Hello Everyone,
We speak of The Marin Real Estate Market as if it were a single, discrete entity going in one direction or another, and sometimes that is the case. At the current moment though, this market consists of a number of smaller subsets. We have the Single Family Residence market, The Condo market, and all the different price points of those markets, as well as the local markets in each Marin city and town and the sub-markets of the different neighborhoods.
The SFR market is still a sellers' market overall, but has softened a bit, with price points over $1million either balanced or buyers' markets. Homes under $1million continue to be the hottest segment of the market with over 34% of listings in contract, just below "strong sellers' market" territory. Unit YTD sales of SFR's are still ahead of the same time period in 2006 at 588 vs. 540 last year (about an 8.8% difference), but the gap has been narrowing in recent weeks. Does this mean that the market is headed South? Probably not! Mortgage rates are still excellent, though some of the low doc or no doc loan criteria have been tightened considerably. In addition the ratio of accepted offers to new listings is quite high at the moment. MarketQuest shows that ratio for the month of April, so far, to be 104.5% for the combined Marin market. Marin MLS has a figure that is not directly comparable, but parallel,which is also quite high. Average Days on Market are down a bit but still slightly higher than last year at 79 vs. 72. Anecdotal evidence from agents and from offices I visit shows a lot of newly opened escrows and heavy activity.
My opinion is that buyers and sellers are all trying to deal with uncertainty and make a determination about where the market is headed--- so everyone is cautious. Buyers are not throwing away money, and sellers are not giving away the store. Advice for all parties is to do the necessary homework and then go ahead. There is a healthy market out there. It requires some investigation and some negotiation, but a lot of deals are closing.
The Condo market in Marin presents a few more questions. YTD units sold continue to slip, and currently sit at 157 vs. 193 at the same time last year, a drop of 18-plus percent. This gap widened again in the last seven days. The interesting thing is that unit prices are still ahead of 2006. Average YTD sold price so far is $621,575 vs. last year at the same time $609,815. Days on market a bit longer now at 80 vs. 67 this time last year. Condo's a fantastic buyers' opportunity in many locations right now. Sellers don't despair though. A lot of impact can be made through careful preparation, pricing, presentation (staging), and marketing. Condo's are selling every day, and yours can too if it is well-marketed.
Numbers for the past 7 days:
SFR
New Listings 97
Contingent 59
Pending 47
Sold 58
Expired 3
Withdrawn/
Temp Off Mkt. 13
Price Reduction 34
CONDO
New Listings 21
Contingent 15
Pending 9
Sold 10
Expired 5
Withdrawn/
Temp Off Mkt. 1
Price Reduction 25
The City-by-City report will be out next week, with an update on what's hot and what's not!
Until then------
Best wishes,
Fred
Quote for the week: "First say to yourself what you would be; and then do what you have to do."
Epictetus
Wednesday, April 25, 2007
Wednesday, April 18, 2007
Marin Market Stats 4.17.2007
Hello Everyone,
Is this a market in search of a direction? Or is it a post Easter, post Spring Break pause?
SFR's and Condo's percentage in contract figures slipped in every price range. Condo's continue to be a buyers' market at all price points. Of course, individual condo's or complexes may prove to be exceptions, but in general, condo's are a buyers' opportunity across the board.
SFR's slipped a bit at all price points. The over-$2 million range now back in buyers' market territory. SFR market overall still a sellers' market, mostly due to continued strength in the under-$2 million categories.
One week does not a market make. Let's watch for a bit and see what develops. Here are the numbers for the week:
SFR
New Listings 97; Sold;52; Contingent 36; Pending 45; Price reductions 39; Expired 3; Withdrawn or Temp off mkt. 16
CONDO
New Listings 31 Sold;12; Contingent 15; Pending 9; Price reductions 17; Expired 5; Withdrawn or Temp off mkt. 5
more next week-------
(for access to spreadsheets go to http://www.listedbyfred.com)
Best wishes to all,
Fred
Quote for the week: "I don't want to take myself seriously, but I want others to."
