Hello Everyone,
Global stock and currency markets continue to be skittish over fears about Greek debt and the future of the Euro. Oil prices down, stock market down, dollar up. Situation could and does change minute by minute but in the long run, the trend has been positive and seems likely to continue in a positive direction.
Marin County Single Family Residences (SFR) inventory increased slightly to 1252 as of May 11, about 50 more units than at last report and in the same general ballpark as the last two years at this time. Percentage of SFR's in contract up just about a percentage point each at 30.19% overall, 39.5% for homes under $1million, and 20.06% for homes between $1million and $2million. Homes between $2million and $3million dropped about 3/4 of a point to 18.75%, while homes above $3million dropped about 1.8 points to 15.32% in contract. YTD SFR sales at 555 units vs 380 at the same time last year, or up 46%. This compares to an increase of 55% at last report indicating momentum has slowed. Whether this is temporary or a trend resulting from the end of the government homebuyer tax credits remains to be seen. Average SFR list price $1,101,894 compared to $1,009,791 at the same time last year. Average sold price $1,045,650 compared to $953,292. This is not necessarily an indication that housing prices have increased because figures represent "market mix" as well as price levels. Average days on market 100 vs. 112 in May of '09, a slight improvement.
Condominium inventory actually down slightly at 357 units vs.367 at last report. Compares to 328 in April of '09 and 412 in '08 (CB MarketQuest). YTD units sold as of 5.11.10 at 168 vs. 145 at the same time last year, an increase of 15.86%. This is up from the 10% increase indicated at our last report and may or may not signal a trend. More information on this in coming weeks. Average condo list price at $424,938 vs. $356,147 at the same time last year, while average sold price at $415,675 compared to '09's $343,811 (same "market mix" comments apply as for SFR's above). Average DOM at 124 compared to 112 in May of '09.
Marin real estate market continues to offer opportunity for buyers, with excellent prices and mortgages still available at attractive rates. Rules for qualifying stricter than in the past but those with good credit and income taking advantage of this rare opportunity to buy a Marin County home at a more affordable price than in the recent past. Local professional REALTORS familiar with buyers' area(s) of interest still the best source of information on price, location, condition, financing, etc. They see a lot of homes every week. Agents I have spoken with still feeling positive about market activity and direction in the County and see significant improvement over last year. Local market seems poised for continued gradual improvement in the coming months. Lots of excellent deals still available on upper-end properties, especially for cash buyers.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Friday, May 14, 2010
Wednesday, May 5, 2010
The Anlyan Report. Marin County Real Estate 5.2.10
Hello Everyone,
Mood on the street and around town is upbeat. Most REALTORS I have spoken with believe that the Marin County real estate market is picking up. Sellers are better educated about current values and know that they have to price for the market if they want to sell. Plenty of qualified buyers competing for a limited amount of inventory make it their business to know the market and refuse to overpay. Lenders backing them up with strict appraisal guidelines, appraisal reviews, and requests for multiple appraisals so prices have to be real. Interest rates still excellent. Stock Market and consumer confidence recovering and the FED holding the line on interest rates last week with a statement that they intend to continue to do so for an extended period. "Jumbo" loans still difficult to obtain with lots of hoops for buyers to jump, vault, or squeeze themselves through. Well-qualified buyers with good income, credit, assets, reserves can qualify but the process is time-consuming. Upper end of the market continues to be sluggish as a result. Cash is king, with all-cash offers holding a decided edge over buyers who need to obtain loans, particularly on higher-priced homes.
City by City Report out this week shows 7 of 13 listed Marin cities and towns with percentage in contract up, and 6 down. No dramatic moves. Novato in first place, gaining since last month and now at 45.8% in contract. Novato real estate still very sensitive to price in spite of this due to continued REO and short-sale activity. Sausalito still at the bottom of the heap with only 17.89% in contract, but significantly better than last month's 10.2%.
