for access to spreadsheets please see http://www.fredanlyan.com
Hello Everyone,
Monthly City-by-City report out this week shows most Marin County towns and cities percentage in contract down since last month's report. Sausalito at the bottom with only 2 of 39 listed properties in contract as of February 2, or 5.13%. Exceptions include San Rafael and Novato at the top of the list with 28 and 32 percent of properties in contract, respectively. Kentfield, San Anselmo and Fairfax also posted modest increases. Inventory of Single Family Residences up from 754 to 791. 153, or 19.34% of those in contract. In the under-$1million market, 122 of 433 homes in contract, or 28%. Homes above $1million a more difficult market due to new underwriting and appraisal standards. $1million to $2million range at 11.3% in contract but $2-$3million segment at only 3.75% in contract. Of 66 homes currently listed at $3million and above, only 4 in contract on February 2, or 6%. High-end buyers with cash in a great position to make deals while many high-end would-be sellers choosing to wait out an improvement in the market. Real estate analyst Carol Rodoni, in a presentation this week to Marin County Coldwell Banker agents, said that current market conditions in California may continue through 2009 and into 2010 or even 2011 in some areas. Year to date units sold at 68 vs. 89 at this time last year, down 23%. Average sold price at $882,069 vs. $1,395,098 in '08 at the same time (price decrease a function of market mix as well as declines in value). Days on market for YTD sold properties now 123, up 19 from last year's comparable figure.
Marin County Condo market continued to show strong sales with 27.8% of all currently listed condo's in contract. The under-$1million condo market at 29.32% in contract while the over $1million segment sits with 14 listed properties and none in contract. YTD condo sales at 32 units to February 2 vs. 19 units at the same time last year. Average sale price $276,769 vs. $688,863 last year. This reduction a combination of decline in value as well as market mix, meaning that lower-end properties are selling. Average Days on market for YTD sold properties at 112 vs. 90 for the same time in '08.
Current U.S. economy still awaits an injection of confidence while new administration wrangles with Congress over what form the stimulus package will take. Stocks rallied today (Feb 6) on hopes the program would take shape soon and be voted into law.
More next time----
Until then, best wishes to all,
Fred
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