Nina Tsao
Is this a market in search of a direction? Or is it a post Easter, post Spring Break pause?
SFR's and Condo's percentage in contract figures slipped in every price range. Condo's continue to be a buyers' market at all price points. Of course, individual condo's or complexes may prove to be exceptions, but in general, condo's are a buyers' opportunity across the board.
SFR's slipped a bit at all price points. The over-$2 million range now back in buyers' market territory. SFR market overall still a sellers' market, mostly due to continued strength in the under-$2 million categories.
One week does not a market make. Let's watch for a bit and see what develops. Here are the numbers for the week:
SFR
New Listings 97; Sold;52; Contingent 36; Pending 45; Price reductions 39; Expired 3; Withdrawn or Temp off mkt. 16
CONDO
New Listings 31 Sold;12; Contingent 15; Pending 9; Price reductions 17; Expired 5; Withdrawn or Temp off mkt. 5
more next week-------
(for access to spreadsheets go to http://www.listedbyfred.com)
Best wishes to all,
Fred
Quote for the week: "I don't want to take myself seriously, but I want others to."
Nina Tsao
Wednesday, April 11, 2007
Marin Market Stats 4.10.2007
Hello Everyone,
This is an interesting market we have. Single Family Residences (SFR) and Condo's seem to be headed in opposite directions.
SFR units sold are back on the upward trend with about 42 more units (479 units or 9.6%) sold so far this year than at the same time last year. YTD prices up too at $1,329,931 vs. $1,217,055 same time last year. Percentage in contract either stable or up again in all categories. Overall SFR market now at 30-plus percent in contract while the under $1million SFR market is at a very tight 37.79% in contract. Still not ready to film anything with a title like "Sellers Gone Wild" as buyers are discriminating and will bypass overpriced listings.
Last 7 Days, SFR
New Listings 60
Price Reductions 29
Contingent 60
Pending 55
Sold 48
Expired 5
Inactive 11
Condo's YTD units sold down again at 136 for the year vs. 165 last year (down 29 units or 17.5%). Prices are still up (YTD) at $630,414 vs. $620,744 same time last year but are down slightly from last week's figures.
Last 7 Days, Condo
New Listings 24
Price Reductions 6
Contingent 12
Pending 15
Sold 7
Expired 5
Inactive 11
Condo Sellers need to put an extra degree of care into pricing, preparation, presentation, marketing, and negotiations. Condo's will sell if properly marketed, well prepared and priced.
Inventory still low. Prospective sellers, especially of SFR's would do well to get their homes on the market, and then get ready to move.
More next week-------
Best wishes to all,
Fred
P.S. for access to spreadsheets go to http://www.listedbyfred.com
Quote for the week: "Action is character."
F. Scott Fitzgerald
This is an interesting market we have. Single Family Residences (SFR) and Condo's seem to be headed in opposite directions.
SFR units sold are back on the upward trend with about 42 more units (479 units or 9.6%) sold so far this year than at the same time last year. YTD prices up too at $1,329,931 vs. $1,217,055 same time last year. Percentage in contract either stable or up again in all categories. Overall SFR market now at 30-plus percent in contract while the under $1million SFR market is at a very tight 37.79% in contract. Still not ready to film anything with a title like "Sellers Gone Wild" as buyers are discriminating and will bypass overpriced listings.
Last 7 Days, SFR
New Listings 60
Price Reductions 29
Contingent 60
Pending 55
Sold 48
Expired 5
Inactive 11
Condo's YTD units sold down again at 136 for the year vs. 165 last year (down 29 units or 17.5%). Prices are still up (YTD) at $630,414 vs. $620,744 same time last year but are down slightly from last week's figures.
