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The Marin Real Estate Market May 2007 Update

May 30th, 2007 5:33 PM

The Marin County real estate market right now is not one market. It is a lot of different markets. One property in Kentfield reportedly had as many as 9 offers and allegedly went into contract about $1million over asking price. Earlier this year, we characterized Kentfield as a buyers' market with bargains to be had by savvy buyers. Right now, Novato is a great area with opportunities for buyers who recognize value when they see it. I have attached the April 30 city-by-city report again for reference.

Inventory for SFR's increased again this week and broke the 1000 mark for the first time this year. There were 92 new listings, 63 listings went contingent, 50 pending, 47 sold. There were 61 price reductions, 6 expired, and 17 withdrawn or temporarily off the market. Average days on the market for sold listings on SFR's at 74 vs 65 at this time last year. Average list price $1,381,968 avg. sold price $1,354,866. Last year, average list $1,261,527 and average sold $1,238,879.

Units sold still 3.8% above last year at 776 but losing ground each week for the last several weeks. Now only 29 units ahead of 2006 SFR market healthy.

Overall, a sellers market at 28-plus percent in contract, but with 61 price reductions, no time to test the market with prices that push the envelope. Pricing and preparation still the keys to success. The $3million plus end of the market has picked up steam, going from 13% in contract to over 18% in contract. People with that kind of money to spend usually don't get it by making a lot of big financial mistakes. They know opportunity when they see it and are voting with their dollars!

Condo inventory remained stable last week, increasing by only 3 units. 12 units were sold vs. 5 in 2006, so a comparatively good week, narrowing the gap to only a minus 16.4% vs. the minus 19.5% we had last week. All price points still a buyers' market, and showing good opportunity for buyers. Figures for the last 7 days: new listings 21; contingent 14; pending 9; sold 12; price reductions 21; expired 3; withdrawn/temp off mkt. 6. Average days on market 77 vs. 64 in 2006. Average list price for YTD sold properties $632,519 and average sold price $623,248 vs. 2006 average list $623,989 and average sold $619,810. Advice for buyers--- make an offer on that condo you liked. They are not going to give it away, but there is a good chance you can negotiate, especially with properties remaining on the market for a while.

Marin County - Single Family Residences as of May 22, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 1001 284 28.37% Seller's market

0-$999K 421 130 30.88% Seller's market

1MIL-$1,999K 377 113 29.97% Seller's market

2MIL-$2,999K 106 23 21.70% Buyer's market

$3MIL + 97 18 18.56% Buyer's market

Marin County - Single Family Residences as of May 15, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 977 278 28.45% Seller's market

0-$999K 416 134 32.21% Seller's market

1MIL-$1,999K 362 108 29.83% Seller's market

2MIL-$2,999K 101 23 22.77% Buyer's market

$3MIL + 98 13 13.27% Strong Buyer's market

Marin County - Single Family Residences as of May 8, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 923 257 27.84% Seller's market

0-$999K 393 128 32.57% Seller's market

1MIL-$1,999K 344 97 28.20% Seller's market

2MIL-$2,999K 89 21 23.60% Buyer's market

$3MIL + 97 11 11.34% Strong Buyer's market

Marin County - Single Family Residences as of May 1, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 900 260 28.89% Seller's

0-$999K 383 138 36.03% Strong Seller's

1MIL-$1,999K 331 87 26.28% Seller's

2MIL-$2,999K 82 16 19.51% Buyer's

$3MIL + 101 17 16.83% Buyer's

Marin County - Single Family Residences as of April 24, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 877 247 28.16% Seller's

0-$999K 369 127 34.42% Seller's

1MIL-$1,999K 326 82 25.15% Balanced

2MIL-$2,999K 85 21 24.71% Buyer's

$3MIL + 97 17 17.53% Buyer's

Marin County - Single Family Residences as of April 17, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 850 253 29.76% Seller's

0-$999K 352 122 34.66% Strong Seller's

1MIL-$1,999K 318 91 28.62% Seller's

2MIL-$2,999K 83 19 22.89% Buyer's

$3MIL + 96 20 20.83% Buyer's

Total Units Sold 2005:2594 (SFR)

Total Units Sold 2006: 2195 - Down 18.4% from 2005

YTD Sold 2006: 747 (Jan 1 to May 22)

YTD Sold 2007: 776 (Jan 1 to May 22) Up 3.8% from 2006

Market Type:

