Hello Everyone,
In the interest of accurate reporting and analysis, I'll keep my comments to a minimum this week and next. This will allow the holiday weekend to pass and the normal market activity to begin to resume. At that point, perhaps we will get a truer picture of the current market trend here in Marin County.
The spreadsheets for the past week are available at http://www.fredanlyan.com/ . Next week, the monthly city-by-city report will be out and should be indicative of how the various local markets are faring.
In the last week, the inventory of Single Family Residences continued to decline, and is now at 886, versus 903 the prior week. In spite of this, the overall in-contract rate is under 21%, a buyers' market, and YTD SFR sales fell below the year-ago mark for the first time this year. All price ranges of the SFR market are now in buyers' market territory, but this does not mean that every city or every neighborhood or every home is a buyers' opportunity for negotiation. There are still multiple offers and properties going over asking price. Mill Valley is one of the areas where this is happening. Still, even in these areas, pricing is critical and overpricing is to be avoided. The best course of action for buyers and sellers in this type of market is to consult a trusted and experienced real estate professional to help walk the market tightrope. Success is within reach but excellent information and advice are critical components.
The Condo market continues to be challenging, with inventory up to 312 units vs. 305 a week ago. Condo YTD unit sales are running about 16% below the same date last year, after lagging for most of the year. The majority of the condo market remains in buyers' market territory. This market represents a great opportunity for smart buyers, but,again, not every unit is an opportunity for negotiation. Some prime units are still selling well. An experienced local real estate professional is the best source of guidance for both buyers and sellers. Owners needing to sell now can be successful with careful pricing, preparation and presentation. This is a time to tune in to the market and go with the flow, rather than trying out an overly aggressive price.
more next week----
Until then, best wishes to all,
Fred
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