Momentum in YTD units sold seems to be slowing, with SFR's still up about 55% from this period last year at 479 vs. 308. Condo YTD units sold at 143 vs. 130 last year at the same time, or up 10%. With the expiration of the Federal tax credit, remains to be seen whether the market is still strong enough (assisted by the California state tax credit) to continue on its upward course.
Signs of strength in the market include the high ratio of accepted offers to new listings in both the SFR and Condo market------ 88.5% and 95.1% respectively.
CB MarketQuest Market Action Report for April (attached) just out shows SFR's in a strong position with prices up, Days on Market down. Condo's a bit more challenging. See reports for full information.
Opportunities abound, particularly in the upper end of the market where qualified buyers continue to get great deals. Good prices and good rates will probably continue for a while, but not forever. Now is a great time to buy. Check with a professional REALTOR experienced in the specific area of interest.
More next time. Until then,
Best wishes to all,
Fred
P.S. For access to spreadsheets please see http://www.fredanlyan.com
Mood on the street and around town is upbeat. Most REALTORS I have spoken with believe that the Marin County real estate market is picking up. Sellers are better educated about current values and know that they have to price for the market if they want to sell. Plenty of qualified buyers competing for a limited amount of inventory make it their business to know the market and refuse to overpay. Lenders backing them up with strict appraisal guidelines, appraisal reviews, and requests for multiple appraisals so prices have to be real. Interest rates still excellent. Stock Market and consumer confidence recovering and the FED holding the line on interest rates last week with a statement that they intend to continue to do so for an extended period. "Jumbo" loans still difficult to obtain with lots of hoops for buyers to jump, vault, or squeeze themselves through. Well-qualified buyers with good income, credit, assets, reserves can qualify but the process is time-consuming. Upper end of the market continues to be sluggish as a result. Cash is king, with all-cash offers holding a decided edge over buyers who need to obtain loans, particularly on higher-priced homes.
City by City Report out this week shows 7 of 13 listed Marin cities and towns with percentage in contract up, and 6 down. No dramatic moves. Novato in first place, gaining since last month and now at 45.8% in contract. Novato real estate still very sensitive to price in spite of this due to continued REO and short-sale activity. Sausalito still at the bottom of the heap with only 17.89% in contract, but significantly better than last month's 10.2%.
Momentum in YTD units sold seems to be slowing, with SFR's still up about 55% from this period last year at 479 vs. 308. Condo YTD units sold at 143 vs. 130 last year at the same time, or up 10%. With the expiration of the Federal tax credit, remains to be seen whether the market is still strong enough (assisted by the California state tax credit) to continue on its upward course.
Signs of strength in the market include the high ratio of accepted offers to new listings in both the SFR and Condo market------ 88.5% and 95.1% respectively.
CB MarketQuest Market Action Report for April (attached) just out shows SFR's in a strong position with prices up, Days on Market down. Condo's a bit more challenging. See reports for full information.
Opportunities abound, particularly in the upper end of the market where qualified buyers continue to get great deals. Good prices and good rates will probably continue for a while, but not forever. Now is a great time to buy. Check with a professional REALTOR experienced in the specific area of interest.
More next time. Until then,
Best wishes to all,
Fred
P.S. For access to spreadsheets please see http://www.fredanlyan.com
Sunday, April 18, 2010
The Anlyan Report. Marin County Real Estate. 4.17.10
Hello Everyone,
La Jolla, CA-based MDA DataQuick, in an April 15 article headlined
"Bay Area March home sales and median price rise above prior month and ‘09"
noted that although Bay Area median sales prices have risen for 6 straight months, the $380,000 figure for March was still more than 42% below the high of $665K reached in the summer of 2007. The article called the increase a "statistical quirk", citing a decreasing percentage of foreclosure sales and increasing sales in medium to high-priced neighborhoods but noting that the upper end is still constrained by a "dysfunctional" jumbo loan market and a lack of the adjustable rate mortgages upon which upper-end sales have historically depended. The article also noted over 17% of Bay Area homes being purchased by absentee buyers "mostly investors", and that all-cash sales accounted for almost 25% of Bay Area home sales in March. Full text of article
Single Family Residence (SFR) inventory at 1114 vs. 1032 two weeks ago, up about 10% and percentage in contract down a bit, at 29.9% overall vs 31% at last report. SFR's under $1million still leading the market with 37.5% of listed homes in contract, down just a bit from 40% two weeks ago and significantly lower than the early- February level of 46%, but still strong. YTD SFR units sold up 55% on April 13 compared to '09's 257 at the same time, continuing their recent red-hot trend. Average sales price at $1,021,919 vs. $927,629 at the same time last year.
