Hello Everyone,
(for access to spreadsheets, please see http://www.fredanlyan.com )
Look at what has happened! After making continuous progress over a number of weeks the SFR and Condo markets both showed up with good news last week. As of June 10, Single Family Residences overall were at 22.9% in contract, still a buyers' market, but close to balanced. HOWEVER, SFR's from $0-$999,999 clocked in at 26.04% in contract county-wide, officially in sellers' market territory for the first time in a long time. SFR listing activity was flat, and homes above $2million are a bit soft at only 18.6% in contract. $3million-plus properties a major buyers' opportunity at only 10.6% in contract. Sellers- This is a time to be optimistic, but not a time to push the envelope on pricing. Savvy buyers still looking for value, but writing offers and buying homes.
Condo's made progress during the week as well, with the overall condo market balanced at 25.06% in contract and the under-$1million condo market at 26.08% in contract---believe it or not, in sellers' market territory. Still large pockets of condo listings that have been on the market for a while, and this makes ambitious pricing unwise. But, well-located, right-priced condo's in desirable areas are selling.
This welcome news, together with last week's City-by-City report's (included again in this week's attachments) data showing Novato officially back in sellers' market territory indicate steady progress in our local markets. Year to date units sold continue to be off substantially (-37% condo and-34% SFR) from last year, but recent sales activity is steady and improving. Lots of uncertainty in the economy and with the price of gas going up weekly and even daily, and the Dow Jones bouncing up and down like a golden retriever's green tennis ball. Folks are being careful about their money and financial commitments. Still, buyers are recognizing tremendous value in certain segments of the Marin County housing market and voting their confidence with the expenditure of their housing dollars. Many experienced local real estate agents are saying this is a great time to buy. Interest rates are low, loans are available, and home prices are reasonable and reasonably stable. Marin County housing dreams are coming true for many buyers who recognize value and act on their convictions.
more next week---
Until then, best wishes to all,
Fred
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