Of the 13 Marin County towns and cities we usually follow, 7 are now
characterized as being "Very Strong Sellers' Markets"---- meaning that
56% or more of listings in those towns are in contract. Housing
inventory in the County is incredibly low. At the end of December,
Months' Supply of Inventory (MSI) was only 1.9 months for both Single
Family Residences (SFR) and
Condominiums. Reluctant Sellers continue to hold their properties off
the market while waiting for higher home prices to arrive. That time may
be here sooner than many people thought.
According to a January 16 article
from Data Quick, a La Jolla,CA-based real estate news service, the
median price of a Marin County home in December was up 27.6% from
December 2011 (with about half the increase coming from appreciation, and the other
half coming from a change in market mix, meaning more expensive homes
are being sold) . This was just a few points off the Bay Area average
appreciation of 32%--a year-over-year increase the Data Quick Article
notes is "The highest in Data Quick's statistics, which go back to
1988". The article goes on to state that "the median reached a high of
$665,000 in June/July 2007 and then fell to a low of $290,000 in March,
2009". The alticle also notes: "At the median's current rate of
increase, sometime this spring it will
have recovered about half of its (the median's) loss since its summer
2007 peak."
Buyers continue to pounce on attractive new inventory, and multiple
offers are once again common. Recently, an attractive, small single
family home in a West Marin town received a rumored 33 offers, going
into contract at a price that was reportedly almost double the asking
price. Extreme? Yes! Representative of the average deal? No. But Marin
County real estate is getting competitive again, after several years of
bargain basement homes for buyers.
In real estate, as in life,
timing is, if not everything, at least an important factor. People who
make money in markets are usually those who receive, recognize, and act
on information before everyone else climbs on board. We have said for
many months now that it was time for buyers to jump into the market to
take advantage of low prices and interest rates. Prices have risen, but
they are still a bargain compared to 2006/2007. Interest rates are still
incredibly low. And there is other good news for buyers---- Even with
the price increases, there are still pockets of opportunity in the
market. On January 29, only about 37% of homes in the $1million to $1.9
million range were in contract. In the $2million and up range, the
figure was only 26-27%. Don't wait too long, because this will change
too! Buyers in the hot, under-$1million range can still be
successful-----with a good REALTOR and an attitude of optimism and
persistence.It is not uncommon for buyers to make 4 or more offers
before getting the home they want,but it can be done----hang in there
and prepare to be aggressive with offers when the situation calls for
it!
Sellers are now in a pocket of opportunity similar to
that occupied by buyers a year or two ago. What a great time to take
advantage of the current shortage of housing inventory! An experienced
local REALTOR can be an invaluable resource in assessing your home's
current value and formulating and implementing a market strategy
designed to maximize its value. Don't put off calling your local REALTOR
to discuss getting your home on the market in time for the spring sales
season. Beat the crowds. Opportunities don't last forever!
More next time---
Until then, best wishes to all,
Fred
visit me at http://www.fredanlyan.com
Friday, February 1, 2013
Sunday, December 16, 2012
Marin County Real Estate. The Anlyan Report 12.16.12
Sellers. Are You Missing The Big Wave?
This month's blog is for sellers, potential sellers, and would-be sellers who are sitting on the sidelines waiting for the market to improve.
I just spent the last 2 and a half hours looking up, writing down, and digesting the November real estate statistics for Marin County. It seems to me like a great time to sell, so I can't understand where all the sellers are! Let me share with you some of the numbers I found:
Number of homes sold in November: 2012 2011 2010
Single Family 185 164 147
Condo 56 62 46
Inventory of homes for sale 11.30:
Single Family 421 846 1072
Condo 96 263 332
Months' Supply of Inventory:
Single Family 2.3 5.2 7.3
Condo 1.7 4.2 7.2
Ratio of Sales Price to List Price:
Single Family 99% 96.5% 95.2%
Condo 101.3% 95.7% 96.7%
New Listings in November:
Single Family 118 150 157
Condo 33 54 55
The Greenbrae housing market is sizzling right now, with only 12 current listings, and 9 of them in contract--- a red-hot 75%. Novato is not far behind, with 126 of 174 current listings in contract--- 72.4%! Larkspur (9 of 16, or 56.25%), San Rafael (95 of 170, or 55.88%), Fairfax (11 of only 20, or 55%), and Corte Madera (only 6 listings and 3 are in contract!---50%). Even Belvedere, with the lowest percentage in contract of all the cities and towns surveyed, has 6 of 20 listings in contract, or 30%. Buyers are scrambling to find properties that will work for them. Multiple offers are happening every day. If you have been waiting to sell your home, this may be the right time! Call your experienced local REALTOR and make an appointment to go over recent comparable sales in your neighborhood. You may be pleasantly surprised!
This month's blog is for sellers, potential sellers, and would-be sellers who are sitting on the sidelines waiting for the market to improve.
I just spent the last 2 and a half hours looking up, writing down, and digesting the November real estate statistics for Marin County. It seems to me like a great time to sell, so I can't understand where all the sellers are! Let me share with you some of the numbers I found:
Number of homes sold in November: 2012 2011 2010
Single Family 185 164 147
Condo 56 62 46
Inventory of homes for sale 11.30:
Single Family 421 846 1072
Condo 96 263 332
Months' Supply of Inventory:
Single Family 2.3 5.2 7.3
Condo 1.7 4.2 7.2
Ratio of Sales Price to List Price:
Single Family 99% 96.5% 95.2%
Condo 101.3% 95.7% 96.7%
New Listings in November:
Single Family 118 150 157
Condo 33 54 55
The Greenbrae housing market is sizzling right now, with only 12 current listings, and 9 of them in contract--- a red-hot 75%. Novato is not far behind, with 126 of 174 current listings in contract--- 72.4%! Larkspur (9 of 16, or 56.25%), San Rafael (95 of 170, or 55.88%), Fairfax (11 of only 20, or 55%), and Corte Madera (only 6 listings and 3 are in contract!---50%). Even Belvedere, with the lowest percentage in contract of all the cities and towns surveyed, has 6 of 20 listings in contract, or 30%. Buyers are scrambling to find properties that will work for them. Multiple offers are happening every day. If you have been waiting to sell your home, this may be the right time! Call your experienced local REALTOR and make an appointment to go over recent comparable sales in your neighborhood. You may be pleasantly surprised!
Tuesday, September 18, 2012
Marin County Real Estate 9.17.2012, Listing Drought Continues. The Anlyan Report
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
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
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
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