Last 7 Days, Condo
New Listings 24
Price Reductions 6
Contingent 12
Pending 15
Sold 7
Expired 5
Inactive 11
Condo Sellers need to put an extra degree of care into pricing, preparation, presentation, marketing, and negotiations. Condo's will sell if properly marketed, well prepared and priced.
Inventory still low. Prospective sellers, especially of SFR's would do well to get their homes on the market, and then get ready to move.
More next week-------
Best wishes to all,
Fred
P.S. for access to spreadsheets go to http://www.listedbyfred.com
Quote for the week: "Action is character."
F. Scott Fitzgerald
Tuesday, April 3, 2007
Marin Market Stats 4.3.2007
Hello Everyone,
The monthly city-by-city report out this week shows a number of cities and towns slipping a bit in their percentage-in-contract figures, but all except Sausalito, Ross, and Novato remain in seller's market territory. Kentfield is the big turnaround story with 14 out of 21 properties in contract, a sizzling 45%. Will it last? Time will tell, but my guess is that a rare buyer's opportunity in Kentfield has passed. Novato continues to be a great opportunity for buyers with only about 22% of listings in contract.
Condo's continue to show weakness, with an overall in-contract rate of 22.5%--a solid buyer's market, but sellers don't despair. Even here, YTD average sold prices have improved from 2006. Current YTD average condo sold price $633,615 vs. $614,205 last year. And YTD days on market only slightly worse at 81 vs. 67 at the same time last year. Number of YTD units sold has slipped 14% at 129 vs. 150 at this time last year. For entry-level or downsizing buyers, a great opportunity.
Single Family Residences still ahead of last year in both units sold and price. Average YTD sold price $1,324,888 vs. $1,250,191 in 2006. 432 units sold so far this year vs. 413 at the same time in 2006, but the gap has slipped every week for several weeks----now only leads 2006 by 4%. Year to date days on market are 88 so far vs. 77 last year. Is the market losing momentum? A lot of the available evidence, including many stories about multiple offers, would seem to say no. Available statistics for March, though still incomplete and subject to change, show accepted offers as a percent of new listings were at 92%, the highest since November of '05. Accepted offers as a percent of inventory were at 35%, highest since January of '05. These are encouraging signs, but this is a market that is still in transition. The SFR market overall still a seller's market at 31.85% in contract. The under-$1million segment continues to be red-hot, at 36.8% in contract. Mill Valley sizzles with over 42% of all listings in contract. A great time for SFR sellers to join the party, but not time to get over-exuberant on pricing. Overpriced listings still sitting on the sidelines, while even formerly stale listings that have adjusted their pricing are moving now.
More next week--------
Best wishes to all,
Fred
P.S. for associated spreadsheets please visit my website http://www.listedbyfred.com
Quote for the week "It does not require many words to speak the truth."
Chief Joseph Nez Perce
The monthly city-by-city report out this week shows a number of cities and towns slipping a bit in their percentage-in-contract figures, but all except Sausalito, Ross, and Novato remain in seller's market territory. Kentfield is the big turnaround story with 14 out of 21 properties in contract, a sizzling 45%. Will it last? Time will tell, but my guess is that a rare buyer's opportunity in Kentfield has passed. Novato continues to be a great opportunity for buyers with only about 22% of listings in contract.
Condo's continue to show weakness, with an overall in-contract rate of 22.5%--a solid buyer's market, but sellers don't despair. Even here, YTD average sold prices have improved from 2006. Current YTD average condo sold price $633,615 vs. $614,205 last year. And YTD days on market only slightly worse at 81 vs. 67 at the same time last year. Number of YTD units sold has slipped 14% at 129 vs. 150 at this time last year. For entry-level or downsizing buyers, a great opportunity.
