For access to spreadsheets please see http://www.fredanlyan.com
Happy New Year Everyone,
Probably too soon to form any opinions about the health of the Marin County real estate market or make any predictions for 2009. Stock market has the jitters again. People uncertain about the economy, waiting and hoping for Obamanomics to ride to the rescue. Look for a bit more stability if the rescue plan appears solid.
Inventory on Single Family Residences up slightly to 754 from 713 at the last (Jan 6) report. 128, or 17.5% of those are in contract, making the overall market a "buyers" market. This is a bit deceptive as the under-$1million segment at 25.7% in contract ("balanced market"), continues to outperform the "high end" which ranges from 8.96% to as low as 3.95% in contract. For example, of 76 homes currently listed between $2million and $3million on Multiple Listing Service (MLS), only 3 are currently in contract. Total single family homes sold year-to-date (YTD) at 37 vs. 60 in 2008, or about 38% fewer.
These are mostly homes that were in the pipeline from December contracts so not necessarily the beginning of a new downward trend.
Condominium inventory also up slightly at 271 vs. 256 on Jan 6. 31.25% of these in contract, technically a "sellers market" but condo market so price-sensitive as to render this term almost inapplicable at the moment. YTD units sold at 16 vs. 10 at this time in '08, or a 60% increase. This, as mentioned many times before in this report, the result of bank-owned real estate (REO) sales and major pricing concessions.
La Jolla, CA-based Data Quick Real Estate News, in a January 21 article, noted
"Bargain Hunting Dominates Bay Area Home Sales in December". Article notes reduced pricing due to REO's / price reductions as well as a lower-end market mix compared to previous periods. Also cites a 36% increase in units sold in the Bay Area in Dec, 2008 vs. Dec, 2007. Read the full article at
http://www.dqnews.com/News/California/Bay-Area/RRBay090121.aspx
More will be revealed as 2009 continues to unfold.
MAR 2008 full-year statistics not yet out but watch for our Marin County Annual Sales Comparison Year to Year 1965 through 2008 shortly after the data becomes available.
Best wishes to all,
Fred
Fred Anlyan, MBA
Broker Associate
Previews Property SpecialistDirect: (415) 464-3509Mobile: (415) 847-0602Fax: (415) 925-0962Email: fred.anlyan@cbnorcal.comWebsite: Visit My Website
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