The Anlyan Report. Marin Market Statistics 04.29.2008

Hello Everyone,

Percentage in contract of both SFR's and Condo's continued to increase last week, following the recent trend. Two exceptions to this were: SFR's in the $1M to $1.99M range, falling less than 1%, but enough to move from "balanced" to "buyers' " (In my opinion not enough of a move to be significant); Condo's in the $1M to $1.99M range, losing 5%, but due to the small size of that market, representing only 1 unit, again, not significant. SFR's over $3M still "strong buyers' " with 13 of 93 properties on the market in contract. A great opportunity for high-end buyers to negotiate.

There were 244 accepted offers on Single Family residences in April. This was the greatest number of accepted offers in the 23 months that my (MarketQuest) report showed, and represented 27% of inventory, and 79% of new listings. In April of last year, there were 216 accepted offers representing 24% of inventory. There were 66 accepted offers on condo's, representing 21% of inventory and 88% of new listings. Again, this number was the highest in the last 23 months, and compared to 54 accepted offers (18% of inventory) in April of 2007.

The Marin County real estate market does appear to be improving, with many market segments approaching "balanced", or even venturing into or close to "sellers' " territory. Reduced YTD unit sales (-36.6% SFR and 39%Condo vs. 2007) make this a time to be careful about pricing, preparation, presentation and thorough with marketing. But not a time to test the market with high prices. Properties that warrant more than the asking price usually attract multiple offers, while overpriced properties often sit on the market, ultimately selling for less than if they had been properly priced at the outset. Market in general is active, with attractive, well-priced properties going into contract quickly. Buyers and sellers have good opportunity here.
(for access to spreadsheets please see http://www.fredanlyan.com )
More next week.
Until then, best wishes to all,
Fred