Hello Everyone,
La Jolla, Ca-based MDA DataQuick, in a March 18 article, noted that Bay Area home sales were up from a month ago, but down slightly from February of '09. The Marin IJ used some of that information for their own article the same day, but with a local emphasis. For a good discussion of Bay Area real estate prospects for the coming months, see the two articles using these links.
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100318.aspx
http://www.marinij.com/marinrealestate/ci_14701247
Here in Marin, Single Family Residence (SFR) Year To Date sales (YTD) were 259 units as of March 16. This compares to 161 on the same date a year ago, or a very impressive 60% increase! Average list price was $1,069,335 compared to $904,674 a year ago while average sales price was $1,003,205 compared to $846,197 in '09.
Condominium sales also up from the year-ago YTD figure of 78 to 84 on March 16, a 6% increase. Not dramatic, but headed in the right direction. Condo average list price YTD (March 16) was $423,407 vs. $302,542 at the same time last year. The average YTD sold price of $412,718 was substantially ahead of the '09 YTD figure of $295,504.
Sellers need to be aware that even though sales and sales prices are up, the local market is extremely sensitive to price. Part of the increase in prices is the result of fewer low-priced REO transactions rather than rising values. Correct pricing is critical, as are preparation, presentation, marketing. Pricing adjustments should be made promptly based on market feedback. No offers? No showings? No previews by agents? Low turnout at open houses? Take a close look at the factors mentioned above--- especially price. Then act quickly! It is critical to have the advice of a professional real estate agent experienced in the local market---and important to make use of the information that is offered!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see my website
http://www.fredanlyan.com
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