Hello Everyone,
According to a
March 15 report by San Diego, California-based DataQuick, a real estate
information service, Marin County bucked the Bay Area sales trend in February.
Although sales unit volume was generally up in the nine county area (average
14.2%, Marin County 15.3%), prices were down approximately 3.6%, according
to the report. The report went on to say that February was the 17th consecutive
month of median sales price decreases for the 9-County region. Marin County,
however, showed a median price increase of 7.6% compared to February of 2011.
Only San Francisco joined Marin with an increase (5.9%). All of the other seven
counties experienced declining median prices compared
to year-ago figures.
Read the full
article at:
http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx
http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx
According to our
MLS figures, inventory continues to increase very very slowly, while percentage
in contract shows consistent advances in almost every price segment.
Single
Family Residences (SFR)
As of March 13,
there were 830 SFR's on the MLS in the County, with 46.5% of them in contract.
This compares to 42.88% at last report, two weeks ago. According to our
guidelines, this segment now qualifies as a strong sellers'market. But most
sellers appear not to be aware of this market shift, or just plain don't believe
it. Lots of frustrated buyers out there just waiting to pounce on good-quality
new inventory---- resulting in substantial numbers of multiple-offer situations.
Not only that, but lots of all-cash deals where there is not a bank appraiser
setting limits on purchase prices. The under-$1million price segment red hot at
58.3% in contract (302 of 518). We are calling this a very strong sellers'
market. $1million to $1.99 million segment at 32.6% in contract, crossing the
line from "buyers'" to "balanced" market during the last two weeks. $2million to
$2.99 million segment declined very slightly, from 24.49% to 23.73% in
contract-- not enough to even call a decline. Let's call it "holding steady" and
recognize it as a possibly endangered species of current Marin housing bargains.
Still a buyers' market, but may not stay that way for long. $3million and up
segment still a bargaining opportunity in many cases, but, at 12.7% in contract,
has advanced from only 9.09% at last report--- out of "very strong buyers"
territory and now qualifying as "strong buyers". Buyers please take note! Year
to date (YTD) SFR unit sales at 296 compared to 280 at the same time last year.
This represents an increase of 5.7%. At our last report, the increase was 10.3%.
This may be just a small blip in sales activity rather than a trend. At this
time of year, when the numbers are still small, it does not take much to affect
them one way or another. YTD average list and sales prices also show increases.
2011 YTD average SFR list price as of March 13 was $939,697 and the average
sales price was $885,096. The current figures (still March 13) are $1,042,142
and $985,873. And average days on market (DOM) declined slightly from 145 to
140. Lots of positive signs!
Condominiums
YTD unit sales of
condo's at 99, compared to the year-ago figure of 98. We have been waiting for
this number to go "positive". It was -9.5% at last report, so the current figure
of +1% is a very positive sign! There were 236 condominium units on the market
in Marin County as of March 13. 132 of them, or 55.93% were in contract, a
number that is roughly the same as our last report, but representing a strong
sellers' market. In the under- $1million condo market (all but about 10 units),
57.78% of listed units are in contract, making it a very strong sellers'
market. Prices of condo units not as encouraging as SFR's, with the YTD average
list price at $335,000 on March 13, and the average sales price at $324,321.
Compares to the year-ago figures of $370,482 and $360,331. Average DOM have come
down though, from last year's (March 13) figure of 167 to the current 156. Looks
to be headed in the right direction.
Marin County real
estate market appears to be headed in a positive direction as we prepare
to enter the second calendar quarter, and the traditionally hot spring sales
period.
We do need some
more sellers to get on board and list their homes so that we will have something
to sell.
More next
time.
Until then, best
wishes to all,
Fred
p.s. for charts and graphs please visit my website:
