The Anlyan Report. Marin County Real Estate 4.10.11

Hello Everyone,

CNN.Money.com staff writer Les Christie (and a lot of other people too) has been talking about a "double dip" housing recession. In a March 29 article "Home prices near a double dip", he wrote, "I think prices will drop another 5% to 10%.--------The double dip will hit in the next couple of months." (read the full article)
http://cnnmoney.mobi/primary/_T0o1le-iJAAuzZYl4

Mr. Christie is referring to the national housing market, an animal that barely exists, since it is composed of averages of thousands of individual markets which vary greatly from each other in their performance at any given point in time. And with regard to the national averages, Mr. Christie may or may not be right---- but he obviously hasn't been to Marin County recently!
Coldwell Banker's MarketQuest report for the period ending March 31 shows the following extremely encouraging statistics:

Single Family Residences:
Active inventory 647*. This is down from February's 754. In March of 2010, the comparable number was 1,078
Sold listings for March 168. An increase from February's 108. In March of 2010, even with the Housing Stimulus Program, the number was 144.
Accepted offers for March, 307. In February it was 159. Last year in March it was 157.
Ratio of accepted offers to new listings 112%. February, 62.8%. Last March, 35.8%.
Ratio of accepted offers to inventory 47.4%. February, 21.1%. Last March, 14.6% (yes, even with the stimulus program!)
Months supply of inventory 3.9. February, 7.0. Last March 7.5

Condominiums:
Active inventory 238*. This is down from February's 280. In March of 2010, the comparable number was 335.
Sold listings for March 52. An increase from February's 42. In March of 2010, even with the Housing Stimulus Program, the number was 43.
Accepted offers for March 90. In February, it was 59. Last year in March, it was 57.
Ratio of accepted offers to new listings 109.8%. February, 67%. Last March 53.8%.
Ratio of accepted offers to inventory 37.8%. February, 21.1%. Last March 17%.
Months supply of inventory 4.6. February, 6.7. Last March 7.8.

New "open" transaction files are being welcomed into Marin County real estate brokerages at an increasingly and encouragingly fast pace. Multiple offer situations becoming more common although not going wildly over asking prices as in the past, due to much stricter appraisals and lender standards as well as buyer reluctance. Lots of distressed property sales still working their way through the system also holding prices down and for the moment, mortgage rates are still excellent. This tremendous opportunity for Buyers Won't last forever!

More next time.

Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website http://www.fredanlyan.com