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Selling your house

Bay Area Real Estate Sales.com Newsletter

December 2007

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Belvedere Mansion Rumored To Be In Contract For $65 Million!

What Did Your Neighbors' House Sell For?

Search The Marin Multiple Listing Service For A New Marin Home

Pros, Cons Of Buying Home In Today's Market

Update On Liz's Micro Preemie Daughter

What Do Liz's Clients Say?

Fast Facts

 

 

MARIN HOME SALES STATISTICS

 

I hope this holiday season finds you and your family healthy and happy.

 

November sales of existing single-family homes in the nine-county region plummeted 39.4 percent, from 5,308 last year to 3,217 this year.

 

A major reason sales are sluggish despite falling prices in many regions is that it remains difficult to qualify for or afford jumbo loans, still necessary for average home shoppers in the pricey Bay Area. Since summer, when credit rules started getting stricter, fewer lenders are offering financing for more than the $417,000 conforming amount, and those that do are charging more or tightening lending standards. Buyers used jumbo loans for 44.1 percent of home purchases last month, compared with an average of 62 percent for the first seven months of the year, DataQuick said.

 

In Marin the story is slightly more robust than the majority of the SF Bay area, which is typical of our area which is a bit insulated from the downturn. Single Family Home sales for November in the 13 main cities that we track.

 

The same story this month as the last where Novato and San Rafael are the hardest hit areas relative to the rest of Marin. Condominiums in Novato have taken a 15-20 percent decline during 2007 and Single family homes about 10=12%. If you do not have to sell because of relocation or financial issues my recommendation is to hold on for the next 6 months.

 

I have not calculated the average days on market for this summary for one reason and one reason alone. The average days on market (DOM) per the Marin Multiple Listing Service (BAREIS) is NOT calculated correctly. It does not take into account a property that has been on the market with multiple brokers and those that have been removed for 30 days and then relisted. Once this is done it starts the days on market to ZERO. I will be doing an individual report on the actual DOM per community but it is very time intensive as the only way to accurately calculate the number is to look at the property history on each individual property. Since we have 659 single family homes on the market that will take a while. I promise to get you that information for the yearend report.

 

The median price for single-family, re-sale homes in Marin County was up 7.5% in November compared to last year. The average price was up 10.3%.

 

Home sales were flat in November at 137 units. Year-over-year, home sales were off 20.8%. Year-to-date, home sales are down 6.9%.

 

The median price for condos gained 6.0% to $600,000 from October, and it was up 20%, year-over-year. The average price rose 20.7% to $779,309, setting a new record high. Year-over-year, the average price was up 35.2%. Condo sales were up 16.7% from October, but were off 22.2% year-over-year. Year-to-date, condo sales are down 19.4%.

 

The sales price to list price ratio for single-family homes dropped 0.5 of a point to 97%. The condo ratio rose 0.3 of a point to 97.8%.

 

 

MARIN HOME (CONDO + SFR) SALES STATISTICS - BY CITY AS OF 12/18/07

 

City

 

Total

 

Active

Number in Contract***

Percent in Contract*

Type of Market*

(See Key)

Belvedere

19

17

2

11%

Strong Buyers

Corte Madera

20

12

8

40%

Sellers

Fairfax

20

16

4

20%

Strong Buyers

Greenbrae

22

18

4

18%

Strong Buyers

Kentfield

15

12

3

20%

Strong Buyers

Larkspur

29

26

3

10%

Extreme Buyers

Mill Valley

75

51

24

32%

Balanced

Novato

299

267

32

11%

Strong Buyers

Ross

13

12

1

8%

Extreme Buyers

San Anselmo

42

25

17

40%

Sellers

San Rafael

211

177

34

16%

Strong Buyers

Sausalito

44

32

12

27%

Buyers

Tiburon

62

47

15

24%

Buyers

Others

61

45

16

26%

Buyers

Total Marin 12/18/07

932

757

175

18.78%

Strong Buyers

Total Marin 11/17/07

1,146

904

242

21.12%

Buyers

Total Marin 10/15/07

1,251

1,043

208

16.63

Strong Buyers

Total Marin 9/18/07

1,232

1,043

187

15.18%

Strong Buyers

Total Marin 8/15/07

1,190

951

239

20.8%

Strong Buyers

Total Marin 7/15/07

1,252

969

283

22.60%

Buyers

Total Marin 6/16/07

1,325

1,003

322

24.30%

Buyers

Total Marin 5/16/07

1,286

948

338

26.28%

Buyers

Total Marin 4/15/07

1,108

793

315

28.43%

Buyers

Total Marin 3/15/07

966

688

278

28.78

Buyers

Total Marin 2/15/07

893

631

262

29.34%

Buyers

Total Marin 1/15/07

720

548

172

23.89%

Buyers

Total Marin 12/15/06

898

669

229

25.5%

Buyers

Total Marin 11/16/06

1,197

902

295

24.64%

Buyers