Bay Area Real Estate Sales.com Newsletter

November 2006

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Is The Marin Real Estate Market A Bubble About To Burst?

New Marin Real Estate Stats!

What Did Your Neighbors’ House Sell For?

New Poll Finds Consumers Still Confident Of Home Values

Home Sales Plunge, Prices Flat

How To Find A Real Estate Bargain

Uncovering True Cost Of Interest-Only Real Estate Loans

What Do Liz’s Clients Say?

Fast Facts

 

MARIN HOME SALES 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 2^nd month in a row, the Marin overall real estate market is in a “Buyers Market.”

 

Although there are fewer homes on the market this month as compared to last month (approx 200 less), the percentage of homes in contract went up slightly.  My feeling is that many of the homes that did not sell have been pulled from the market, anticipating the slower months during the holiday season, or to possibly restart the Days on Market clock for that house trying to regenerate interest.  It will be interesting to watch what happens over the next 2 months, which history has shown are typically a  slow time for real estate sales.

 

Unlike the last 3 months where homes priced under $500,000 were sitting on the market longer and are were in a “Strong Buyers” , all homes priced under $3,000,000 are in a Buyers Market, and homes priced from $750,000 to $999,999 are very close to a Balanced Market.  The highest priced homes, (Over $3M are still in Strong Buyers Market, and homes over $4 Million are in an Extreme Buyers Market, where only 4% of them are in contract).   I interpret this to means that the “less expensive” homes (if there is such a thing in Marin) are finally selling at a faster clip, which is probably influenced by Feds stabilizing influence on the interest rates.

 

Like last month, Larkspur is still in a Seller’s Market, in fact, it’s moved into a Strong Sellers Market, where 55% of all listed Larkspur homes are in contract.  If you want to sell your Larkspur home, this is the time!   Kentfield and San Anselmo are in a Balanced Market; Corte Madera Mill Valley, Novato, San Rafael are all in a “Buyers Market.”  Belvedere, Fairfax, Greenbrae, Ross, Sausalito and Tiburon are all in a “Strong Buyers” Market.  Ross, which has been in an “Extreme Buyers” market for many months heated up to move into a Strong Buyers Market (on the verge of a Buyers Market).

 

Days on Market (DOM):  The Average DOM continues to increase by 10 days from September – 85 days for September - This means that it is taking an average of 2.5 months for houses to go into a PENDING status.  A note of clarity.  This does NOT mean when the house goes into contract (as it is still in a contingent state).  The DOM clicker is stopped when all contingencies are removed, which is not entirely accurate at tracking how long it takes to get a house into contract.   For example, a seller may have a house go into contract just 1 or 2 weeks after it is first listed, but with a long contingency period (say 45 days).  This would mean that the DOM would show almost 2 months for that house to sell, whereas it was generally off the market after only a few weeks.

 

And for those of you who do read these stats, I’d love to know that you find the information useful!  It actually takes me quite a lot of time to track, compile and post the data each month – and I’d love to know that it is being utilized!  Send me an email to let me know you like getting it! Liz@BayAreaRealEstateSales.com

 

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!