Hello Everyone,
Only marginal changes in the numbers again this week.
For Single Family Residences:
New Listings 104; Price Reductions 90; Contingent 43; Pending 36; Sold 39; Expired 15; Withdrawn/Temporarily off Market 21.
Average list price for YTD sold properties $1,407,462, Average Selling Price $1,379,544, Average Days on Market (DOM) 70
For Condo's:
New Listings 31; Price Reductions 27; Contingent 13; Pending 8; Sold 3; Expired 7; Withdrawn/Temporarily off Market 14
Average list price for YTD sold properties $650,143, Average Selling Price $613,262, Average Days on Market (DOM) 76
It is interesting to note that in both cases, the number of price reductions almost equals the number of new listings. Add the Withdrawn/Temporarily Off Market, and Expired listings to the number of Price Reductions to get a sense of the importance of proper pricing.
Even though all market categories are in "buyers' market" territory, it does not mean that buyers have "carte blanche". It simply means that sellers need to get in sync with the market. This includes proper preparation, pricing, and presentation.
Experienced, professional REALTORS can help with this process. They know the market and they know what is selling. Buyers are also wise to take advantage of the knowledge and experience available from an experienced real estate professional to target specific areas or homes and zero in on equitable value according to the latest market conditions.
Mortgage rates have eased somewhat since the Fed's actions last week and the fear and psychology of scarcity are starting to abate. Well qualified buyers can still obtain financing, and at historically low rates. Working with a knowledgeable, reputable lender or mortgage broker is critical to ensure that loans will fund and fund on schedule.
Homes in Marin have always held an allure and an inherent value that insulates them a bit from the full fluctuations of the real estate market. Market values may soften, but, historically, they don't drop precipitously. To see statistics going back to the 1960's, go to http://www.greathomes.org Click on the bar graph in the center of the page that says "sales statistics" , then scroll down to "yearly statistics".
It may be a pleasant surprise to see the resilience of the Marin County real estate market and its resistance to declines. If buyers are planning to live in a home for several years they will see from these statistics that history is on their side.
More next week--
Until then, best wishes to all,
Fred
p.s. For access to spreadsheets, please visit my website http://www.fredanlyan.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment