Hello Everyone,
Encouraging news this week. The Marin real estate market is beginning to warm up a bit, along with the weather. We are still playing catch-up to last year's market figures, but in most cases, the trends continue to be positive.
Single Family Residence listings increased again to 696 vs. 672 last week. Overall SFR percentage in contract is 24.14%, still technically in buyers' market territory, but just a gnat's breath away from the "balanced" level of 25%. The $0-999K SFR segment at 26.89% and the $1M-$1.99M segment at26.21% have finally made it into sellers' market territory after a number of weeks of steady increases. The $2M-$2.99M SFR segment still a buyers' opportunity, but at 19.4% in contract, more than a 2 point improvement over last week and headed into positive territory. The $3M+ segment at 7.58% in contract, down from last week, but remember, this is a relatively small market segment and it does not take too many properties to produce a significant swing in the figures. Still, I believe there is an opportunity here for upper-end buyers with $ to spend. Year to date sales of SFR's, compared to this time last year are down about 35%. This gap has been narrowing for the past several weeks, but lost a couple of points this week. This may just be an anomaly. Let's wait to see what happens in the coming week. Buyers may be well advised to take advantage of this market before it warms any further. Sellers can be encouraged by these trends and may want to consult with their real estate professionals to see if this is a good time to list their home.
The Condominium market here in Marin still overall a buyers market, but percentage in contract moving up here too. Listings up at 317 this week vs 296 last week, continuing the normal seasonal trend. Overall condo market in buyers' territory at 19.87% in contract, up from 19.2% last week. $0-$999K segment at 19.67% in contract vs. 18.9% last week, continuing several weeks of a move-up trend. The $1M-$1.99M segment back in buyers' territory at 23.53% in contract vs. 25% last week, but this swing was due to only one unit in an exceedingly small market segment, and probably not too significant. YTD condo sales in the County down 47% from this time last year, however this figure represents about a 4 point improvement from last week and continues the upward trend we have seen in previous weeks. As this buyers' market heads toward balanced, there is opportunity for both buyers and sellers who are well-informed and willing to negotiate realistically. Consult an experienced local real estate professional for the most up to date information on your market.
more next week-----
Until then, best wishes,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
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