Hello Everyone,
City-by-City Report, out this week, shows only 4 of 13 cities and towns covered by the report increased percentage in contract since May. Fairfax, with a slight bump from 45.95% to 46.67%, leads the pack. Larkspur (29%), Belvedere (22%), and Tiburon (18%) also up. Even though percentage in contract is down, Greenbrae (39%), Novato (38%), San Rafael (32%), and San Anselmo (31%)all doing relatively well.
According to the monthly Market Action Report, also out this week, Months' Supply of Inventory (MSI) at very low levels---3.7 months for SFR's---the lowest value in the last 24 months. The Condo Market Action Report shows 4.6 months of inventory---the lowest number since December of '09. Low inventory is typically a good sign for sellers since it creates more competition among buyers for existing listings.
Year-to-date units sold reversed course and headed in an upward direction for both SFR's and Condo's. SFR YTD units sold were 910 on June 28, compared to the year-earlier figure of 892. This represents an increase of 2% from the same period last year. On our last report, this figure was -.7%. Condo YTD units sold were 248 as of June 28, compared to 240 at the same time last year. This represents an increase of 3% from last year, and turns around the -1.3% statistic from our last report. These figures are particularly good news since sales were artificially inflated in 2010 due to Federal tax credits for homebuyers. This statistic is very encouraging, particularly if it continues.
This is the time of year that the local real estate market takes a siesta, waking up again after Labor Day when buyers and sellers return from vacation. Dedicated buyers and sellers are in the market until their goals/needs are met, regardless of vacations, holidays. This period of lower activity actually can benefit those who persevere by giving them the opportunity to shop with less competition from other buyers. Sellers can also benefit right now from the low level of inventory which has resulted in many more multiple-offer situations than we would normally expect in a market like this. There is something for everyone here!
Recent conversations with other agents and with escrow officers confirm our experience that the market has been up and down this year, reacting to financial and other news. Because of this, our local real estate market may or may not follow normal trends, but is is definitely active. Prices are reasonable, interest rates are favorable and there is opportunity for everyone!
More later.
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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