for access to spreadsheets please see http://www.fredanlyan.com
Hello Everyone,
Another volatile week in the stock market. All over the map on adverse job reports, lack of a bailout plan for the "big 3" auto-makers and other news. Will probably stay jumpy for a while. Ended the week down only about 190 points on the Dow after making up for some much larger losses earlier in the week.
City by City report out this week shows Novato and San Rafael continue to be strong performers, pushed along (particularly in Novato) by REO (bank owned property) sales at bargain prices. Novato at 34.7% in contract for single family homes and condo sales combined. Normally we would characterize this as being within a breath of a "strong sellers' market" which we think of as 35% or more in contract. This market much more sensitive to price so sellers should be aware to dress up their homes and price them for the market. Greenbrae turned in the only other solid performance, but on such light volume that one unit more or less could have swung the statistics another way. Everything else in central/southern Marin in buyers' or strong buyers' territory.
SFR (single family residence) total listings down to 889. Everything a buyers' or strong buyers' market on a county-wide basis except the $1million and under "entry-level" market which is at 26.9% in contract, just into sellers' market territory. Sellers be aware this is a bit of a misnomer as sales very sensitive to price, presentation, and buyer perception. For the 7 days ended on Dec 2, there were 40 new listings and 32 price reductions. 28 listings went contingent, 9 pending, 20 sold, 41 expired, and 33 were withdrawn or temporarily taken off the market.
Condo's lost just a bit of ground from last week, but the under -$1million segment (all but 8 units) still at 34.18% in contract, a very strong showing and close to the 35% "strong sellers' market" threshold. Inventory down to 283 from last week's 306. For the 7 days ended on Dec 2, there were 10 new listings and 17 price reductions. 7 Units went contingent, 9 went pending, 13 were sold, 18 expired, and 14 were withdrawn or temporarily taken off the market.
More next week.
Until then, best wishes to all,
Fred
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