Hello Everyone,
Back from the East Coast, and ready with this week's statistics and analysis.
Single Family inventory has not changed much, but percentage in contract is up moderately in all price points. The $2M-$2.99M and the $3M and up ranges moved from "strong buyers" to "buyers". Other categories all continue as "buyers" , but with higher percentage in contract, and approaching balanced market. Per Market Quest, accepted offers so far in October have exceeded new listings. Sale price/list price, 3 month average sold $, 3 month average $/sq.ft, and 3 month average sale price/list price ratio all trending up.
The loan panic seems to have quieted down a bit. Large surviving lenders like Countrywide are making some adjustments to loan terms in order to keep existing borrowers out of default. Mortgage money is available again, albeit with more oversight and stricter qualification guidelines.
There are enough price reductions, expired, and inactive listings for me to continue preaching seller caveats about preparation, pricing, and presentation. Novato and San Rafael continue to be more challenging markets than other parts of the county, and also represent huge buyer opportunities. An old friend of mine always says "better is the enemy of good". For every buyer who manages to successfully call the bottom of this market, there will be quite a few who will be wishing they had bought now. It may have already turned.
Condo's continue to lag a bit, with inventory up moderately. My guess is that this will change as SFR inventory tightens up. This is another huge window of opportunity for savvy buyers, especially those who may have formerly been priced out of the market.
For spreadsheets, please see http://www.fredanlyan.com
more next week
until then,
Best wishes,
Fred
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