Hello Everyone,
A February 16 article from DataQuick, the San Diego, CA-based real estate information service states: "The median price for a (Bay Area) home fell year-over-year for the 16th consecutive month, as "distressed" sales rose to the highest level since early last year---". Statistics in the article showMarin County bucked this trend, with a 4.6% increase in prices over last January's results, and sales unit volume up 9.8%. Our own MLS year-to-date (YTD) statistics show these figures may be a bit deceiving. YTD single family 14, while unit sales increased about 27%, from 132 to 168. Condominium sales, on the other hand, are down from 2011's YTD figure of 63 units, to only 52 as of 2/14, off about 17%. This number actually represents a slight improvement from our last report , when condo unit sales were off 20%. Condo year-over-year prices also down, with average sold price at $320,237 vs. 2011's average YTD sales price of $349,992. Regarding the current statistics, article quotes DataQuick President, John Walsh as saying "This is also the time of year we caution people not to try to read too much into the statistics. The winter numbers are based on a smaller pool of buyers and they haven't proved very predictive." That may be, but the reality is that right now, Marin County SFR prices and sales are up, and condo sales and prices are down--- an important distinction and essential information for buyers and sellers. Current Marin County housing inventory continues to be extremely low. Percentage in contract on under-$1million SFR's and condo's is nearing 50%. Good new listings going into contract quickly, often in their 1st week on the market and, not infrequently, for over asking price. Lots of all-cash deals making it tougher for buyers who need loans, especially FHA or VA buyers, to land the properties they want. Advice of an experienced local REALTOR who knows your neighborhood is invaluable in this market.
Days on Market (DOM) for SFR's down from last February's 142 days to 133, while condo's about the same as last year at this time at 153 days vs. last year's 154. Sellers take note: Stale, overpriced properties that sit on the market while fresh, new, well-price listings zoom out the door skew these numbers to the high side.
Activity in local real estate offices is brisk and agents more optimistic than in quite some time, many thinking that 2012 will be the year the market starts to emerge from its slump.
Time will tell!
More next time. Until then, best wishes to all,
Fred
full text of DataQuick article available at http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120216.aspx
p.s. for access to spreadsheets, please visit my website http://www.fredanlyan.com/
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