for access to spreadsheets please see http://www.fredanlyan.com/
Hello Everyone,
Marin County Single Family Residencees as a group crossed over into what has been traditionally known as "sellers' market" territory for the first time in quite a while at 27.1% in contract. This largely on the strength of the under- $1million market which is incredibly hot at 40.25% in contract, led by Novato and San Rafael. The Marin IJ front page today (5/22) trumpeted "Marin Home Sales Increase", also noting that median price went from $935,000 last year to $743,500 in April of this year (this author did not verify these statistics). Article went on to quote "analysts" as saying "a major factor bringing down median prices was an unusually low level of high-end home sales, which have become under-represented in Bay Area statistics", something we have been saying for months. Home sales in the higher end continue to languish while buyers and even real estate agents question when the supply of "jumbo" mortgage money will be turned back on. Conversations with loan brokers indicate that this supply is slowly coming back but is tightly controlled. Word is that jumbo money is becoming available for adjustable loans, but that 30 year fixed money is still expensive and difficult to obtain. Guidelines and ratios for loans being strictly observed by lenders. Unknown factor affecting home sales is a possible "bulge in the python" of new foreclosures after several months of moratorium recently observed by lenders. Large new supply of inventory could depress prices. Many buyers with cash in search of high-end properties getting extraordinary deals. Smart investors in a buying mode. SFR days on market to May 19, 108 vs. 87 at this time last year. 408 units sold so far this year compared to 520 in '08, or -21.5%. 1247 SFR's listed on the Multiple Listing Service (MLS) as of May 19, 338 of them in contract.
326 Condo's Listed on the Marin MLS on May 19. 117, or 35.85% in contract. Traditionally regarded as a "sellers" market, just on the borderline of "strong sellers' "---- with one major difference------ sellers do not have the ability to dictate pricing. 156 Condo units sold YTD vs. 135 at this time last year, a 15.5% increase. DOM for YTD sales at 117 vs. last year's 95. Median price $363,808 vs. $574,547 last year, held down by the preponderance of low-end bank-owned properties on the market. End of foreclosure moratorium brings up same questions/concerns as with SFR's, but invoestors reportedly snapping up multiple properties as they look at what they consider to be bargain pricing.
More will be revealed---
In the meantime, a wonderful and safe Memorial Day Holiday to all,
Fred
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment