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.
Buyers right now have the upper hand but if rates continue to move downward and the credit markets stabilize then the market will become more competitive for buyers. If you are pre-approved for a loan and are ready to make an offer now is as good a time as any to step in and test the waters.
Although the credit crunch is having an effect on home sales, there is money available at reasonable rates from portfolio lenders. These are lenders that loan their own money and do not bundle up the loans for re-sale on Wall Street. Some examples are ING, local credit unions, and some small local business banks. Also, Countrywide, and some of the bigger banks, are planning to keep more of their loans in-house.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.
If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.
Monthly Statistics
Complete monthly sales statistics for Marin County are on my website. Monthly graphs are available for each city in the county. Just email me!
Read the entire October Marin Real Estate Newsletter October Newsletter
Showing posts with label Bay Area Real Estate. Show all posts
Showing posts with label Bay Area Real Estate. Show all posts
Monday, October 15, 2007
Sunday, July 15, 2007
July Marin Real Estate News
Home prices are continuing the move upward and sales volume is moving slightly lower as buyers are being very particular on what they will buy in this environment. There are some areas that are holding up quite well under any perceived pressure for lower prices, those being Larkspur, Greenbrae, Mill Valley and Corte Madera. We have seen some record prices for homes sold in Corte Madera in the last month. 7 Grace Court sold for $3.3 Million; a wonderful 5 Bedroom 3 bath home on one half acre built in 2002. This was the second highest sale since a $3.6 Million home on Verona Place sold in May 2007.
The chart below shows a combination of Single Family Residences combined with condos. As the condo market has slowed down dramatically, it shows the overall market as a buyers market. When you break out the Single Family Residences, however, the market is closer to a balanced market.
As of July 11 there were 967 Single Family Homes on the market. Of those 252 are in contract which is 26% of the total. That leaves 715 homes on the market and available for buyers to enter into contracts. This overall calculates as a balanced/Buyers market. If you look at City by City you can see that Mill Valley is at 37%, Corte Madera at 52% and Greenbrae at 42%. Some of the lagging communities in % in contract are San Rafael at 24%, Sausalito at 25% and Novato at 23%. Remember that real estate in Marin is Community specific so you must look at the details to ascertain the Real Estate heath of each community.
The median price for single-family, re-sale homes in Marin County rose 12.1% in June, compared to the month before, and set a new record of $1,160,000. This is 7.9% higher than last June. The average price gained 0.2%, up 0.8% year-over-year.
Sales of single-family homes were down 7.1% from May, off 9% year-over-year. Year-to-date, home sales are outpacing last year's rate. Marin is the only county in the Bay Area with higher home sales this year than last.
The median price for condos rose 1.8% to $595,000, a year-over-year gain of 2.2%. The average price gained 1.5% to $644,772, down 0.2% compared to June 2006. Condo sales dropped 1.7% from May, and were down 3.3% year-over-year.
As always, it's important to view the individual city and price range stats - see the chart below for more details.
To see the entire newsletter go to: July Marin Real Estate News
The chart below shows a combination of Single Family Residences combined with condos. As the condo market has slowed down dramatically, it shows the overall market as a buyers market. When you break out the Single Family Residences, however, the market is closer to a balanced market.
As of July 11 there were 967 Single Family Homes on the market. Of those 252 are in contract which is 26% of the total. That leaves 715 homes on the market and available for buyers to enter into contracts. This overall calculates as a balanced/Buyers market. If you look at City by City you can see that Mill Valley is at 37%, Corte Madera at 52% and Greenbrae at 42%. Some of the lagging communities in % in contract are San Rafael at 24%, Sausalito at 25% and Novato at 23%. Remember that real estate in Marin is Community specific so you must look at the details to ascertain the Real Estate heath of each community.
The median price for single-family, re-sale homes in Marin County rose 12.1% in June, compared to the month before, and set a new record of $1,160,000. This is 7.9% higher than last June. The average price gained 0.2%, up 0.8% year-over-year.
