Bay Area Real Estate Sales.com Newsletter

October 2007

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Home Prices Tumble??

What Did Your Neighbors' House Sell For?

Search the Marin MLS for a New Marin Home

Mortgage Melt-Down Update

Pro's Guide To Painting Home Exteriors

What Do Liz's Clients Say?

Fast Facts

 

 

MARIN HOME SALES STATISTICS

 

As expected, the credit crunch had a big impact on sales last month. Sales of single-family, re-sale homes fell 39.3% from the month before, and were off 33.3% year-over-year. Year-to-date, home sales are down 2.2%. We expect sales to be slow this month, then start to recover at the end of the quarter as the credit crunch is alleviated.

 

The median price for single-family, re-sale homes in Marin County fell 3.3% in September, compared to the month before, up 14% year-over-year. The average price rose 7.8% to set a new record, and was up 22.6% year-over-year.

 

The median price for condos soared 29% to $632,000, a new record, and was up 14.8%, year-over-year. The average price rose 11.2% to $704,114, up 18.4% compared to September 2006. With only 22 condos sold last month, these prices are certainly anomalous. Condo sales were down 52.2% from August, and off 60.7% year-over-year. Year-to-date, condo sales are off 17.1%.

Prices have not really declined here in Marin.  What has declined is the number of sales as well as the percentage of homes under contract. As you can see from the numbers the average sales price has increased over the prior month as well as the prior year.  The strongest segment of the market is the "luxury Market" those homes over $2 million.  Buyers are still making offers on good properties.

 

The percentage of listed home in contract, "Pending listed ratio" is a good indication of the strength of each market.  Anything between a 20%-25% ratio bodes a balanced market where we have an equal number of buyers and sellers.  Anything less than 20% is pushing towards a buyer's market.  As you can see from the numbers Marin is in a Buyer's market (see chart below), and has been there for at least the past 6 months.  It is important to keep in mind that real estate in Marin is location specific, and you will need to drill down to each market segment before you draw a broad conclusion as some areas continue to have strength especially those towns in southern Marin with good school districts.