Single Family Residences still ahead of last year in both units sold and price. Average YTD sold price $1,324,888 vs. $1,250,191 in 2006. 432 units sold so far this year vs. 413 at the same time in 2006, but the gap has slipped every week for several weeks----now only leads 2006 by 4%. Year to date days on market are 88 so far vs. 77 last year. Is the market losing momentum? A lot of the available evidence, including many stories about multiple offers, would seem to say no. Available statistics for March, though still incomplete and subject to change, show accepted offers as a percent of new listings were at 92%, the highest since November of '05. Accepted offers as a percent of inventory were at 35%, highest since January of '05. These are encouraging signs, but this is a market that is still in transition. The SFR market overall still a seller's market at 31.85% in contract. The under-$1million segment continues to be red-hot, at 36.8% in contract. Mill Valley sizzles with over 42% of all listings in contract. A great time for SFR sellers to join the party, but not time to get over-exuberant on pricing. Overpriced listings still sitting on the sidelines, while even formerly stale listings that have adjusted their pricing are moving now.
More next week--------
Best wishes to all,
Fred
P.S. for associated spreadsheets please visit my website http://www.listedbyfred.com
Quote for the week "It does not require many words to speak the truth."
Chief Joseph Nez Perce
Wednesday, March 21, 2007
Marin Market Stats 3.20.2007
Hello Everyone,
Remember, while the data in many statistics forums you read lag by several weeks, these statistics are right up to the end of the day today (March 20). This is the most up-to-date market snapshot you can get.
There has not been a lot of change in the Marin real estate market since last week. Here are the numbers:
Single Family Residences (SFR): (last 7 days)
New Listings 89
Back on Market 15
Contingent 63
Pending 36
Sold 44
Price Reductions 30
Withdrawn/Temp off Mkt 16
Expired 4
New listings brisk, at more than 10 percent of existing. Sellers beginning to realize the market is not as bad as they had been lead to believe. Still, overall percentage in contract remained fairly steady at just over 30% continuing the seller's market of the last several weeks. The under-$1million segment red-hot at 37.8% in contract. $3million and up a buyer's opportunity for bargain hunters with plenty of cash or credit. Note that with 30 price reductions and 16 withdrawn/temp off market, the market is still not a slam dunk for sellers. Talk of multiple offers continues, but these are on prime properties that are well-priced and well presented. YTD prices are up over 2006 with average list at $1,363,830 vs. $1,196,084 in '06 while average sold price clocks in at $1,326,182 vs. $1,163,276 last year at this time. Average YTD days on mkt. 92 vs. 78 days last year. A good time for sellers to get on board, but not to go overboard. Unit sales still ahead of same time last year, at 347 vs. 317, but the gap narrowed in the last week.
Condominiums: (last 7 days)
New Listings 23 (14 in San Rafael)
Back on Market 5
Contingent 17
Pending 6
Sold 11
Price Reductions 12
Withdrawn/Temp off Mkt 3
Expired 2
Condo market still a buyer's market in every segment, although overall percentage in contract has been rising and is now at just over 23%, approaching balanced market territory. Average YTD list price $654,720 vs. $634,811 in '06. Average YTD sold price $644,643 vs. $628,514 last year. But unit sales are down 11% from the same time in '06, and the gap has been slowly but steadily widening since beginning the year ahead of '06. YTD days on market at 83 vs 70 at this time last year. Condo's still an opportunity for buyers, but may not stay that way forever. The bottom of this market has probably passed, at least for now.
For spreadsheets and further information, please visit my website at http://www.listedbyfred.com
Stats will not be published next week, and the next edition will be the week of April 1.
More in two weeks----
Until then, best wishes to all,
Fred
Quote for the week: "In the middle of difficulty lies opportunity."
Albert Einstein
Remember, while the data in many statistics forums you read lag by several weeks, these statistics are right up to the end of the day today (March 20). This is the most up-to-date market snapshot you can get.
