8.26.08
(for access to spreadsheets, please see http://www.fredanlyan.com )
Hello Everyone,
Coasting into the Labor Day holiday, real estate activity paused a bit with many sellers waiting to put their homes on the market until after the final hurrah of summer vacation.
Inventory of single family residences (SFR) decreased again, to 1085 while most price points showed moderately reduced percentage in contract. The under-$1million "entry level" home price point went from 29.4% to 27.27% in contract, but still considered a sellers' market. Sellers should not take this literally, especially not in the context of the sellers' markets of recent years. It represents market improvement but not market dominance in any sense of the word. Proper pricing, preparation, presentation, and a willingness to work with sincere and qualified buyers are important ingredients for successful sales in today's market. Year-to-date units sold -26.2% compared to last year, a continued improvement. Average YTD SFR list price $1,427,369 average sold price $1,328,373, average days on market 75. Comparable figures from 2007-average list price $1,442,063 average sold price $1,384,232, average days on market 69.
Condominium sales continue their recent improvement. While inventory actually increased by one unit, to 373, percentage in contract increased a bit to 30.29%, continuing the newly developed "sellers' market" trend. Same caveats and recommendations for sellers apply as for SFR's above. Condo YTD unit sales improved again at -24.2% compared to this time last year with average list price of $573,464, average sold price $530,610, and average days on market of 94. This compares to 2007's average list price of $659,977, average sold price $639,296, and average days on market of 74. The increased condo market activity has been bought at a price, but buyers now perceive value in the market and are acting on it.
Next week, look for the monthly city-by-city report showing trends in most Marin County cities and towns. Look for increased market activity in the coming weeks- a normal trend- as folks return from vacation and settle back into their routines.
more next week---
until then, best wishes to all,
Fred
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