Hello Everyone,
(for access to spreadsheets please see http://www.fredanlyan.com )
SFR market coming in last week with a pleasant surprise---inventory down slightly to 1167 from 1171 the previous week. Percentage in contract up in all SFR price points except the high end- over $3 million which decreased based on a change of only 3 additional listings and 2 fewer properties in contract. Big news in Marin County SFR's last week was that the $0-$999K price point went into "balanced market" territory from "buyers", and the $2 million to $3 million segment made the jump from buyers' to sellers' market territory with an increase from 23.7% to 27%. Whether this represents a true market turning point or is a result of fewer than normal new listings in the "pre-holiday" period remains to be seen. Based on open escrows though, it appears the the SFR market is ticking along nicely. YTD SFR units sold at 547 vs 838 at this time last year, or down 34.7% nearly even with last week's statistic of -34.2%.
Condo inventory increased during the week, but not by much--2 units, to be exact. And units in contract increased enough to bring overall condo percentage in contract up to 23.5. The under $1million range, representing all but 18 of listed condo's fared even better, increasing to 24.48% in contract, with its chest against the tape, ready to break through into the "balanced market" range for the first time in a long time. Condo YTD sold units at 140 vs. last year's 218 at the same time. Still lower, but continuing to narrow the gap which now sits at -35.7% vs. -37% last week.
La Jolla-based Data Quick, the real estate statistics source used by many media outlets, came around this week after "draping crepe" for quite some time now. A May 20 article stated:
"Bay Area home sales edged up from a seven-month run of record lows last month, indicating that mortgage availability is improving and that an increasing number of fence sitters have decided they like today's lower prices, a real estate information service reported.
A total of 6,310 new and resale houses and condos sold in the nine- county Bay Area in April. That was up 28.8 percent from 4,898 in March, and down 15.3 percent from 7,447 for April 2007, DataQuick Information Systems reported.
The month-to-month jump was the strongest for any March/April in DataQuick's statistics, which go back to 1988. "
This reference courtesy of CB SF Bay President Larry Klapow. Full text of the article available at http://www.dqnews.com/News/California/Bay-Area/RRBay080520.aspx
Monthly city-by-city report out next week.
Until then, best wishes to all,
Fred
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