Hello Everyone,
Incremental change only this week. Not much fodder for further analysis. My opinion is that the holiday pause is still working its way through the system and we will know more in a week or two. In the meantime, there are positive signs and significant activity in our real estate market.
Some numbers for the week:
SFR's: New listings, 66. Price reductions, 70. 26 of these were in Novato and 13 in San Rafael. The surprise was that Mill Valley came in at 3rd place, with 8 price reductions. Contingent, 35. Pending, 17. Sold, 32. Expired, 13. Withdrawn/Temp off Mkt., 20. Average list price for YTD sold SFR's $1,405,311 vs. $1,287,103 in 2006. Average sales price, $1,377,603 vs. 2006's $1,264,485, and Days on Market 70 this year vs. last year's 62 at this time, again for sold YTD properties.
Condo's: New Listings, 22. Price reductions, 15. Contingent, 10. Pending, 3. Sold, 3. expired, 5. Withdrawn/Temp off Mkt., 14. Average list price for YTD sold properties, $650,833 vs. $617,024 last year. Average sales price $640,862 vs. $612,816 in 2006. Days on Market, 76 this year. 66 in 2006.
The Fed took a big step this week and reduced the Federal Funds rate by half a percent. This was the first cut in four years. This move to restore confidence in the economy is a major step and should have a positive effect on our industry. The stock market has already signaled its approval. Let's wait and see what happens.
More next week---
Until then, best wishes,
Fred
p.s. For access to spreadsheets, please visit my website, http://www.fredanlyan.com
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