Hello Everyone,
Monthly city-by-city report out this week (see http://www.fredanlyan.com ). A number of changes. 7 towns/cities percentage in contract down, and 6 up. A number of markets going from buyers' to sellers' markets and vice versa. Most extreme examples of this are Greenbrae, going from 15.7% in contract to 0%, and Fairfax, going from 40% in contract (strong sellers') to 19% (buyers"). Before giving these numbers too much credence, take a look at the number of units involved. It is usually 2 or 3, or 4 units. Many of these are small markets. More significantly, San Rafael, the second biggest market in the county, went from an inventory of 263 SFR's and Condo's to 315, and still increased its percentage in contract from 19% to 21%, a continuation of an upward trend. Novato dropped about 3 percentage points to 21.65% in contract, absorbing about a 10% increase in active listings and still doing pretty well . Both of these markets still buyers' markets, but doing much better than earlier in the year.
Some comparisons with 2007:Units sold YTD, Condos down 53%. SFRs down 35%.
Monthly comparison: (all numbers for SFR and Condo combined)
March '07 --265 March '08
Accepted offers 265 284
Accepted offers to
new listings ratio 57.5% 71.2%
Accepted offers to
inventory ratio 24.9% 27.8%
DOM 79 93
Months Supply
of inventory 4.7 8.3
Bottom line: The Marin County real estate market enjoys a lot of protection and shows many signs of trying to break out. Accepted offers are up significantly, but days on market are still longer than last year. There are excellent opportunities for buyers, but market-wise sellers are doing well too. Your local real estate professional has a finger on the pulse of the Marin marketplace and is a great source of information.
More next week.
Until then, best wishes to all,
Fred
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