Condo inventory up only 20 units since last report, from 325 to 345 and percentage in contract at 40% on April 13, compared to 36.7% two weeks ago. YTD units sold at 120 vs. 111 at the same time last year, an increase of about 8%. Average sold price at $409,234 vs. 2009's $326,182 at the same time.
Marin County real estate market active, with lots of buyers and their agents out and about. Open houses well-attended and well-priced, well-prepared, well-marketed homes selling at a brisk pace. Reality is that the market is still very price-sensitive with even multiple-offer situations often not going very far over asking price. Pushing the pricing envelope usually results in homes that sit on the market and either do not sell or sell for less than they would have if priced correctly from the start and then only after a long period of marketing and multiple price reductions. Experienced professional REALTORS familiar with your local area are an invaluable source of information in this market. They often see many homes each week and track the results, providing an important frame of reference.
More next time.
Until then, best wishes to all,
Fred
La Jolla, CA-based MDA DataQuick, in an April 15 article headlined
"Bay Area March home sales and median price rise above prior month and ‘09"
noted that although Bay Area median sales prices have risen for 6 straight months, the $380,000 figure for March was still more than 42% below the high of $665K reached in the summer of 2007. The article called the increase a "statistical quirk", citing a decreasing percentage of foreclosure sales and increasing sales in medium to high-priced neighborhoods but noting that the upper end is still constrained by a "dysfunctional" jumbo loan market and a lack of the adjustable rate mortgages upon which upper-end sales have historically depended. The article also noted over 17% of Bay Area homes being purchased by absentee buyers "mostly investors", and that all-cash sales accounted for almost 25% of Bay Area home sales in March. Full text of article
Single Family Residence (SFR) inventory at 1114 vs. 1032 two weeks ago, up about 10% and percentage in contract down a bit, at 29.9% overall vs 31% at last report. SFR's under $1million still leading the market with 37.5% of listed homes in contract, down just a bit from 40% two weeks ago and significantly lower than the early- February level of 46%, but still strong. YTD SFR units sold up 55% on April 13 compared to '09's 257 at the same time, continuing their recent red-hot trend. Average sales price at $1,021,919 vs. $927,629 at the same time last year.
Condo inventory up only 20 units since last report, from 325 to 345 and percentage in contract at 40% on April 13, compared to 36.7% two weeks ago. YTD units sold at 120 vs. 111 at the same time last year, an increase of about 8%. Average sold price at $409,234 vs. 2009's $326,182 at the same time.
Marin County real estate market active, with lots of buyers and their agents out and about. Open houses well-attended and well-priced, well-prepared, well-marketed homes selling at a brisk pace. Reality is that the market is still very price-sensitive with even multiple-offer situations often not going very far over asking price. Pushing the pricing envelope usually results in homes that sit on the market and either do not sell or sell for less than they would have if priced correctly from the start and then only after a long period of marketing and multiple price reductions. Experienced professional REALTORS familiar with your local area are an invaluable source of information in this market. They often see many homes each week and track the results, providing an important frame of reference.
More next time.
Until then, best wishes to all,
Fred
Monday, March 22, 2010
The Anlyan Report. Marin County Real Estate Statistics 3.21.10
Hello Everyone,
La Jolla, Ca-based MDA DataQuick, in a March 18 article, noted that Bay Area home sales were up from a month ago, but down slightly from February of '09. The Marin IJ used some of that information for their own article the same day, but with a local emphasis. For a good discussion of Bay Area real estate prospects for the coming months, see the two articles using these links.
