for access to spreadsheets please see http://www.fredanlyan.com
Hello Everyone,
Christmas now less than two weeks away. Marin housing market generally slower as folks get ready for the Holidays. Inventory down again in almost all segments Quite a bit of activity underlying the calm market facade. A "cottage" industry going on with off-market listings. Seems sellers leery of the current market are telling their agents to sell off the MLS, thinking this will keep their property from getting "stale" if it does not garner any offers. Problem is less exposure to agents and to the market. Less certainty of correct pricing for both buyer and seller. Economic theory supports the proposition that perfect markets require perfect information. Logically, the less perfect the information, the less perfect the market so off-market sales-----------.
REO's (bank-owned real estate) active in the County with some attracting multiple offers over asking price and some failing to meet the banks' minimum price points and being held over for continued market exposure. An REO in San Anselmo this week received over 10 offers.
Interest rates excellent, presenting no problem for the well-qualified, save the extra energy required to jump through multiple lender hoops. Some buyers qualifying for a bit less in terms of loan value due to increased down-payment requirements. Resurgence of interest in Private Mortgage Insurance for those with less than 20% down. Mortgage interest rates dropped again during the period ending December 12, with available options currently at multi-year lows according to Andrew Grossman of Princeton Capital in Greenbrae.
Single Family Residences
As of December 9, there were 871 SFR's listed for sale on the Multiple Listing Service, down from 889 the week before. 162 of these, or 18.6% were in contract making it a buyers' market overall. Of the homes listed, 458 were priced under $1million and 27.29% of those were in contract, technically a sellers' market (over 25% in contract). Notwithstanding this, market in general continues to be very sensitive to price. Location, condition, staging also critical in this market. Experienced local real estate professionals invaluable in assessing market values. Upper end of the market continues to lag with $1million to $2million at 10% in contract, $2million to $3million at 8.33% in contract, and over-$3million at only 5.8% in contract. Great opportunity for cash-heavy buyers to score big bargains. Move-up buyers note this is a very rare opportunity to benefit from big savings on your trade.
During the 7 days ended on 12/9/2008, there were 29 new listings, 50 price reductions.
20 Listings went contingent and 24 went pending. 16 homes sold, 10 listings expired, and 51 were withdrawn or temporarily off the market.
Condominiums
Condo's continue to burn up the road with late-season sales gains. 481 year-to-date condo sales in the County compare to 484 at the same time last year. Prices significantly lower with average sale price of $479,937 vs. $648,437 last year at the same time. Days on market longer at 106 vs 83 in '07.
During the 7 days ended on 12/9/2008, there were 11 new listings, 20 price reductions.
11 Listings went contingent and 3 went pending. 13 units sold, 5 listings expired, and 7 were withdrawn or temporarily off the market.
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