Less than 15% In Contract = Strong Buyer's Market,15-25% In Contract = Buyer's Market

25% In Contract = BALANCED MARKET

25-35% In Contract = Seller's Market, 35-45% In Contract = Strong Seller's Market, 45%+ = Very Strong

Posted by Victoria Wells on May 30th, 2007 5:33 PMPost a Comment (0)

HISTORICAL REAL ESTATE MARKET QUOTES TO PONDER:

May 16th, 2007 5:11 PM

HISTORICAL REAL ESTATE MARKET QUOTES TO PONDER:

“The prices of houses seem to have reached a plateau, and there is reasonable expectation that prices will decline.” – Time Magazine 1947e

“Houses cost too much for the mass market. Today’s average price is out of reach fro two-thirds of all buyers.” Science Digest 1948 ( average price at that time: $ 8,00)

“The goal of owning a home seems to be getting beyond the reach of more and more Americans.” Business Week 1969 ( average price at that time $ 28,000)

“The era of easy profits in real estate maybe drawing to a close.” –Money Magazine 1981

“If you are looking to buy, be careful. Rising home values are not a sure thing anymore.” –Miami Herald 1985

“Most economists agree…a home will become little more than a roof and tax deduction, certainly not the lucrative investment in was…” Money Magazine 1986

“We’ve started to go back to the time when you bought a home not it’s potential money-making abilities, but rather as a nesting spot.” Los Angeles Times 1993 ( Note that1993 was absolute low-point for the real estate values in L.A. Prices have sky-rocketed since.)

“Financial planners agree that houses will continue to be poor investment.” Kiplinger Personal Financial Magazine 1993

“A home is where the bad investment is.” San Francisco Examiner 1996

Current Local Bottom Line:

“…SO JUST WHEN is the real estate bubble going to burst in Marin?...If you are planning to keep your home for a reasonable period, and can afford to buy one in Marin - and the sobering reality is fewer people can - the Marin "bubble" has shown it has a pretty thick wall. If you are waiting for a better time to buy in Marin, good luck.” Marin IJ March 2007

Victoria Wells, Broker Associate

415-464-3380 vawells@comcast.net

Posted by Victoria Wells on May 16th, 2007 5:11 PMPost a Comment (0)

May Marin Market Watch

May 16th, 2007 4:30 PM

Coldwell Banker Weekly Market Watch

May 6, 2007

It was a patchwork quilt of a market in the San Francisco Bay Area this week with determined buyers aggressively bidding on and buying homes in some areas, and aggressively bargaining in others. Like last week, place and price continue to be the most critical factors in seeing buyers and sellers come to terms. Danville notes that “pretty houses on pretty streets are flying off the shelves,” and a similar pattern exists in most areas.

Five Petaluma listings were in multiple offer situations with two-to-three offers per property. Condo sales in Novato are stagnant, but upper-end homes are moving nicely, and the rental market is “hot” – even experiencing multiple lease offer situations. Santa Rosa reports brisk activity at several price points, but notes that the $1 million and over properties are seeing the steadiest activity. The high end also continues to get a lot of attention in Southern Marin and well-priced homes sell quickly.

Castro Valley notes that homes over $550,000 are experiencing plenty of activity, while the $450,000 to $550,000 range languishes. Inventory is at an all time high in Orinda, nevertheless prime properties going into heavy competition among buyers. In Alamo, a three bedroom, two and a half bath home priced at $1,499,000 received four offers in five days.

Burlingame, on the other hand, reports more buyers than ever competing for shrinking inventory in specific prime areas. Palo Alto continues to report that one-hundred percent of listings are in multiple offer situations, and Woodside/Portola Valley reports that people are frustrated with the lack of inventory and are starting to buy in new areas on the advice of their savvy agents. In San Francisco, a $1 million condo generated five offers in one day and sold for 22% over asking. More than 90 homes were reportedly in multiple offer situations.

Listing activity was reported as increasing by 10 offices and decreasing in only three offices, but remaining steady in 14. Sales activity increased for nine offices, decreased in six offices and remained steady for 12. More than 550 busy open homes were held.

Patchwork quilts are made of a variety of patterns and textures, but they’re still warm and comfortable – just like the real estate market in the San Francisco Bay Area. Have a super week!

Victoria Wells

415-464-3380

vawells@comcast.net

Posted by Victoria Wells on May 16th, 2007 4:30 PMPost a Comment (0)