There has not been a lot of change in the Marin real estate market since last week. Here are the numbers:
Single Family Residences (SFR): (last 7 days)
New Listings 89
Back on Market 15
Contingent 63
Pending 36
Sold 44
Price Reductions 30
Withdrawn/Temp off Mkt 16
Expired 4
New listings brisk, at more than 10 percent of existing. Sellers beginning to realize the market is not as bad as they had been lead to believe. Still, overall percentage in contract remained fairly steady at just over 30% continuing the seller's market of the last several weeks. The under-$1million segment red-hot at 37.8% in contract. $3million and up a buyer's opportunity for bargain hunters with plenty of cash or credit. Note that with 30 price reductions and 16 withdrawn/temp off market, the market is still not a slam dunk for sellers. Talk of multiple offers continues, but these are on prime properties that are well-priced and well presented. YTD prices are up over 2006 with average list at $1,363,830 vs. $1,196,084 in '06 while average sold price clocks in at $1,326,182 vs. $1,163,276 last year at this time. Average YTD days on mkt. 92 vs. 78 days last year. A good time for sellers to get on board, but not to go overboard. Unit sales still ahead of same time last year, at 347 vs. 317, but the gap narrowed in the last week.
Condominiums: (last 7 days)
New Listings 23 (14 in San Rafael)
Back on Market 5
Contingent 17
Pending 6
Sold 11
Price Reductions 12
Withdrawn/Temp off Mkt 3
Expired 2
Condo market still a buyer's market in every segment, although overall percentage in contract has been rising and is now at just over 23%, approaching balanced market territory. Average YTD list price $654,720 vs. $634,811 in '06. Average YTD sold price $644,643 vs. $628,514 last year. But unit sales are down 11% from the same time in '06, and the gap has been slowly but steadily widening since beginning the year ahead of '06. YTD days on market at 83 vs 70 at this time last year. Condo's still an opportunity for buyers, but may not stay that way forever. The bottom of this market has probably passed, at least for now.
For spreadsheets and further information, please visit my website at http://www.listedbyfred.com
Stats will not be published next week, and the next edition will be the week of April 1.
More in two weeks----
Until then, best wishes to all,
Fred
Quote for the week: "In the middle of difficulty lies opportunity."
Albert Einstein
Wednesday, March 14, 2007
Marin Market Stats 3.13.2007
Hello Everyone,
This is my weekly Marin County real estate market analysis. It is based upon market statistics gathered from the local multiple listing service, as well as my own observations and information I pick up from conversations with other agents. For spreadsheets and other information please click on link to my website.
In talking with my colleagues, I am hearing reports that the market is heating up. Lots of stories about multiple offers with 5 or more offers, and agents reporting they have business after a considerable period of time with none. This anecdotal evidence is encouraging and may be a harbinger of the spring market to come, but let's take a look and see what light the statistics may shed.
Single Family Homes Last Seven Days:
New Listings 83
Contingent 55
Pending 49
Sold 35
Price Reductions 30
Withdrawn or Temp Off Mkt 16
Expired 3
With a bit over 30% in contract, the Single Family (SFR) market as a whole is a solid seller's market. See Last week's city-by-city report (http://www.listedbyfred.com) for exceptions. The under $1million segment, at over 37% in contract continues in strong seller's market territory. The $1million to $2million segment gained a bit of ground in the past week and climbed into balanced/seller's market territory. $2million-$3million segment down about four points, and over $3million segment up about 1point. These may be normal fluctuations due to small sample size and probably do not represent market shifts, at least not based on one week. The trend towards strong SFR sales seems to be established, and prices remain on the upside, with average YTD SFR price at $1,324,505 vs. same period in '06, $1,148,094. YTD units sold 303 vs. '06 at 265, or an increase of a bit over $14%. Average YTD days on market a bit higher than same period last year, 97 vs 81. Months inventory of homes available 4.8 vs 5.8 at the same time in '06. Market for SFR's seems pretty healthy but could use more inventory. Sellers, this is your cue to put your homes on the market while the competition is relatively absent. Please note from the number of price reductions above that although the market presents a good opportunity, it is not a time to overprice. Pricing, preparation, and presentation are still critical. Attractive, well-located, well-priced properties are selling quickly while overpriced properties become stale.