Sales of single-family homes were down 7.1% from May, off 9% year-over-year. Year-to-date, home sales are outpacing last year's rate. Marin is the only county in the Bay Area with higher home sales this year than last.
The median price for condos rose 1.8% to $595,000, a year-over-year gain of 2.2%. The average price gained 1.5% to $644,772, down 0.2% compared to June 2006. Condo sales dropped 1.7% from May, and were down 3.3% year-over-year.
As always, it's important to view the individual city and price range stats - see the chart below for more details.
To see the entire newsletter go to: July Marin Real Estate News
Friday, June 15, 2007
June Marin Real Estate News
It’s hard to believe that the year is just about half over. Summer solstice (the longest day-light day of the year) was just last week. I hope that you and your family are having a wonderful 2007 so far and are enjoying the start of summer.
The median price for single-family, re-sale homes in Marin County fell 0.2% in May from the record set in April. This is 10.1% higher than last May. The average price fell 4.2% from April, up 15.4% year-over-year. Sales of single-family homes were up 13.2% from April, an increase of 16.5% year-over-year.
The median price for condos rose 6.4% to $584,500, a year-over-year gain of 9.8%. The average price gained 7.4% to $635,377, up 4.5% compared to May 2006. Condo sales were up 42.9% from April, and were up 3.4% year-over-year.
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 9th month in a row, the Marin overall real estate market is in a “Buyers Market.”
As always, it’s important to view the individual city and price range stats for more details:
Although the overall market shows that it’s a “Buyers Market’: Fairfax and Greenbrae are in a “Sellers Market,” and Larkspur and Mll Valley are in a “Balanced Market.” The remainder Marin towns are all in varying levels of “Buyers Markets.” It is very interesting that homes priced from $750,000 to $1.5M are all hovering very close to a Balanced Market.
My take on the current market: The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.
If I can help you devise a strategy, just let me know.
I think that the general consensus among agents currently is that there is a lack of inventory. Interest rates have been very good and there are buyers ready to purchase homes, but there is still a lack of homes that are finished and priced correctly. Multiple offers are becoming commonplace again, especially in popular walk-to-town areas like: Mill valley, Larkspur, Fairfax San Anselmo and San Rafael.
If you are looking to purchase a home, it’s important that you be ready with a pre-approval letter so that you can be ready if the home that fits your requirements comes on the market. Buyers once again have to forgo some of their “must-haves” and make compromises for what they are looking for.
MY ADVICE?
For buyers, the same as last month: prime property is selling quickly and, in many instances, with multiple offers. Buyers need to be prepared to make an offer immediately on prime property. That means you need to have a loan in place. For more information about buying in a multiple offer situation, call me.
For sellers, where your home is, the condition and what segment of the market it's in, entry-level, move-up or million plus, are the determining factors in whether or not you will be able to sell your home quickly and for a good price. Demand in the entry-level market has fallen, which will impact the move-up market. The million dollar plus market is pretty much immune to the sub-prime mortgage tightening.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me. If I can help you devise a strategy, call or click the buying or selling link in the menu above.
I’m always searching for ways to bring my clients and readers more local real estate statistics. I’m pleased to announce the launch of my new Marin home Sales Statistics page. To view, go to: Marin Real Estate Statistics.
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!
To read the entire June Marin Real Estate Newsletter, go to: June Marin Real Estate News
The median price for single-family, re-sale homes in Marin County fell 0.2% in May from the record set in April. This is 10.1% higher than last May. The average price fell 4.2% from April, up 15.4% year-over-year. Sales of single-family homes were up 13.2% from April, an increase of 16.5% year-over-year.
The median price for condos rose 6.4% to $584,500, a year-over-year gain of 9.8%. The average price gained 7.4% to $635,377, up 4.5% compared to May 2006. Condo sales were up 42.9% from April, and were up 3.4% year-over-year.
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 9th month in a row, the Marin overall real estate market is in a “Buyers Market.”
