06.03.2008
(for access to spreadsheets please see http://www.fredanlyan.com )
Hello Everyone,
City-by-City report out this week shows a number of changes. Of the 13 cities and towns monitored, the percentage in contract increased in 5, remained the same in one, and decreased in 7. Significant changes include: Mill Valley made the jump to sellers' market territory, going from 24.5% in contract to 27% in contract; Kentfield back in sellers' market territory at 30.56% in contract vs. last month's 17.65%; San Rafael, continuing on its upward trend, coming in with another increase to 23.37%, up again from last month's 22.49%; And the big news, Novato at 26% in contract, technically making it a sellers' market for the first time in a very very long time with 120 of 460 listed properties in contract as of June 3.
During the month of May, there were 317 new SFR and 103 new Condo listings in the County, vs. 317 and 101 in May '07, or roughly the same number in each category as last year. The dramatic change is that there were 306 accepted offers on SFR's and 87 on Condo's during the month. This gives a ratio of accepted offers to new listings of 96.5% for SFR's and 84.5% for Condo's, indicating that almost all the new inventory is being absorbed by buyers. Having said that, I must add that prudent sellers must still be very careful about preparation, presentation, and especially pricing, as buyers expect value, are very discriminating and are definitely not writing any blank checks. Expired or cancelled listings for the month of May much higher than same time last year with SFR's at 130 vs. 07's 57, and Condo's at 64 vs 34 in May of '07. Days on market for SFR's at 74 vs. 64 last year and condo's at 93 vs.74 in May of '07.
SFR pricing holding up a bit better than Condo's. SFR sold average $ for May at $1,457,000 vs $1,395,000 in '07 and Condo sold average $ at $544,000 vs. $635,000 last year. Keep in mind that these numbers depend upon the specific units sold during the month so they are not directly comparable due to small sample size of a short time period. Numbers of units sold are still down as well, with SFR's at 594 YTD vs. 904 YTD last year, or -34.3%, and Condo's showing 147 YTD units sold vs 233 last year, or -36.9%.
Activity continues to be brisk in local real estate offices, many with an encouraging number of newly opened escrows. Agents generally upbeat and many feel the market has stabilized and is steady/improving.
More next week. Until then, best wishes to all,
Fred
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