Condominiums Last Seven Days:
New Listings 19
Contingent 12
Pending 12
Sold 14
Price Reductions 8
Withdrawn or Temp Off Mkt 3
Expired 1
Condo Market, which started out the year solidly ahead of '06 seems to have been losing momentum. YTD units sold at 94 vs. 104 at the same time last year, or a drop of about 9.6%. Average sold price is now a bit higher than '06 at $657,707 vs. last year at this time $640,857. Average days on market a bit higher than last year at 81 vs. 72.. There is currently about a 6 month supply of condo's on the market vs. 3.5 at this time last year. All price segments are in buyer's market territory. With no segment of the condo market having more than 23% of its listings in contract, there is a great opportunity for buyers here.
more next week--------
Best wishes to all,
Fred
http://www.listedbyfred.com
fred.anlyan@cbnorcal.com
Quote for the week: "It is better to ask some questions than to know all the answers."
James Thurber
This is my weekly Marin County real estate market analysis. It is based upon market statistics gathered from the local multiple listing service, as well as my own observations and information I pick up from conversations with other agents. For spreadsheets and other information please click on link to my website.
In talking with my colleagues, I am hearing reports that the market is heating up. Lots of stories about multiple offers with 5 or more offers, and agents reporting they have business after a considerable period of time with none. This anecdotal evidence is encouraging and may be a harbinger of the spring market to come, but let's take a look and see what light the statistics may shed.
Single Family Homes Last Seven Days:
New Listings 83
Contingent 55
Pending 49
Sold 35
Price Reductions 30
Withdrawn or Temp Off Mkt 16
Expired 3
With a bit over 30% in contract, the Single Family (SFR) market as a whole is a solid seller's market. See Last week's city-by-city report (http://www.listedbyfred.com) for exceptions. The under $1million segment, at over 37% in contract continues in strong seller's market territory. The $1million to $2million segment gained a bit of ground in the past week and climbed into balanced/seller's market territory. $2million-$3million segment down about four points, and over $3million segment up about 1point. These may be normal fluctuations due to small sample size and probably do not represent market shifts, at least not based on one week. The trend towards strong SFR sales seems to be established, and prices remain on the upside, with average YTD SFR price at $1,324,505 vs. same period in '06, $1,148,094. YTD units sold 303 vs. '06 at 265, or an increase of a bit over $14%. Average YTD days on market a bit higher than same period last year, 97 vs 81. Months inventory of homes available 4.8 vs 5.8 at the same time in '06. Market for SFR's seems pretty healthy but could use more inventory. Sellers, this is your cue to put your homes on the market while the competition is relatively absent. Please note from the number of price reductions above that although the market presents a good opportunity, it is not a time to overprice. Pricing, preparation, and presentation are still critical. Attractive, well-located, well-priced properties are selling quickly while overpriced properties become stale.
Condominiums Last Seven Days:
New Listings 19
Contingent 12
Pending 12
Sold 14
Price Reductions 8
Withdrawn or Temp Off Mkt 3
Expired 1
Condo Market, which started out the year solidly ahead of '06 seems to have been losing momentum. YTD units sold at 94 vs. 104 at the same time last year, or a drop of about 9.6%. Average sold price is now a bit higher than '06 at $657,707 vs. last year at this time $640,857. Average days on market a bit higher than last year at 81 vs. 72.. There is currently about a 6 month supply of condo's on the market vs. 3.5 at this time last year. All price segments are in buyer's market territory. With no segment of the condo market having more than 23% of its listings in contract, there is a great opportunity for buyers here.
more next week--------
Best wishes to all,
Fred
http://www.listedbyfred.com
fred.anlyan@cbnorcal.com
Quote for the week: "It is better to ask some questions than to know all the answers."
James Thurber
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