As always, it’s important to view the individual city and price range stats for more details:
Although the overall market shows that it’s a “Buyers Market’: Fairfax and Greenbrae are in a “Sellers Market,” and Larkspur and Mll Valley are in a “Balanced Market.” The remainder Marin towns are all in varying levels of “Buyers Markets.” It is very interesting that homes priced from $750,000 to $1.5M are all hovering very close to a Balanced Market.
My take on the current market: The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.
If I can help you devise a strategy, just let me know.
I think that the general consensus among agents currently is that there is a lack of inventory. Interest rates have been very good and there are buyers ready to purchase homes, but there is still a lack of homes that are finished and priced correctly. Multiple offers are becoming commonplace again, especially in popular walk-to-town areas like: Mill valley, Larkspur, Fairfax San Anselmo and San Rafael.
If you are looking to purchase a home, it’s important that you be ready with a pre-approval letter so that you can be ready if the home that fits your requirements comes on the market. Buyers once again have to forgo some of their “must-haves” and make compromises for what they are looking for.
MY ADVICE?
For buyers, the same as last month: prime property is selling quickly and, in many instances, with multiple offers. Buyers need to be prepared to make an offer immediately on prime property. That means you need to have a loan in place. For more information about buying in a multiple offer situation, call me.
For sellers, where your home is, the condition and what segment of the market it's in, entry-level, move-up or million plus, are the determining factors in whether or not you will be able to sell your home quickly and for a good price. Demand in the entry-level market has fallen, which will impact the move-up market. The million dollar plus market is pretty much immune to the sub-prime mortgage tightening.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me. If I can help you devise a strategy, call or click the buying or selling link in the menu above.
I’m always searching for ways to bring my clients and readers more local real estate statistics. I’m pleased to announce the launch of my new Marin home Sales Statistics page. To view, go to: Marin Real Estate Statistics.
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!
To read the entire June Marin Real Estate Newsletter, go to: June Marin Real Estate News
Saturday, April 28, 2007
4 Bedrooms in Dixie School District - JUST LISTED - backs to open space
4 Bedrooms in Dixie School District - JUST LISTED - backs to open space (4/28/07)$809,000
This newly listed 4 Bedroom, 2 Bathroom desirable Cape Cod style Marinwood Home on a huge sunny lot is situated in one of the most desirable parts of Marinwood; backing up to open space and only a stone's throw from Marinwood Park/Community Center. Hardwood Floors are found throughout the home as well as a tastefully updated kitchen and updated bathrooms. Sitting porch, open Living Room / Dining Room and 2 Car Garage make this property incredibly functional while remaining absolutely charming.
Home Details
4 Bedrooms/2 Baths
Built in 1956
House Size: 1,398 square feet
Lot Size: .242 acre
FIRST OPEN HOUSE DETAILS
Sunday 4/29/07
1:00 – 4:00
Click here to Schedule a showing
To view the property flyer for this home click on this link:
572 Miller Creek Property Flyer
Directions to property :
Marinwood /St. Vincent Exit, West on Miller Creek Road, North Side of Street
Or Lucas Valley Exit to right on Miller Creek, you will have to u-turn
572 Miller Creek
If this isn’t the home you are looking for in San Rafael, you can view ALL of the homes for Sale in San Rafael (priced from high to low):
San Rafael Homes For Sale
For more information on this property or to search for other great Marin homes, visit:
www.BayAreaRealEstateSales.com
Or you can call or e-mail:
Liz McCarthy, Broker & e-PRO (Certified Internet Expert)
Vision Real Estate Group
mailto:Liz@BayAreaRealEstateSales.com?subject=572
415-250-4929
Information has not been verified, is not guaranteed, and is subject to change.
Living Room with hardwood floors and fireplace
Bright and airy Kitchen
Backyard that opens to open space
Home is listed by Ron Parks of Vision Real Estate
Wednesday, December 27, 2006
December Marin Real Estate News
Bay Area Real Estate Sales.com Newsletter
December 2006
IN THIS ISSUE:
Map Based Home Search Announced On Bay Area Real Estate Sales.Com
Bay Area Home Prices Decline, Sales At Five-Year Low
What Did Your Neighbors’ House Sell For?
Fed Holds Federal Funds Rate At 5.25 Percent
California Voters Concerned About State's Future
Best Mortgages In Today's Market
Most U.S. Housing Markets To Experience Sluggish Expansion In 2007
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 3rd month in a row, the Marin overall real estate market is in a “Buyers Market.”
Although there are considerably less homes on the market this month as compared to last month, there are still more than the previous December (898 compared to 622 in December 2005), the percentage of homes in contract went up slightly (very 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. As I predicted from last month, many homes have been pulled from the market during the typically slower Holiday months.
Homes priced from $500,000 to $999,999 are actually on the verge of being in a Balanced Market this month. The highest priced homes, (Over $4M are still in an Extreme Buyers Market, 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 Strong Sellers Market, where 47% of all listed Larkspur homes are in contract. If you want to sell your Larkspur home, this is the time! Corte Madera and Greenbrae are in a Balanced Market; Belvedere, Fairfax, Kentfield, Mill Valley, Novato, san Anselmo, San Rafael and Tiburon are all in a “Buyers Market.” Ross and Sausalito are all in a “Strong Buyers” Market.
Days on Market (DOM): The Average DOM actually decreased this month– 78 days – A lot of this reflects that a lot of listed homes were pulled for the holidays. 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!
I’m always searching for ways to bring my clients and readers more local real estate statistics. I’m pleased to announce the launch of my new stats service: http://www.sfmarin.com/stats/lizmccarthy.php There are a lot of great stats here for your viewing pleasure. Once you click on the above link, be sure to mouse over the text near the top that says “Marin Statistics”. You can drill down the stats by year, month and by City. Enjoy. I’d love to hear your feed back if you like this new service!
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!
MARIN HOME SALES STATISTICS - BY CITY AS OF 12/15/06 | |||||
City | Total | Active | Number in Contract*** | Percent in Contract* | Type of Market* (See Key) |
Belvedere | 22 | 17 | 5 | 23% | Buyers |
Corte Madera | 38 | 26 | 12 | 32% | Balanced |
Fairfax | 23 | 18 | 5 | 22% | Buyers |
Greenbrae | 24 | 16 | 8 | 33% | Balanced |
Kentfield | 20 | 14 | 6 | 30% | Buyers |
Larkspur | 17 | 9 | 8 | 47% | Strong Sellers |
Mill Valley | 89 | 65 | 24 | 27% | Buyers |
Novato | 238 | 179 | 59 | 25% | Buyers |
Ross | 15 | 12 | 3 | 20% | Strong Buyers |
San Anselmo | 48 | 36 | 12 | 25% | Buyers |
San Rafael | 208 | 152 | 56 | 27% | Buyers |
Sausalito | 47 | 41 | 6 | 13% | Strong Buyers |
Tiburon | 60 | 47 | 13 | 22% | Buyers |
Others | 49 | 37 | 12 | 24% | Buyers |
Total Marin 12/15/06 | 898 | 669 | 229 | 25.5% | Buyers |
Total Marin 11/16/06 | 1,197 | 902 | 295 | 24.64% | Buyers |
Total Marin 10/15/06 | 1,401 | 1,095 | 306 | 21.84% | Buyers |
Total Marin 9/15/06 | 1,395 | 1,127 | 268 | 19.21% | Strong Buyers |
Total Marin 8/18/06 | 1,346 | 1,029 | 317 | 23.55% | Buyers |
Total Marin 7/13/06 | 1392 | 1077 | 315 | 22.63% | Buyers |
Total Marin 6/16/06 | 1323 | 959 | 364 | 27.51% | Buyers |
Total Marin 5/18/06 | 1,177 | 817 | 360 | 31% | Balanced |
Total Marin 4/10/06 | 977 | 629 | 348 | 36% | Sellers |
Total Marin 3/15/06 | 894 | 597 | 297 | 33% | Balanced |
