Hello Everyone,
Due to the Holiday this week, this will be a shorter than normal analysis.
The monthly City by City Report is out this week (see http://www.listedbyfred.com) Percentage in contract figures are down in much of the County. Notable exceptions are Mill Valley (37%), Larkspur (25%), and San Anselmo (33%). Corte Madera and Fairfax held steady. All other Marin towns and cities experienced a decrease in the percentage of listings in contract. Novato experiencing a severe dropoff and now down to 17.7% in contract, nearing a strong buyers' market. San Rafael down to 21%, a buyers' market.
Single Family Residences (SFR) overall remained steady at about 24% in contract, while the under $1million segment gained strength, rising from 26% to 29% in contract. YTD sales of SFR's still just a squeak ahead of this time last year---at 1105 vs. 2006's 1079, up about 2.5%.
Condominium sales continue to fade with only about 17% of all listings in contract county-wide, a new low. YTD sales of condos at 289 to July 3 vs.342 last year at this time--- a 15.49% decline.
Some of these declines reflect the traditional summer slowdown. Buyers and sellers going on vacation, and less market activity overall. Sellers throughout the county should pay particular attention to Pricing, Preparation, and Presentation. Rationale for overpricing is often that sellers expect buyers will at least make some kind of offer. In fact, due to cutoff prices of automatic searches, overpriced listings are often not seen by buyers who might otherwise be interested. Overpricing often results in sale prices that are lower, and in longer sales times. Sellers are worried about pricing too low and leaving money on the table. The Market usually prevents this from happening. A low price often attracts the attention of today's savvy buyers and several offers result in an over-asking-price sale.
More next week----
Until then, best wishes,
Fred
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