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100318.aspx
http://www.marinij.com/marinrealestate/ci_14701247
Here in Marin, Single Family Residence (SFR) Year To Date sales (YTD) were 259 units as of March 16. This compares to 161 on the same date a year ago, or a very impressive 60% increase! Average list price was $1,069,335 compared to $904,674 a year ago while average sales price was $1,003,205 compared to $846,197 in '09.
Condominium sales also up from the year-ago YTD figure of 78 to 84 on March 16, a 6% increase. Not dramatic, but headed in the right direction. Condo average list price YTD (March 16) was $423,407 vs. $302,542 at the same time last year. The average YTD sold price of $412,718 was substantially ahead of the '09 YTD figure of $295,504.
Sellers need to be aware that even though sales and sales prices are up, the local market is extremely sensitive to price. Part of the increase in prices is the result of fewer low-priced REO transactions rather than rising values. Correct pricing is critical, as are preparation, presentation, marketing. Pricing adjustments should be made promptly based on market feedback. No offers? No showings? No previews by agents? Low turnout at open houses? Take a close look at the factors mentioned above--- especially price. Then act quickly! It is critical to have the advice of a professional real estate agent experienced in the local market---and important to make use of the information that is offered!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see my website
http://www.fredanlyan.com
La Jolla, Ca-based MDA DataQuick, in a March 18 article, noted that Bay Area home sales were up from a month ago, but down slightly from February of '09. The Marin IJ used some of that information for their own article the same day, but with a local emphasis. For a good discussion of Bay Area real estate prospects for the coming months, see the two articles using these links.
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100318.aspx
http://www.marinij.com/marinrealestate/ci_14701247
Here in Marin, Single Family Residence (SFR) Year To Date sales (YTD) were 259 units as of March 16. This compares to 161 on the same date a year ago, or a very impressive 60% increase! Average list price was $1,069,335 compared to $904,674 a year ago while average sales price was $1,003,205 compared to $846,197 in '09.
Condominium sales also up from the year-ago YTD figure of 78 to 84 on March 16, a 6% increase. Not dramatic, but headed in the right direction. Condo average list price YTD (March 16) was $423,407 vs. $302,542 at the same time last year. The average YTD sold price of $412,718 was substantially ahead of the '09 YTD figure of $295,504.
Sellers need to be aware that even though sales and sales prices are up, the local market is extremely sensitive to price. Part of the increase in prices is the result of fewer low-priced REO transactions rather than rising values. Correct pricing is critical, as are preparation, presentation, marketing. Pricing adjustments should be made promptly based on market feedback. No offers? No showings? No previews by agents? Low turnout at open houses? Take a close look at the factors mentioned above--- especially price. Then act quickly! It is critical to have the advice of a professional real estate agent experienced in the local market---and important to make use of the information that is offered!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see my website
http://www.fredanlyan.com
Sunday, February 21, 2010
The Anlyan Report. Marin County Real Estate Statistics 2.16.10
Hello Everyone,
The Federal Reserve, in an unexpected move, and one some think is premature, increased the Discount Rate Friday by .25%. Federal Reserve Chairman Ben Bernanke is scheduled to appear before the House and Senate in the coming week to explain the policy. Speculation is that with the jobless rate still in the area of 10% there will not be much further tightening in the near future, but that remains to be seen. Interesting article at: http://www.google.com/hostednews/afp/article/ALeqM5j_JKlWJuvyH9o86cq2-UrJdVTAZA
La Jolla, California-based MDA DataQuick, a real estate information service, in a February 18 article headlined "Bay Area home sales fall; median price up from last year, down from December" notes the number of Bay Area homes sold in January was below January of 2009, even though the median price was up. Full text of article available at:
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100218.aspx
Marin County, however, bucking the trend, with 144 Single Family Residences (SFR) sold to Feb. 16, as opposed to 98 during the same perior in '09, a 46.9% increase. Condo units sold up too, though less spectacular at 50 in 2010 vs. 47 in '09 or 6.3% more. Average sold prices up too, with SFR avg. sold price for the period at $1,037,231 vs. $846,678 in '09 and condo avg. sold price at $400,424 for 2010 vs. $287,949 for the same '09 dates. Caution is advised in interpreting these results. With a small sample size this early in the year, "market mix" can have a greater effect on the figures. Still, the numbers are at least interesting and bear watching.
