Hello Everyone,
Welcome to a brand new year! May it be the best one yet, but only the first of many great ones to come!
Attached Market Action Reports show Marin County housing inventory closed out 2011 at the lowest levels in the entire 36 month period covered, creating continued competition among buyers for desirable new listings. Single Family Residences (SFR) at 412 units and a 3.1 month supply of inventory (MSI) at the end of December. This compares to 760 units and 5 month MSI last December, and 810 units and 4.7 month MSI in Dec 2009. The Condo Market Action Report reveals a similar story, closing out 2011 with only 138 units and a 2.2 month MSI, compared to 287 units and an MSI of 6.7 in 2010, and 259 units with 4.8 MSI in Dec 2009. New listings also lowest in 36 months, with SFR's at 70 and condo's at only 34. (Market Action Report numbers for inventory do not include current listings that are in contract, so differ from MLS statistics, where they are included).
Sales of SFR's closed out the year at 1912 units, with an average price of $991,907, compared to the year-ago figure of 1844 units and sale price of $1,034,191. Unit sales up 3.6%, and average sales price down 4.7%. Condo sales at 583 units vs. 479 in 2010, up 21.7% with average sales price at $370,298 vs. $400,313 in 2010, down 7.7%. Remember, most analysts attribute about half of average price decline to loss of value, with the other half attributable to market mix.
Local real estate market normally starts to perk up in February and March. With the national and local economies appearing to be on a positive trend , we are looking for continuing improvement. Price increases expected to be limited by continuing supply of distressed properties --- short sales and REO's, as well as cautious buyers, lenders, and appraisers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see my website
http://www.fredanlyan.com/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment