Hello Everyone,
The monthly city-by-city report is out this week (see website link below for all spreadsheet info), showing mixed results--some cities/towns up, some down. Mill Valley's percentage in contract slipped a bit, but still quite strong at over 35% in contract-- a strong sellers' market. Corte Madera red hot at 44.8% in contract, up from last month's 41%--- nearing a very strong sellers' market. San Rafael slipped to 20% in contract, still a buyers' market, and Novato down again to 15.6% in contract, nearing a strong buyers' market.
Single Family Residences (SFR) down again, now a definite buyers' market when taken as a whole at 23% in contract. Even the under $1million segment in buyers' market territory at 24.5% in contract. I am continuing to call it balanced because of underlying strength. There were 231 new SFR listings last month (July) and there were 286 accepted offers, so inventory is down a bit overall, augmenting market strength. Notwithstanding this, areas with softer demand present opportunities for buyers. They are recognizing this and deals are closing.
Condo's actually saw an increase in percentage in contract in every price segment.
As with SFR's, accepted offers exceeded new listings (74/70). Condo's in general still a buyers' market with the notable exception of the $1-2 million dollar segment. This segment is small, but 5 out of 12 listings (58%) are in contract. Other than that, most condo's a buyers' opportunity.
Advice:
Buyers, lots of opportunity out there, but remember that the prime properties still often receive multiple offers and sell over asking price. A good REALTOR can introduce you to homes in great areas that are receiving less attention and may be good bargains.
Sellers, if you have a prime property, congratulations. A good REALTOR can help you with pricing, preparation, and presentation and you'll be on your way. If your area is experiencing less action, your REALTOR can help you with marketing strategies that have been shown to work in this type of market. Remember, proper pricing is crucial. Overpriced homes often sit on the market and ultimately sell for less than comparable homes that are well-priced for the market.
More next week---
Until then,
Best wishes to all,
Fred
for access to spreadsheet info, please go to http://www.fredanlyan.com
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