Inventory still low, with 792 SFR's being actively marketed on MLS as of 2.16. This compares to 952 units at the end of February, '09. On February 16, 33.8% of active SFR units were in contract in all price ranges. The under-$1million price range still incredibly hot, with 46.4% of listed units in contract while at the upper end, $3million-plus properties still slow movers at only 7.25% in contract-- a tremendous opportunity for upper-end buyers.
Condominium inventory at 285 units on 2.16.2010 vs 312 at the end of Feb. '09. Over 39% of these were in contract. Condo's under $1million, the majority of the market, at 41.6% in contract.
Early results encouraging. Economy still iffy. Buyers still jittery. I will go out on a limb and predict a brighter 2010 for real estate. We shall see.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see
http://www.fredanlyan.com
The Federal Reserve, in an unexpected move, and one some think is premature, increased the Discount Rate Friday by .25%. Federal Reserve Chairman Ben Bernanke is scheduled to appear before the House and Senate in the coming week to explain the policy. Speculation is that with the jobless rate still in the area of 10% there will not be much further tightening in the near future, but that remains to be seen. Interesting article at: http://www.google.com/hostednews/afp/article/ALeqM5j_JKlWJuvyH9o86cq2-UrJdVTAZA
La Jolla, California-based MDA DataQuick, a real estate information service, in a February 18 article headlined "Bay Area home sales fall; median price up from last year, down from December" notes the number of Bay Area homes sold in January was below January of 2009, even though the median price was up. Full text of article available at:
http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100218.aspx
Marin County, however, bucking the trend, with 144 Single Family Residences (SFR) sold to Feb. 16, as opposed to 98 during the same perior in '09, a 46.9% increase. Condo units sold up too, though less spectacular at 50 in 2010 vs. 47 in '09 or 6.3% more. Average sold prices up too, with SFR avg. sold price for the period at $1,037,231 vs. $846,678 in '09 and condo avg. sold price at $400,424 for 2010 vs. $287,949 for the same '09 dates. Caution is advised in interpreting these results. With a small sample size this early in the year, "market mix" can have a greater effect on the figures. Still, the numbers are at least interesting and bear watching.
Inventory still low, with 792 SFR's being actively marketed on MLS as of 2.16. This compares to 952 units at the end of February, '09. On February 16, 33.8% of active SFR units were in contract in all price ranges. The under-$1million price range still incredibly hot, with 46.4% of listed units in contract while at the upper end, $3million-plus properties still slow movers at only 7.25% in contract-- a tremendous opportunity for upper-end buyers.
Condominium inventory at 285 units on 2.16.2010 vs 312 at the end of Feb. '09. Over 39% of these were in contract. Condo's under $1million, the majority of the market, at 41.6% in contract.
Early results encouraging. Economy still iffy. Buyers still jittery. I will go out on a limb and predict a brighter 2010 for real estate. We shall see.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets, please see
http://www.fredanlyan.com
Sunday, January 24, 2010
The Anlyan Report. Marin County Real Estate Statistics 1.24.2010
Hello Everyone,
Front page article in the 1.22.10 Marin IJ exclaims "Home sales, median price up". At the same time stocks in the Dow take a 200 point one-day dive on fears about proposed new bank regulations as well as concern about Fed Chairman Bernanke's re-appointment problems. Investors want to be optimistic but still cautious, skittish, reacting to news and rumors by selling stocks. Mortgage rates improved slightly on the poor financial news.
