Hello Everyone,
An October 14th article by DataQuick, the La Jolla, CA-based real estate news service features the headline: "Bay Area Home Sales Up, Prices Down from Year Ago". Chart at the bottom of the article lists Marin County as having a 10.6% increase in unit sales, comparing Sept., 2010 to Sept., 2011 results, but a 10.5% decrease in the median sales price. Article notes that Bay Area foreclosure resales were down a couple of percentage points during September, compared to the year-ago figure--- 25.6% of homes sold during the month vs. 27.5% last year. However, short sales made up about 20.1% of resales last month, compared to15.4% in September, 2010 and 15.3% in September, 2009, the article went on to say. Full text of article available at: http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay111014.aspx
Our own MLS statistics similar to those referenced in the article, showing Single Family Residences (SFR) up in unit sales, from 1431, YTD, as of 10/1, 2010 to1487 as of 10/1/2011---a 3.9% increase. Average YTD sold price for SFR's for the date are $1,002,406, compared to $1,049,919 a year ago. Percentages will not line up directly with the DataQuick numbers because they measure different areas by slightly different yardsticks. The important thing is that the trends are the same. SFR inventory down again, to 1033 units on 10/1. 306 of those, or 29.62% were in contract, about the same as last report. Homes under $1million, though, continue to be strong performers, with 39.38% in contract. Homes in the $1million to $2million range held steady, at a little over 19% in contract, while $2million-$3million homes notched up from 12.35% in contract at last report to 15.66% this time, the highest since July.
Condominiums actually forging ahead much more strongly on sales, with 426 sold, YTD, as of October 1, compared to 371 last year, a 14.8% increase. Prices on condo's also decreased, with the average sold price for the year at $365,319 on October 1, compared to $401,599 a year ago. Condo percentage in contract keeps going up, while inventory continues to head in the opposite direction. On July 26, there were 378 active condo listings in Marin, and 135 were in contract--- about 35.7%. On October 1, the figures were 337 active listings, of which 45.1% or 152 units were in contract. Just a reminder about sales prices for both SFR's and Condo's. It is estimated that only about half of the amount of price decreases is attributable to lower values--- the other half a result of changes in "market mix", meaning homes of lesser value were coming to market.
Stock market has just finished its 3rd positive week, removing some of the fear from the forefront of people's minds, but try to remember that the future of the Marin County real estate market is not directly related to the day-to-day fluctuations of the stock market. What is more important is that prices are great, and interest rates are low. For those who need a place to live, this should provide a major incentive to take the plunge.
Marin County real estate market is active, with buyers looking for what they consider to be acceptable properties, then pouncing on them, often several at a time. One home last week was rumored to have over 16 offers. Many sellers still holding off listing their homes, trying to wait out the down market. May be missing an opportunity to sell at a good price now!
More next time.
Until then, best wishes to all,
Fred
p.s. To view spreadsheets, please visit my website:
http://www.fredanlyan.com
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