration due to lack of quality inventory. This creates a significant opportunity for sellers to enter the market. It appears that the market either has, or is just about to "turn the corner", depending on one's particular point of view. Mortgage rates still good and mortgage money now much more available than in the recent past. How the year turns out will depend on whether sellers finally decide it is time to place their homes back on the market. We will find out!
Until the next time, best wishes to all,
Fred
* Inventory figures differ between MLS and CB MarketQuest because of the way each counts listings that are in contract
City-by-City Report, out this week, shows percentage in contract up in 9 of the 13 cities and towns we follow, and down in only 4. Two of the decreases (Mill Valley and Larkspur) were so small that we could call those markets stable. Fairfax's decrease was due to a significant influx in new listings, and the Greenbrae figures were influenced by a swing of only 3 listings. So really, the idea of decreasing percentage in contract does not seem to be a significant factor at this time. Always popular, Corte Madera is in the lead again this time, with 26 of 38 listed properties in contract, or 68.4%. Novato and San Rafael not far behind, with 59.7% and 56.45% respectively. All three of these markets qualify as Very Strong Sellers' markets under our guidelines.
Single Family Residences (SFR)
Inventory* at 454 homes as of March 31. Compares to 954 last March 31, 1082 in 2010, and 1250 in 2009. Sellers with outdated ideas about the favorability of the market may want to take a quick look at current reality and take advantage of the unusual conditions with buyers out in droves, snapping up good inventory quickly. 171 SFR's sold in March, same as last year, and about 30 more units than the previous two years (2010 and 2009). Average sales price was down just a bit from the $1,040,000 in March of 2011, at $908K, but remember, at least half of this is attributable to market mix rather than price declines. What we are actually seeing is a lot of multiple-offer activity. Still quite a few all-cash and quick-close offers being presented, frustrating well-qualified would-be buyers who need loans. 46.31% of all MLS-listed SFR's were in contract as of March 27-- about the same percentage as at last report. Homes under $1million also held steady at 58.77% in contract, a high figure by historical standards. This indicates a Very Strong Sellers' Market by our guidelines. $1million to $1.99 million segment also holding steady at just under 32%, and we are calling it a balanced market. $2-$2.99million segment up 4 points to 27.94%, still a buyers' market, but not by much and probably not for long. Homes in the over-$3million range still waiting for the fuse to be lit and settling back a bit at 8.96% in contract, a very strong buyers' market. Buyers of high-end homes take note--- there is still an opportunity here! As of 3/27, 380 SFR's had sold, YTD compared to 350 at the same time in 2011, an 8.6% increase. At last report, this figure was up 5.7%, so continuing to increase.
Condominiums
Condo Inventory* very low, at only 106 units on 3/31-- compares to 293 in 2011 at the same time, 178 in 2010, and 176 in 2009 51 condominium units sold in March vs. 43 at the same time last year, 39 in 2010, and 42 in 2009. Average sales price down to $380,000, compared to $446K at the same time last year, $411k in 2010, and $427k in 2009. (see sales-price notes above under single family residences) 57.43% of all MLS-listed Condo's, were in contract as of March 27-- up about a point and a half from our last report. Condo's under $1million (all but 10) also increased their percentage in contract slightly to 59.41% from 57.785 last time. This qualifies as a very strong sellers' market. Those shopping for over-$1million condo's may still be in luck, as only 1 unit out of the 10 listed properties was in contract on March 27. As of 3/27, 122 condominium units had sold, YTD, compared to 112 at the same time in 2011, an 8.9% increase. Compares to 1% at last report, so a strong increase for the two-week period.
Marin County real estate market active and buyer activity high. Buyers continue to experience frustration due to lack of quality inventory. This creates a significant opportunity for sellers to enter the market. It appears that the market either has, or is just about to "turn the corner", depending on one's particular point of view. Mortgage rates still good and mortgage money now much more available than in the recent past. How the year turns out will depend on whether sellers finally decide it is time to place their homes back on the market. We will find out!
Until the next time, best wishes to all,
Fred
* Inventory figures differ between MLS and CB MarketQuest because of the way each counts listings that are in contract
Sunday, March 18, 2012
The Anlyan Report. Marin County Real Estate 3.18.12
Hello Everyone,
According to a
March 15 report by San Diego, California-based DataQuick, a real estate
information service, Marin County bucked the Bay Area sales trend in February.
Although sales unit volume was generally up in the nine county area (average
14.2%, Marin County 15.3%), prices were down approximately 3.6%, according
to the report. The report went on to say that February was the 17th consecutive
month of median sales price decreases for the 9-County region. Marin County,
however, showed a median price increase of 7.6% compared to February of 2011.
Only San Francisco joined Marin with an increase (5.9%). All of the other seven
counties experienced declining median prices compared
to year-ago figures.
Read the full
article at:
http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx
http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx
According to our
MLS figures, inventory continues to increase very very slowly, while percentage
in contract shows consistent advances in almost every price segment.
Single
Family Residences (SFR)
As of March 13,
there were 830 SFR's on the MLS in the County, with 46.5% of them in contract.
