Hello Everyone,
Welcome to the New Year. May it be the best one yet for all of you.
The City-by-City Report for December-January is now available. See http://www.fredanlyan.com
Inventory is down again, and given that we started last week on a Wednesday (or maybe even a Thursday!), not that much new inventory has come on the market (22 SFR's and 18 Condo's). Every price point, with the exception of condo's in the $2M-$2.99M range is represented as a buyers' or strong buyers' market. My opinion is that this will change. I heard an interesting quote the other day by a real estate broker. When asked if he thought this was a good time to buy, he said "would you rather be 6 months too early, or 6 months too late?". Most of us are not good at calling market tops and bottoms. What we do know is that the fundamentals of the Marin County real estate market are good. There is a lot of money available in the area, the amount of real estate is limited, and this is a popular place to live.
Fed Chairman Bernanke stated today that the Fed would take more action this month to support the economy, so look for a 1/4 to 1/2 point rate cut at their month-end meeting. The President and Congress are talking about a tax cut. Mortgage money is available to qualified buyers. My opinion is there is a window of opportunity for buyers hers that may not last. Enough said.
Look what is happening in the City-by-City report. Corte Madera, with its normally strong demand has only 12 active listings, 5 of which are in contract-- a strong sellers' market. San Anselmo, at 35.5% in contract also a strong sellers' market. Greenbrae, Ross, and Fairfax all sellers' markets. Is this the beginning of a turnaround or just a little bounce? Let's keep an eye on it and find out.
More next week.
Until then, best wishes to all
Fred
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