Friday, May 28, 2010

May 2010 Marin Real Estate Report

The Marin County, CA Report the week of May 23rd looked at 1199 Single Family Homes on the market. The median price this week is $1,189,797. These homes have been on the market for an average of 55 days. This week median price is $1,189,797. As far as condos, this week looked at 328 condos on the market. The median price this week is $428,239. These condos have been on the market for an average of 94 days. This week median condo price is $428,239. Home prices in Marin County have stayed relatively stable in recent weeks.
If the charts and graphs aren't clear, you can view them here: Marin County Real Estate

The median price for homes went back over $800,000 in April to $865,000. That was good for an 8.1% increase over last April. The median price for condos rose 7.9% year-over-year.

Sales of single-family, re-sale homes and condos continued rising in April, with home sales up 48.6% year-over-year and condo sales up 15.8%.





Year-to-date, home sales are up 54.8% and condo sales are up 14.5%.

For the single family home market there are some encouraging signs that buyers are back in the market. One of the ways we look at activity is to see how many listed homes are in contract at any point in time.

Total number Homes listed for sale as versus total number of homes in contract

One of the best ways to evaluate the market is by looking at how many homes are in contract versus how many are listed. This percentage gives a very quick and dirty view of the health of the market in that particular city and prince range. After reviewing this calculation per city, you also need to drill down into the price segments to see what prices are selling and what priced homes are not selling.

In the charts below you will find a break down by Marin city and price range of how many homes are in contract compared to how many homes are listed.

If this chart isn't clear, you can read a better version here: May Real Estate News

The overall Marin market cooled a bit from last month and edged just slightly into the Buyers Market from last month’s “Balanced Market” category. Even though the inventory has gone up recently, the amount of homes in contract has increased proportionally, which means the overall market has remained decent.


Analysis by Price Range:

Homes priced under $500,000 are selling extremely quickly “Strong Sellers” Market, especially in Novato and parts of San Rafael, often times with cash offers being made by investors. Homes priced from $501K - $749K cooled down a bit from last months “Sellers” Market and are now “Balanced”. All homes priced over $750,000 are in varying degrees of “Buyers” markets, home priced from $1.5M - $1.999 heated up a bit from last month. Note that there seems to be more excess inventory for homes priced over $2,000,000 - $3,999,000 which are in a “Strong Buyers”; Market Homes over $4,000,000 are in an “Extreme Buyers Market”

Analysis by City:
Currently (as of May 28th, 2010), Corte Madera, Greenbrae, and Novato are all in Sellers Market and Novato, not surprisingly as it’s had the largest over all price reduction is close to a Strong Sellers Market. Ross, Belvedere, Sausalito and Tiburon are both in “Strong Buyers” markets, as not many homes have been going into escrow in these towns.. You would also expect that the higher priced communities (Tiburon, Sausalito, Ross, Mill Valley, Kentfield and Belvedere) would show slower absorption of homes through the sales cycle as well as a lower percentage of those in contract.


Marin Foreclosure Data:

1 comment:

James Williamz said...

Hi

Great information in this post and I think these homes have been on the market for an average of 55 days. These condos have been on the market for an average of 94 days.

James Williams….
Real estate in Pakistan