Hello Everyone,
Inventory dropped a bit last week on both Condo's and Single Family Residences (SFR's).
SFR's are an overall buyers' market for the first time in quite a while, but at 23.7% in contract, they are not deep into that territory, nor do I expect them to be in the near future. The $0-$999k SFR market has also moderated and is close to being a balanced market, at 25.7% in contract. The $1-2million market is still a sellers' market, but just barely, at 26.2% in contract, while the more exalted price ranges seem to get further into buyers' market territory the higher they go. 52 SFR's closed escrow in the 7 days ending July 17, a very robust number. Quite a few anecdotal reports of multiple offers in prime areas. The market is healthy, but buyers are focused, and particular.
The Condo market in Marin County actually gained a bit of ground in the last week, with 17.1% of all listings in contract. Still a buyers' market, but better than the last couple of reports' in the 15% range. Also, 25 condo's closed escrow during the period, 5 times as many as a year ago. This improved the YTD condo sales comparison to minus 11.8% vs. last week's minus 13.1%.
As I have noted before in this report, and it bears repeating, the Marin real estate market is not one market. And it is not just a city-by-city market. It is a neighborhood by neighborhood and house by house market. Buyers are discriminating and well-informed. Well-located, well presented, well-priced homes with desirable features sell, and they often sell really quickly. The most effective action a buyer or seller can take is to find a great real estate agent and then take his/her advice. They really do know what makes the market tick.
More next week
Until then-------
Best wishes to all,
Fred
For more market information, spreadsheets, etc. please visit my website http://www.fredanlyan.com
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