A January 21 article by San Diego-based MDA DataQuick titled "Bay Area home sales strongest in three years" noted that December's Bay Area sales of 7,828 units were the month's highest since 8,372 were sold in December of '06. Article goes on to say that home sales are still skewed towards the low end of the market, a fact the writers attribute to tax incentives and sales of distressed properties. Also notes that lender reluctance currently the most significant obstacle to further improvement in the Bay Area housing market. States that December Bay Area foreclosure re-sales made up about 32% of re-sale activity compared to 48% in Dec of '08 and the high of 52% in Feb, '09. Full text of article available at http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100121.aspx
Here in Marin County, YTD unit sales of single family residences (SFR) were 48 as of January 19, up 17% over the 41 units sold in the same period last year, while condo's unit sales were down 5.5% at 17 vs. 09's 18 during the same period. Average list and sold prices up for both categories of housing showing significant increases but this may be due to the as yet small number of sales, and therefore subject to change as the year continues.
Inventory for both condo's and SFR's beginning to increase slightly, a normal trend for this time of year as sellers who waited out the Holidays bring their properties to market or place them back on the market after temporarily withdrawing them. County-wide, the under-$1million market continues to be most active by far, with 45.75% of SFR's and 44.5% of condo's in the price range in contract. Upper end of the market still sluggish, largely due to difficulty in obtaining "jumbo" loans. Buyers with cash continuing to pick up great deals. Varies by city/town, neighborhood, etc. See last City-by-City report for details (attached again for convenience).
Many feel the local market has bottomed out and is on the upswing. Many buyers shopping for property before rates and prices go up. Experienced local REALTORS still the best source of information and assistance.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
http://www.fredanlyan.com
Front page article in the 1.22.10 Marin IJ exclaims "Home sales, median price up". At the same time stocks in the Dow take a 200 point one-day dive on fears about proposed new bank regulations as well as concern about Fed Chairman Bernanke's re-appointment problems. Investors want to be optimistic but still cautious, skittish, reacting to news and rumors by selling stocks. Mortgage rates improved slightly on the poor financial news.
A January 21 article by San Diego-based MDA DataQuick titled "Bay Area home sales strongest in three years" noted that December's Bay Area sales of 7,828 units were the month's highest since 8,372 were sold in December of '06. Article goes on to say that home sales are still skewed towards the low end of the market, a fact the writers attribute to tax incentives and sales of distressed properties. Also notes that lender reluctance currently the most significant obstacle to further improvement in the Bay Area housing market. States that December Bay Area foreclosure re-sales made up about 32% of re-sale activity compared to 48% in Dec of '08 and the high of 52% in Feb, '09. Full text of article available at http://www.dqnews.com/Articles/2010/News/California/Bay-Area/RRBay100121.aspx
Here in Marin County, YTD unit sales of single family residences (SFR) were 48 as of January 19, up 17% over the 41 units sold in the same period last year, while condo's unit sales were down 5.5% at 17 vs. 09's 18 during the same period. Average list and sold prices up for both categories of housing showing significant increases but this may be due to the as yet small number of sales, and therefore subject to change as the year continues.
Inventory for both condo's and SFR's beginning to increase slightly, a normal trend for this time of year as sellers who waited out the Holidays bring their properties to market or place them back on the market after temporarily withdrawing them. County-wide, the under-$1million market continues to be most active by far, with 45.75% of SFR's and 44.5% of condo's in the price range in contract. Upper end of the market still sluggish, largely due to difficulty in obtaining "jumbo" loans. Buyers with cash continuing to pick up great deals. Varies by city/town, neighborhood, etc. See last City-by-City report for details (attached again for convenience).
Many feel the local market has bottomed out and is on the upswing. Many buyers shopping for property before rates and prices go up. Experienced local REALTORS still the best source of information and assistance.
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
http://www.fredanlyan.com
Tuesday, January 12, 2010
The Anlyan Report. Marin County Real Estate Statistics 1.10.2010
Hello Everyone,
Happy New Year, and welcome to 2010!
