Bay Area Real Estate Sales.com Newsletter

September 2007

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Marin Home Sales Drop, But Median Price Is Up

What Did Your Neighbors’ House Sell For?

Fed Cut Rate – But What Does This Mean To You?

Cut Mortgage Payment In Half Upon Retirement

What Do Liz’s Clients Say?

Fast Facts

 

 

MARIN HOME SALES STATISTICS

 

As always, it’s important to view the individual city and price range stats – see the chart below for more details.

 

For the first time the overall Marin Home Sales market is in a “Strong Buyers” Market.

 

The median price for single-family, re-sale homes in Marin County rose 6.6% in August, compared to the month before, up 8% year-over-year. The average price rose 2.5%, up 14.2% year-over-year.

 

Sales of single-family homes were down 12.3% from July, and were off 26.4% year-over-year. Year-to-date, home sales are up 1.2%. Marin is the only county in the Bay Area with higher home sales this year than last.

 

The median price for condos fell 16.9% to $490,000, a year-over-year drop of 10.7%. The average price lost 6.4% to $633,204, up 6.4% compared to August 2006. Condo sales rose 2.2% from July, but were down 14.8% year-over-year. Year-to-date, condo sales are off 11.4%.

 

August is a vacation month and home sales typically are slower than in other months. The activity since Labor Day shows that buyer's are in the market.

 

As you can see from the summary numbers in the report, median prices rose but the number of units sold are down over 26% from the prior year. This is a sign of uncertainty. Many sellers have pulled their homes off the market and are waiting for the market to stabilize. Many buyers are having an issue with the increased mortgage rates and are waiting for the Fed to lower the discount rate. I will give everyone an update at the end of the month. As always, drop me an email with any questions or call me at 415-250-4929.

 

I’m always searching for ways to bring my clients and readers more local real estate statistics. I’m pleased to announce the launch of my new Marin home Sales Statistics page. To view, go to: Marin Real Estate Statistics.

 

If you know of anyone who would like to receive this monthly newsletter or is thinking of either buying or selling a home please let me know. I’d love your referrals!