Total Marin 2/20/06 | 782 | 520 | 262 | 34% | Balanced |
Total Marin 1/8/06 | 611 | 449 | 162 | 19% | Strong Buyers |
Total Marin 12/23/05 | 622 | 504 | 118 | 15% | Strong Buyers |
Total Marin 11/27/05 | 961 | 655 | 306 | 32% | Balanced |
Total Marin 10/14/05 | 1,086 | 730 | 356 | 33% | Balanced |
Total Marin 9/11/105 | 1,012 | 651 | 361 | 36% | Sellers |
Total Marin 7/15/05 | 1,030 | 616 | 414 | 40% | Sellers |
Total Marin 5/25/05 | 940 | 503 | 437 | 46% | Strong Sellers |
MARIN HOME SALES STATISTICS - BY PRICE RANGE AS OF 12/15/06 | |||||
Price | Total | Active | Number in Contract*** | Percent in Contract* | Type of Market* (See Key) |
$100,000-$499,999 | 107 | 86 | 21 | 20% | Strong Buyers |
$500,000-$749,999 | 231 | 162 | 69 | 30% | Buyers |
$750,000-$999,999 | 195 | 136 | 59 | 30% | Buyers |
$1,000,000-$1,499,999 | 148 | 111 | 37 | 25% | Buyers |
$1,500,000-$1,999,999 | 74 | 60 | 14 | 19% | Strong Buyers |
$2,000,000-$2,499,999 | 40 | 30 | 10 | 25% | Buyers |
$2,500,000-$2,999,999 | 23 | 16 | 7 | 30% | Buyers |
$3,000,000-$3,999,999 | 38 | 30 | 8 | 21% | Buyers |
Over $4,000,000 | 42 | 38 | 4 | 10% | Extreme Buyers |
Total Marin 12/15/06 | 898 | 669 | 229 | 26% | Buyers |
DAYS ON MARKET (DOM)** | |||
Date | Average | Median | Maximum |
Nov | 78 | 62 | 442 |
*Key to market type: | |
0% - 10% of Homes in Escrow: Extreme Buyers | 36% - 45% of Homes in Escrow: Sellers |
11% - 20% of Homes in Escrow: Strong Buyers | 46% - 55% of Homes in Escrow: Strong Sellers |
21% - 30% of Homes in Escrow: Buyers | 56% - 100% of Homes in Escrow: Extreme Sellers |
31% - 35% of Homes in Escrow: Balanced Market | |
**Based on information from Bay Area Real Estate Information Services, Inc. (BAREIS). Information has not been verified, is not guaranteed, and is subject to change and is based on one period of time.”
***Includes all: Sale Pending & Contingent properties
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
MAP BASED HOME SEARCH ANNOUNCED ON BAY AREA REAL ESTATE SALES.COM
We’ve added a new map based home search on BayAreaRealEstateSales.com This will allow you to search in any particular area via map, narrow down the specific homes that are available in that area. You can then view specific home sale details like pictures, square footage and price. I hope you like this new feature – be sure to give me any feedback!
http://www.realbird.com/MyRealBird.aspx?id=F3C3C1B5&p=ms&msc=BAREIS&scale=90&rb_f=0
BAY AREA HOME PRICES DECLINE, SALES AT FIVE-YEAR LOW
DQnews.com
La Jolla, CA.----Bay Area home prices dipped below year-ago levels in November for the second time in three months as sales held steady at a five-year low, a real estate information service reported.
The median price paid for a home in the nine-county Bay Area was $616,000 in November. That was 0.3 percent higher than $614,000 in October but down 1.4 percent from $625,000 in November last year, according to DataQuick Information Systems.
Last month's year-over-year decline was the steepest since prices fell 2.1 percent in February 2002. In September this year the median fell 0.8 percent from last year, marking the first annual decline since March 2002, when prices declined 1.3 percent. In October this year the median went positive slightly, up 0.5 percent from a year ago.
Last month's median was 4.3 percent below the $644,000 June peak. Much of the drop is seasonal: summer buyers pay around 3 percent more for their homes than those who purchase between November and February.
