For access to spreadsheets please see http://fredanlyan.com/
Hello Everyone,
Washington Mutual failed this week and the government struck a deal with JP Morgan/Chase to take it over. Stock market relatively calm, and relative to the major financial events of recent weeks, no huge new bad news revealed. People still feeling a bit wary and waiting for the other shoe to drop. Lots of articles stating or implying that the $700 billion Washington bail-out is just a band-aid don't help, and neither does the lack of agreement among the various branches of government involved. Still, all of this has been around for a week or more and nothing new to factor in, so we'll keep this week's report short--- as Sgt. Joe Friday used to say "Just the facts, ma'am".
Single Family Residences (SFR): YTD unit sales at 1203 vs. last year's 1583 at this time, or -24%. Still, about 31 SFR 's sold for the week compared to 24 in the same 7 days in '07. This represents continued week over week improvement, a trend for a number of weeks now. Inventory down slightly from1116 to1103 with 226 of those in contract, or only about 20.49%, a buyers' market. Under- $1million segment percentage in contract down again to 26.2%, technically a sellers' market, but very segmented and buyers continue to be skittish. My recommendation--know your market, utilize the services of an experienced local real estate professional, and don't push the pricing envelope. Upper end of the market (above $2million) actually bumped up a bit but still a buyers' market.
Condominiums: Continued to defy gravity and current events. Percentage in contract up again in all price ranges, giving condo sellers a long-overdue reason to celebrate. Marin County condo's overall at 37% in contract, technically a strong sellers' market. As we have discussed before, this came at the expense of substantial sales price reductions over the last year, largely driven by lenders sales of foreclosed units. Nonetheless, buyers back in the market. Historical data shows Marin real estate prices rarely decrease, making this a rare opportunity and a great time to buy. Not all condo complexes created equal so check with a local real estate professional about relative values. Their knowledge almost essential in markets like this. YTD condo units sold at 330 compared to 404 same time last year, or -18%. 10 units sold during the week compared to only 4 in 2007, continuing the gains of recent weeks which have helped the market to continue its recovery from much larger deficits earlier in the year.
more next week.
Until then, best wishes to all,
Fred
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