Hello Everyone,
Front page article in the 1.22.10 Marin IJ exclaims "Home sales, median price up". At the same time stocks in the Dow take a 200 point one-day dive on fears about proposed new bank regulations as well as concern about Fed Chairman Bernanke's re-appointment problems. Investors want to be optimistic but still cautious, skittish, reacting to news and rumors by selling stocks. Mortgage rates improved slightly on the poor financial news.
A January 21 article by San Diego-based MDA DataQuick titled "Bay Area home sales strongest in three years" noted that December's Bay Area sales of 7,828 units were the month's highest since 8,372 were sold in December of '06. Article goes on to say that home sales are still skewed towards the low end of the market, a fact the writers attribute to tax incentives and sales of distressed properties. Also notes that lender reluctance currently the most significant obstacle to further improvement in the Bay Area housing market. States that December Bay Area foreclosure re-sales made up about 32% of re-sale activity compared to 48% in Dec of '08 and the high of 52% in Feb, '09. Full text of article available at http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100121.aspx
Here in Marin County, YTD unit sales of single family residences (SFR) were 48 as of January 19, up 17% over the 41 units sold in the same period last year, while condo's unit sales were down 5.5% at 17 vs. 09's 18 during the same period. Average list and sold prices up for both categories of housing showing significant increases but this may be due to the as yet small number of sales, and therefore subject to change as the year continues.
Inventory for both condo's and SFR's beginning to increase slightly, a normal trend for this time of year as sellers who waited out the Holidays bring their properties to market or place them back on the market after temporarily withdrawing them. County-wide, the under-$1million market continues to be most active by far, with 45.75% of SFR's and 44.5% of condo's in the price range in contract. Upper end of the market still sluggish, largely due to difficulty in obtaining "jumbo" loans. Buyers with cash continuing to pick up great deals. Varies by city/town, neighborhood, etc. See last City-by-City report for details (attached again for convenience).
Many feel the local market has bottomed out and is on the upswing. Many buyers shopping for property before rates and prices go up. Experienced local REALTORS still the best source of information and assistance.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
http://www.fredanlyan.com
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