This compares to 42.88% at last report, two weeks ago. According to our
guidelines, this segment now qualifies as a strong sellers'market. But most
sellers appear not to be aware of this market shift, or just plain don't believe
it. Lots of frustrated buyers out there just waiting to pounce on good-quality
new inventory---- resulting in substantial numbers of multiple-offer situations.
Not only that, but lots of all-cash deals where there is not a bank appraiser
setting limits on purchase prices. The under-$1million price segment red hot at
58.3% in contract (302 of 518). We are calling this a very strong sellers'
market. $1million to $1.99 million segment at 32.6% in contract, crossing the
line from "buyers'" to "balanced" market during the last two weeks. $2million to
$2.99 million segment declined very slightly, from 24.49% to 23.73% in
contract-- not enough to even call a decline. Let's call it "holding steady" and
recognize it as a possibly endangered species of current Marin housing bargains.
Still a buyers' market, but may not stay that way for long. $3million and up
segment still a bargaining opportunity in many cases, but, at 12.7% in contract,
has advanced from only 9.09% at last report--- out of "very strong buyers"
territory and now qualifying as "strong buyers". Buyers please take note! Year
to date (YTD) SFR unit sales at 296 compared to 280 at the same time last year.
This represents an increase of 5.7%. At our last report, the increase was 10.3%.
This may be just a small blip in sales activity rather than a trend. At this
time of year, when the numbers are still small, it does not take much to affect
them one way or another. YTD average list and sales prices also show increases.
2011 YTD average SFR list price as of March 13 was $939,697 and the average
sales price was $885,096. The current figures (still March 13) are $1,042,142
and $985,873. And average days on market (DOM) declined slightly from 145 to
140. Lots of positive signs!
Condominiums
YTD unit sales of
condo's at 99, compared to the year-ago figure of 98. We have been waiting for
this number to go "positive". It was -9.5% at last report, so the current figure
of +1% is a very positive sign! There were 236 condominium units on the market
in Marin County as of March 13. 132 of them, or 55.93% were in contract, a
number that is roughly the same as our last report, but representing a strong
sellers' market. In the under- $1million condo market (all but about 10 units),
57.78% of listed units are in contract, making it a very strong sellers'
market. Prices of condo units not as encouraging as SFR's, with the YTD average
list price at $335,000 on March 13, and the average sales price at $324,321.
Compares to the year-ago figures of $370,482 and $360,331. Average DOM have come
down though, from last year's (March 13) figure of 167 to the current 156. Looks
to be headed in the right direction.
Marin County real
estate market appears to be headed in a positive direction as we prepare
to enter the second calendar quarter, and the traditionally hot spring sales
period.
We do need some
more sellers to get on board and list their homes so that we will have something
to sell.
More next
time.
Until then, best
wishes to all,
Fred
p.s. for charts and graphs please visit my website:
Saturday, March 3, 2012
The Anlyan Report. Marin County Real Estate 3.4.2012
Hello Everyone,
City-by-City report, out this week, shows percentage in contract up, since our report last month, in 10 of the 13 cities and towns we follow. Fairfax leads the pack, with an amazing 68.75% (*) (11 of 16) of MLS-listed homes in contract as of March 1. Novato is next, at 57.55%, with San Rafael and Greenbrae nearly tied at 55+-% each. Kentfield with the lowest numbers this month, showing only 1 of 19 listed homes in contract, a little over 5%. Belvedere next, with 2 of 21 listed homes (9%) in contract.
Single Family Residences (SFR)
Coldwell Banker Market Action Report(+) shows available inventory of SFR's on February 29 at 436 units, less than half of the February inventory for the past two years. It was 858 in 2011, and 881 in 2010. February new listings at only 205 units, vs 270 in February of 2011, and 247 in 2010. Price per square foot at $424, up from $381 in 2011 but slightly less than 2010's $435. Days on Market (DOM) at 140--- an improvement from 155 last February but more than 133 days in February of 2010. 225 SFR units sold (YTD, MLS) as of 28 Feb, up about 10.3% from 2011's YTD sales of 204 units on the same date. This actually reflects a slight deceleration from our last report, when the numbers were up 27%------- a trend? or just normal fluctuation---? We will have to wait and see.
Condominiums
Condo Market Action Report (+) shows inventory at 118 units on February 29, compared to 318 last February, and 310 in 2010. Days on Market at 157, up from last year's 149, and 2010's 133. Price per square foot has been dropping and currently at $254, compared to $275 a year ago, and $331 two years back. Only 58 new condo listings came on the market in February, compared to 87 in February of 2011, and 81 in 2010. YTD sales of condo's in the County at 76 on 28 February (MLS), vs. 84 last year at the same time, a reduction of 9.5%---but, actually representing a gain since last report, when this number was down 17.5%.
Unit sales of SFR's up, but losing momentum in February, while condo unit sales were down, but gaining momentum. Not clear if this is a developing trend, but definitely worth watching. Condo buyers and sellers may want to take note.
Local REALTORS starting to speak more and more confidently about prospects for the Marin housing market. Still lots of reports of multiple offers on attractive new listings, with frustrated buyers pouncing, often with all-cash and short closes. Makes it more challenging for even well-qualified buyers who need loans-- especially if they are FHA or VA loans, although many of these buyers eventually achieve success if they are realistic and persistent. Sometimes takes several offers before getting into contract.
A couple of articles received via email this week, courtesy of Fred Nelson at the CB Greenbrae Castle, report growing confidence in the national real estate market. The International Business Times article quotes Warren Buffet as saying that single family homes are now cheap and attractive investments. Read the article at:
http://www.ibtimes.com/articles/306749/20120229/real-estate-forecast-2012-warren-buffett.htm
The second article, from Bloomberg News, titled: "U.S. Housing Lays Foundation for Recovery as Buyers Coaxed Back" also paints an optimistic picture of the national real estate market. Read the full text at:
http://www.bloomberg.com/news/2012-03-02/housing-in-u-s-lays-foundation-for-recovery-as-economy-coaxes-buyers-back.html
There seems to be more optimism among agents, analysts, and investors, than there has been in quite some time. The Bloomberg article also notes that banks are beginning, gradually, to come back on line with mortgage lending. It appears that 2012 may be a pivotal year for real estate, and the beginning of recovery.
More next time. Until then,
Best wishes to all,
Fred
• * MLS statistics
• + CB MarketQuest statistics
• MLS and MarketQuest differ in the way they count listings that are in contract, so they are not directly comparable, but are consistent with other numbers in their own database.
p.s. for access to spreadsheets, please see my website
http://www.fredanlyan.com/
City-by-City report, out this week, shows percentage in contract up, since our report last month, in 10 of the 13 cities and towns we follow. Fairfax leads the pack, with an amazing 68.75% (*) (11 of 16) of MLS-listed homes in contract as of March 1. Novato is next, at 57.55%, with San Rafael and Greenbrae nearly tied at 55+-% each. Kentfield with the lowest numbers this month, showing only 1 of 19 listed homes in contract, a little over 5%. Belvedere next, with 2 of 21 listed homes (9%) in contract.
Single Family Residences (SFR)
Coldwell Banker Market Action Report(+) shows available inventory of SFR's on February 29 at 436 units, less than half of the February inventory for the past two years. It was 858 in 2011, and 881 in 2010. February new listings at only 205 units, vs 270 in February of 2011, and 247 in 2010. Price per square foot at $424, up from $381 in 2011 but slightly less than 2010's $435. Days on Market (DOM) at 140--- an improvement from 155 last February but more than 133 days in February of 2010. 225 SFR units sold (YTD, MLS) as of 28 Feb, up about 10.3% from 2011's YTD sales of 204 units on the same date. This actually reflects a slight deceleration from our last report, when the numbers were up 27%------- a trend? or just normal fluctuation---? We will have to wait and see.
Condominiums
Condo Market Action Report (+) shows inventory at 118 units on February 29, compared to 318 last February, and 310 in 2010. Days on Market at 157, up from last year's 149, and 2010's 133. Price per square foot has been dropping and currently at $254, compared to $275 a year ago, and $331 two years back. Only 58 new condo listings came on the market in February, compared to 87 in February of 2011, and 81 in 2010. YTD sales of condo's in the County at 76 on 28 February (MLS), vs. 84 last year at the same time, a reduction of 9.5%---but, actually representing a gain since last report, when this number was down 17.5%.
Unit sales of SFR's up, but losing momentum in February, while condo unit sales were down, but gaining momentum. Not clear if this is a developing trend, but definitely worth watching. Condo buyers and sellers may want to take note.
Local REALTORS starting to speak more and more confidently about prospects for the Marin housing market. Still lots of reports of multiple offers on attractive new listings, with frustrated buyers pouncing, often with all-cash and short closes. Makes it more challenging for even well-qualified buyers who need loans-- especially if they are FHA or VA loans, although many of these buyers eventually achieve success if they are realistic and persistent. Sometimes takes several offers before getting into contract.
A couple of articles received via email this week, courtesy of Fred Nelson at the CB Greenbrae Castle, report growing confidence in the national real estate market. The International Business Times article quotes Warren Buffet as saying that single family homes are now cheap and attractive investments. Read the article at:
http://www.ibtimes.com/articles/306749/20120229/real-estate-forecast-2012-warren-buffett.htm
The second article, from Bloomberg News, titled: "U.S. Housing Lays Foundation for Recovery as Buyers Coaxed Back" also paints an optimistic picture of the national real estate market. Read the full text at:
http://www.bloomberg.com/news/2012-03-02/housing-in-u-s-lays-foundation-for-recovery-as-economy-coaxes-buyers-back.html
There seems to be more optimism among agents, analysts, and investors, than there has been in quite some time. The Bloomberg article also notes that banks are beginning, gradually, to come back on line with mortgage lending. It appears that 2012 may be a pivotal year for real estate, and the beginning of recovery.
More next time. Until then,
Best wishes to all,
Fred
• * MLS statistics
• + CB MarketQuest statistics
• MLS and MarketQuest differ in the way they count listings that are in contract, so they are not directly comparable, but are consistent with other numbers in their own database.
p.s. for access to spreadsheets, please see my website
http://www.fredanlyan.com/
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