"Right now it looks like the Bay Area market is settling in on a price level that could last until spring. What happens after that depends on broader economic factors including interest rates, job growth and household incomes. As prices stabilize and sellers get real about asking prices, a lot of the fence-sitters will jump in. We could see a moderate increase in sales counts," said Marshall Prentice, DataQuick president.
A total of 7,204 new and resale houses and condos sold in the Bay Area last month. That was down 9.7 percent from 7,979 sales in October, and down 25.9 percent from 9,717 in November last year. A decline from October to November is normal for the season.
Last month's sales count was the lowest for any November since 2001, when 6,644 homes sold. Since 1988, November sales have ranged from 5,579 in 1994 to 10,897 in 2004. The average is 7,725.
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,865 last month. That was down from $2,901 in October, and down from $2,921 for November a year ago. It peaked in June at $3,183. Adjusted for inflation, mortgage payments are 12.9 percent higher than they were at the peak of the prior cycle in early 1990.
Indicators of market distress are still at a moderate level. Financing with adjustable-rate mortgages is flat. Foreclosure activity is rising but is still within the normal range. Down payment sizes are stable, as are flipping rates and non-owner occupied buying activity, DataQuick reported.
All Homes | No Sold | No Sold | Pct. | Median | Median | Pct. |
Alameda | 2,009 | 1,441 | -28.3% | $587K | $581K | -1.0% |
Contra Costa | 1,961 | 1,406 | -28.3% | $589K | $562K | -4.6% |
Marin | 361 | 268 | -25.8% | $809K | $841K | 4.0% |
Napa | 183 | 125 | -31.7% | $605K | $596K | -1.5% |
San Francisco | 594 | 441 | -25.8% | $749K | $754K | 0.7% |
San Mateo | 756 | 581 | -23.1% | $733K | $726K | -1.0% |
Santa Clara | 2,394 | 1,846 | -22.9% | $653K | $665K | 1.8% |
Solano | 774 | 565 | -27.0% | $490K | $446K | -9.0% |
Sonoma | 685 | 531 | -22.5% | $574K | $530K | -7.7% |
Bay Area | 9,717 | 7,204 | -25.9% | $625K | $616K | -1.4% |
DataQuick Information Systems, www.DQNews.com
WHAT DID YOUR NEIGHBORS’ HOUSE SELL FOR?
The Neighborhood Homes Sold listing is a weekly reader feature of the Sunday San Francisco Chronicle and is provided by California REsource, a title abstracting company. The data posted here is typically months after the property officially sold. This is the public data available in the published tax records. The home addresses, sales price, number of bedrooms, square footage and the year the homes were built are based on information supplied from Bay Area counties' property transaction records which, in some cases, may not be complete.
Neither The Chronicle nor California REsource guarantees the completeness or accuracy of the information. Questions or requests for additional information should be directed to Cal Resource
Click on the following links to see what price homes sold for in your neighborhood:
November 26, 2006: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/11/26/REHS_marin.txt
December 3rd 2006: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/03/REHS_marin.txt
December 10th, 2006: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/10/REHS_marin.txt
Previous editions of Neighborhood Homes Sold
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
FED HOLDS FEDERAL FUNDS RATE AT 5.25 PERCENT
December 12, 2006 The Federal Reserve's Open Market Committee this week announced it would maintain the target for the federal funds rate at 5.25 percent. This is the fourth consecutive month the committee opted not to raise the target rate, which increased from 1 percent to 5.25 percent between June 2004 and July 2006. The federal funds target rate is the interest rate charged by banks when they borrow funds "overnight" from each other.
Citing the cooling housing market as a factor for the slower economic growth, the Fed also reported higher levels of inflation. "However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand," the Fed said in a prepared statement.
The Fed also indicated the possibility of future interest rate increases, acknowledging that "some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."
