Hello Everyone,
Marin County year-to-date (YTD) sales of single family residences (SFR) continuing to put in a good effort, holding roughly even with last year's sales at 978 units as of July 12, vs. the year-ago figure of 980, representing a decrease of just 2/10ths of a percent. Condominium sales hanging in there too, with 270 YTD units sold on July 12 vs. last year's 263, a 2.6% increase! This all the more notable since last year's sales in the 1st half of the year were artificially supported by the now-expired federal tax credits. Average home prices in the County are down a bit, and days on market (DOM) up: The average selling price of a Marin County SFR as of 7.12.11, was $1,001,582, compared to $1,041,200 at the same time in 2010. Average DOM were 105, compared to the 2010 figure of 88 on the same date. The 2011 YTD average sale price for condo's to July 12 was $370,371 and average DOM were 134. This compares to $396,802 and 104 DOM on the same date in 2010. As we have remarked before, probably only about half of the price attrition is attributable to declining home values, with the remainder due to sales of lower-priced foreclosures that are often in poor condition. Home prices vary widely by city, town, neighborhood, street, and individual residence. The best source of information about the value of your home is a REALTOR experienced in your specific market.
San Diego-based DataQuick, in a July 14 article noted that Marin County home sales were up 8.3% in June, with 313 total units (SFR and condo) selling during the period, compared to 289 the prior year (June, 2010), but median prices were down an average of 6.9% for the same period (follow link to see chart on p.2 of their article). The article also noted a 14.5% increase in units sold from May, 2011 to June, 2011 for the entire Bay Area. Full text available at:
http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay110714.aspx
Percentage in contract and inventory of both SFR's and Condo's remaining roughly stable over the last two weeks, with 28.5% of SFR's in contract, representing 325 of 1141 listed properties. This figure a bit deceptive since properties under $1million actually doing significantly better, with 244 of 663 listed properties in that price range in contract, or 36.8%. Homes above $1million at between 11.7% and 19.% in contract depending upon price range, with percentage in contract decreasing as market price increases. This reflects continued challenges of obtaining "jumbo" financing--- easier than at the low point of the market, but still not easy. In spite of these challenges, upper-end home sales holding fairly steady, but continuing to present a major opportunity for buyers who either have cash or can qualify for financing.
Agents, buyers, and sellers in the know warily eyeing the scheduled reduction in the temporarily increased FHA loan limits, currently $729,750 in Marin County. If not renewed, the loan limit would drop on October 1, to $625,500, a reduction of $104,250. Concern is that the reduction has the potential for significant adverse effect on loan rates, home prices, and sales. Congress scheduled next week to consider whether to extend the higher limits. More on this later. Wall St. Journal recently published an informative article on the subject. See full text at:
http://online.wsj.com/article/SB10001424052702304203304576450511770761504.html?mod=googlenews_wsj
More later.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please visit my website
http://www.fredanlyan.com
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