Bay Area Real Estate Sales.com Newsletter

August 2006

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Home sales hit 11-year low in Marin

What are the risks of remodeling without permits?

Luxury Home Values Rise in Second Quarter of 2006

What do Liz’s Clients Say?

Fast Facts

 

 

Marin Home Sales Statistics

 

The overall Marin home sales market continues to cool according to the following statistics.

 

These statistics show how many homes are available for sale in Marin, and of those how many are currently in contract (either pending or contingent).  For the 3rd  month in a row, the average overall Marin market continues to be a Buyers Market.   

 

Interestingly enough, homes again priced under $500,000 are sitting on the market longer and are currently in a “Strong Buyers” Market.  Homes priced from $500,000 to 2,499,000 are in a “Buyers Market”;   Probably the most interesting factor this August, is the fact that higher priced homes ($2,500,000 to $2,999,999) are in a “Balanced Market!”  To me, this seems to mean that buyers in the higher end of the Marin real estate market are not affected as much by the increase in interest rates, as they are more likely to be making their home purchases with more cash as compared to mortgages.

 

This month, every town in Marin is in some type of “Buyers Market”, with the exception of Larkspur and Mill Valley, which are in a “Balanced Market.”

 

Days on Market (DOM) and price changes when sold:  The Average DOM for July is 73 days (a full 10 days longer than last month’s 63 days for July) and the Median is 56. 

 

Sold price changes as compared to the original list price based on DOM.    Although homes are sitting on the market for longer, prices are not dropping dramatically.  For example, Year-to-date, homes that have “sat” for 121+ days the eventual sales price is still 95% of the original list price.  Selling within 90 days, it is 97% of the original list price.  Houses that are selling within 30 days of their listing date are still selling at or slightly above their list price.  This factor alone shows how important it is to price your property correctly when it’s first listed for sale.

 

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