CALIFORNIA VOTERS CONCERNED ABOUT STATE'S FUTURE
Voters in the Golden State last month approved the largest bond package in state history because they are concerned about California's future, according to a recent post-election survey conducted by the Public Policy Institute of California. While 53 percent of those surveyed indicated they believe the state is headed in the right direction, up from 23 percent in 2005, voters are not completely satisfied. A majority of voters view the $37.3 billion infrastructure bonds package, which authorized spending for highway rehabilitation projects, state housing initiatives, flood protection, and levee repair, to be a "down payment rather than mission accomplished," according to PPIC Survey Director Mark Baldassare. Voters do not believe state funding for such projects is adequate, and 51 percent of voters believe California will be a worse place to live twenty years from now than it is today, according to the survey.
Despite Californians' concerns about the state's condition in coming years, voters also recognized the renewed relationship between Governor Schwarzenegger and the state legislature. Thirty percent of voters said November's election made them feel better about California politics, up from 21 percent in 2005. Additionally, 53 percent approve the way the governor and state legislature are working together.
Source: PPIC.org http://www.ppic.org/main/pressrelease.asp?i=659
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MOST U.S. HOUSING MARKETS TO EXPERIENCE SLUGGISH EXPANSION IN 2007
A gradual increase in existing home sales is expected throughout 75 percent of the country in 2007, while the remaining areas will continue to see a slowdown during the first part of the year, according to NAR's year-end forecast. National existing home sales are anticipated to reach 6.40 million in 2007, down 1 percent from this year's expected 6.47 million. With rising construction costs and lower levels of builder activity, the Association projects a larger decline in new home sales, which are forecasted to fall 9.4 percent to 957,000 next year. Median home prices for both existing and new homes are expected to register slight increases in the coming year, forecasted at $224,700 and $241,700, respectively.
"Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity," said NAR Chief Economist David Lereah. "These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced."
Source: Realtor.org
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BEST MORTGAGES IN TODAY'S MARKET
By: Jack Guttentag
"Are some types of mortgages priced better for the borrower than others?"
If you qualify for prime lending terms, there isn't much reason to select an adjustable-rate mortgage (ARM) in the current market. For most such borrowers, the temporary rate benefit in the early years is too small to justify the risk of higher rates later on.
This is a consequence of what has been referred to as a "flattening of the (bond) yield curve." The yield curve is a graph that shows, at any given time, how the yield varies with the period to maturity. A flat yield curve means that yields on long-term bonds are not much higher than those on short-term notes.
Bond markets affect mortgage markets, and vice versa, because a large part of all new mortgages are converted into mortgage-backed securities (MBSs), which investors view as close substitutes for government securities and high-quality corporate bonds. Developments in the MBS market, in turn, are immediately reflected in the primary mortgage market where individual borrowers obtain their loans.
When the bond yield curve flattens, the mortgage yield curve facing borrowers flattens as well. This means a marked reduction in the rate differences between fixed-rate mortgages (FRMs) and ARMs. It also means smaller rate differences between FRMs with different terms.
I did my own online rate survey on Oct. 8. It covered what loan originators call a "cream-puff" loan -- one with no complications. It was a no-cash refinance for $320,000 on a single-family property used as permanent residence and valued at $400,000, to a borrower with good credit who can fully document an adequate income. I used the 30-year fixed-rate mortgage as the base, and measured rate differences with other mortgage types when points and other loan fees were the same.
The most interesting result was that the rate on the 30-year FRM was only .25 percent higher than that on a 3/1 ARM -- for example, 6 percent compared with 5.75 percent. The lower rate on this ARM holds for three years, after which it is adjusted on an annual schedule.
More likely than not, the rate on this ARM will increase at the first adjustment. The new rate will be the value of the rate index at that time plus a margin, which remains the same over the life of the loan. We don't know what the index will be in three years, but we know that right now it is about 5.25 percent, and a competitive margin is about 2.25 percent. This means that if the market doesn't change over the next three years, the new rate on the ARM will be about 7.5 percent. A .25 percent rate difference for three years hardly seems like adequate compensation for the additional risk.