Emerging from the traditionally quiet period of the year (regarding real estate, that is), we see that is has not been all that quiet. Numbers of accepted offers for both Single Family Residences (SFR) and Condominiums were double or more than in the same period in the last two years. Months Supply of Inventory at the end of December was 3.5 for SFR's and 4.1 for Condo's, lowest in over two years. Total SFR units sold finished 2009 at 1656, 5.5% more than 2008. Condo's at 497 sold for the year down just 2% from the year-ago figure. Some of this activity, no doubt, due to buyers desire to get taxpayer credits while they last and to take advantage of historically low interest rates which are bound to go up sooner or later. The question is when. Will the Fed start to raise interest rates while employment is still at 10% +? Is there another round of foreclosures coming that will depress housing prices further. As the toy crystal ball I had as a child was fond of saying: "answer hazy, ask again later". One thing is for sure. Buyer taxpayer credits will end, and interest rates will eventually rise. Prices and interest rates are excellent now. Many think this is a great time to buy. Time will tell.
City-by-City report out this week shows percentage in contract down in 5 Marin cities and towns, up in 7, and essentially unchanged in one (San Rafael, 37%). Belvedere lowest at 14.29% in contract, even after a 2 point rise, while Fairfax has the top spot at 59%, and still-hot Novato comes in a close 2nd at 53.6%. Pricing still critical in all Marin County markets, with overpriced listings sitting on the market and eventually withdrawn, cancelled, or selling for significantly less than properties "priced right" from the beginning. No time to push the envelope or test the market. Pricing, preparation, and presentation still critical factors in listing and selling a home. Sellers advised to seek the advice of experienced local REALTORS who know the market.
Market Action Report for both SFR's and Condo's attached again this month. Please take a look and let me know if you like these reports and find them useful.
2010 promises to be an interesting, and perhaps a pivotal year for real estate. It will be interesting to see what happens.
More later---
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
Happy New Year, and welcome to 2010!
Emerging from the traditionally quiet period of the year (regarding real estate, that is), we see that is has not been all that quiet. Numbers of accepted offers for both Single Family Residences (SFR) and Condominiums were double or more than in the same period in the last two years. Months Supply of Inventory at the end of December was 3.5 for SFR's and 4.1 for Condo's, lowest in over two years. Total SFR units sold finished 2009 at 1656, 5.5% more than 2008. Condo's at 497 sold for the year down just 2% from the year-ago figure. Some of this activity, no doubt, due to buyers desire to get taxpayer credits while they last and to take advantage of historically low interest rates which are bound to go up sooner or later. The question is when. Will the Fed start to raise interest rates while employment is still at 10% +? Is there another round of foreclosures coming that will depress housing prices further. As the toy crystal ball I had as a child was fond of saying: "answer hazy, ask again later". One thing is for sure. Buyer taxpayer credits will end, and interest rates will eventually rise. Prices and interest rates are excellent now. Many think this is a great time to buy. Time will tell.
City-by-City report out this week shows percentage in contract down in 5 Marin cities and towns, up in 7, and essentially unchanged in one (San Rafael, 37%). Belvedere lowest at 14.29% in contract, even after a 2 point rise, while Fairfax has the top spot at 59%, and still-hot Novato comes in a close 2nd at 53.6%. Pricing still critical in all Marin County markets, with overpriced listings sitting on the market and eventually withdrawn, cancelled, or selling for significantly less than properties "priced right" from the beginning. No time to push the envelope or test the market. Pricing, preparation, and presentation still critical factors in listing and selling a home. Sellers advised to seek the advice of experienced local REALTORS who know the market.
Market Action Report for both SFR's and Condo's attached again this month. Please take a look and let me know if you like these reports and find them useful.
2010 promises to be an interesting, and perhaps a pivotal year for real estate. It will be interesting to see what happens.
More later---
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see http://www.fredanlyan.com
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