(for access to spreadsheets, please see http://www.fredanlyan.com/ )
Hello Everyone,
City-by-City report out this week shows substantial changes and interesting, or even compelling opportunities. Sausalito with 4 out of 49 properties, or 8.16% in contract, Mill Valley with 26 out of 157, or 16.5% and San Anselmo, with 11 out of 81 listed properties (13.5%) in contract all present unusual buyer opportunities. Does this mean the bottom has fallen out of these markets? I don't think so. Does it mean the markets will go down further? Could be, but I wouldn't bet on it. Does it mean that every home in these markets will go out at a bargain basement price? No! It does mean that buyers who have felt locked out of these areas due to competition from other buyers and rising prices have a rare window of opportunity. It does mean that buyers who are qualified, shop around, and are flexible, can find suitable properties at prices they could have only dreamed of a year or two ago.
Novato and San Rafael continuing their sales renaissance with 31% and 28%, respectively, of listed homes in contract, another increase in the recent string of welcome good news for these two cities.
Overall, out of 13 listed towns and cities, 7 down from last month, 5 up, and one unchanged.
Single Family Residences (SFR) up overall to 28.9% in contract and in all categories between $0 and $1.99M, but down on the upper end with the $2M to $2.99M price point down to 16.16% in contract, and the over $3M segment at 10.5%. Again, more opportunity for upper-end buyers with cash on hand. A fair number of luxury properties are selling quietly, off the market, so do not show up in these statistics.
Year-to-date unit volume at 1110 vs. 1498 at this time last year, or-25.9%, another improvement conforming to the recent trend.
Condo's continue their amazing rebound at 31.27% in contract overall, a "Seller's"
market. Condo's from 0-$999K doing even better at 32.39% in contract, but luxury condo's between $1M and $1.99M down again to only 11.11% in contract. Year-to-date condo unit volume at 296 vs. 387 at this time last year, or -23.5%. This continued improvement in closing the gap follows the recent trend. Last week's caveat bears repeating yet again-----. This is not the seller's market we remember from a couple of years ago. The market is competitive and price-sensitive. Buyers are market-savvy and negotiate hard, but they are out there and they are buying property. Keys to the sale? Pricing, preparation, presentation, and the willingness to negotiate---the fundamentals.
more next week-----
Until then, best wishes to all,
Fred
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