Since the 3/1 ARM is not a good choice, the same conclusion holds for 5/1, 7/1 and 10/1 ARMs on which the initial rates hold for five, seven and 10 years, respectively. The rate advantage over the 30-year FRM, if any, is smaller than .25 percent.
Among FRMs with different terms, rate differences are much smaller than in years past. The 15-year and 10-year FRMs are priced only about .3 percent and .4 percent, respectively, below the rate on a 30-year. The shorter term FRMs remain the better deal, but the reward for borrowers who can afford the higher payments is smaller than it used to be.
The 40-year FRM, in contrast, is priced at about .4 percent above the 30 and is a poor deal. Borrowers who need a payment below the one on a standard 30-year would do better with the interest-only version of the 30. It is priced only about .1 percent above the standard 30 and carries a lower payment than the 40.
These observations don't apply to subprime borrowers, most of whom will continue to obtain ARMs because they will be offered nothing else. The most common subprime ARM is the 2/1 (the initial rate holds for two years), which will typically have margins of 5 percent or more and carry a penalty for early prepayment.
Another category of borrowers unaffected by recent market changes are those fixated on getting the lowest initial payments available in the market. They will continue to select option ARMs on which the payments don't cover the interest in the early years. Option ARMs carry margins 1 percent to 1.5 percent above those on other ARMs because lenders view the default risk as higher.
Of course, what to the lender is a high risk of default and loss, to the borrower is a high risk of losing the house. Most borrowers who take option ARMs make the minimum payment, which leads inevitably to payment increases down the road that may be too large for the borrower to handle.
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“In essence I had a thoroughly enjoyable, professional and gratifying experience with a person who eventually became a friend. You were clearly interested in my personal life as it applied to the type of home I would be happy in. Even after seeing the house I ultimately bought, you were patient enough to show me additional homes so that I would be comfortable with my decision.
However, it was after we selected the house that I truly benefited from your business skills. The negotiation process, the drafting of the contract, related correspondence and handling the all the details was accomplished with thorough competence and professionalism. The entire experience was thoroughly enjoyable. I truly appreciate how difficult buying a home can be. Yet you handled each obstacle thrown our way by the sellers’ agent, the sellers and the bank with calm assurance and you resolved each issue to my complete satisfaction.
I will be happy to recommend you to all my friends and colleagues who may be buying a house in the future. “
-F Konigsberg
If you would like to have Liz help you sell your Marin home or help you in finding a home, or you know of someone that could benefit from her services, just send her an email:
liz@BayAreaRealEstateSales.com
“High-Touch through High-Tech”: Did you know that Liz McCarthy is ePro Internet Certified by the National Association of Realtors and that 70 percent of home buyers today use the internet in their home search? Why are you still working with a Realtor who isn’t a technology expert?
What this means to you:
Home Buyers: Liz is an expert in helping save you time by using the internet, email and other technology resources to help save your valuable time and money. She knows how busy you are!
Home Sellers: Liz will hire a professional photographer and market your home extensively on the internet: a personal property website (see http://www.417greenfield.com/ or http://www.50milland.com/ for samples), she will post your home on over 50 websites.
FAST FACTS
Marin median price – Nov, 06: $841,000 (Oct, 06: $844,000) [Source: DQNews.com]
Calif. median home price – October 06 $548,680 (September 06: $553,550) [Source: C.A.R.]
Calif. highest median home price Oct 06: Santa Barbara So. Coast $1,115,000 (Aug: $1,025,000) [Source: C.A.R.]
Calif. lowest median home price by C.A.R. region Sep 06: High Desert $328,650 (Oct 06 $329,040) [Source: C.A.R.]
Calif. First-time Buyer Affordability Index - Third Quarter 06: 24 percent [Source: C.A.R.]
Mortgage rates - week ending 12/14/06: (Source: Freddie Mac)
- 30-yr. fixed: 6.12%; Fees/points: 0.4%
- 15-yr. fixed: 5.86%; Fees/points: 0.5%
- 1-yr. adjustable: 5.43%; Fees/points: 0.7%
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415-250-4929
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