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%.
To read the entire newsletter go to: December newsletter
Saturday, December 15, 2007
Thursday, November 15, 2007
November Marin Real Estate News
MARIN HOME SALES STATISTICS
Recent homes sales even though increasing from prior months are still dismal compared to what we have seen in the 5 previous years. There are thirteen towns in the county that we track and all of them are not showing signs of robust home sales. Sales for October in all of the 13 cities and the Total number of homes listed for sale are as follows:
The number of homes on the market in San Rafael and Novato account for 53% of the total homes actively being markets for sale. The activities in these two areas are extremely low with the percent in contract at 24% for San Rafael and 15.6% for Novato. The Novato percent in contract is one of the lowest I have seen in 5 years. This accounts for some of the turmoil in the Novato market.
On a general note in Marin County, the widening of 101 will be complete in 2008, adding four lanes from the Golden Gate Bridge to Novato. Once this is complete it will open up lots of the congestion on the freeway that is being experienced due to the construction. Many buyers might rethink buying in outlying areas such as Novato if the commute is appreciably easier. Only time will tell.
Home sales bounced back in October from a dismal September, due to the panic in the credit markets. Sales of single-family, re-sale homes rose 26.9% from the month before, but were down 32.5% year-over-year. Year-to-date, home sales are down 5.6%.
The median price for single-family, re-sale homes in Marin County rose 0.7% in October, compared to the month before, up 7.7% year-over-year. The average price fell 10.8% from the new record set in September. Year-over-year, the average price was up 14.1%.
The median price for condos lost 10.6% to $565,000, again, after setting a new record the month before, and it was up 3%, year-over-year. The average price fell 8.3% to $645,813, up 10.5% compared to October 2006. Condo sales were up 36.4% from September, and off 38.8% year-over-year. Year-to-date, condo sales are down 19.1%.
Read the entire newsletter: November Newsletter
Recent homes sales even though increasing from prior months are still dismal compared to what we have seen in the 5 previous years. There are thirteen towns in the county that we track and all of them are not showing signs of robust home sales. Sales for October in all of the 13 cities and the Total number of homes listed for sale are as follows:
The number of homes on the market in San Rafael and Novato account for 53% of the total homes actively being markets for sale. The activities in these two areas are extremely low with the percent in contract at 24% for San Rafael and 15.6% for Novato. The Novato percent in contract is one of the lowest I have seen in 5 years. This accounts for some of the turmoil in the Novato market.
On a general note in Marin County, the widening of 101 will be complete in 2008, adding four lanes from the Golden Gate Bridge to Novato. Once this is complete it will open up lots of the congestion on the freeway that is being experienced due to the construction. Many buyers might rethink buying in outlying areas such as Novato if the commute is appreciably easier. Only time will tell.
Home sales bounced back in October from a dismal September, due to the panic in the credit markets. Sales of single-family, re-sale homes rose 26.9% from the month before, but were down 32.5% year-over-year. Year-to-date, home sales are down 5.6%.
The median price for single-family, re-sale homes in Marin County rose 0.7% in October, compared to the month before, up 7.7% year-over-year. The average price fell 10.8% from the new record set in September. Year-over-year, the average price was up 14.1%.
The median price for condos lost 10.6% to $565,000, again, after setting a new record the month before, and it was up 3%, year-over-year. The average price fell 8.3% to $645,813, up 10.5% compared to October 2006. Condo sales were up 36.4% from September, and off 38.8% year-over-year. Year-to-date, condo sales are down 19.1%.
Read the entire newsletter: November Newsletter
Monday, October 15, 2007
October Marin Real Estate News
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
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
Saturday, September 15, 2007
September Marin Real Estate News
As always, it’s important to view the individual city and price range stats – see the chart below for more details.
For the first time the overall Marin Home Sales market is in a “Strong Buyers” Market.
The median price for single-family, re-sale homes in Marin County rose 6.6% in August, compared to the month before, up 8% year-over-year. The average price rose 2.5%, up 14.2% year-over-year.
Sales of single-family homes were down 12.3% from July, and were off 26.4% year-over-year. Year-to-date, home sales are up 1.2%. Marin is the only county in the Bay Area with higher home sales this year than last.
The median price for condos fell 16.9% to $490,000, a year-over-year drop of 10.7%. The average price lost 6.4% to $633,204, up 6.4% compared to August 2006. Condo sales rose 2.2% from July, but were down 14.8% year-over-year. Year-to-date, condo sales are off 11.4%.
August is a vacation month and home sales typically are slower than in other months. The activity since Labor Day shows that buyer's are in the market.
As you can see from the summary numbers in the report, median prices rose but the number of units sold are down over 26% from the prior year. This is a sign of uncertainty. Many sellers have pulled their homes off the market and are waiting for the market to stabilize. Many buyers are having an issue with the increased mortgage rates and are waiting for the Fed to lower the discount rate. I will give everyone an update at the end of the month. As always, drop me an email with any questions or call me at 415-250-4929.
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!
MARIN HOME SALES DROP, BUT MEDIAN PRICE IS UP
Marin's median home price hit the $1 million mark again last month, but sales of homes slid more than 32 percent compared with this time last year, a real estate research firm reported Thursday.
August's median price for single-family homes rose 8.7 percent from August 2006, when the median price was $920,000. The median price for condominiums in Marin last month - $520,000 - dropped 4.8 percent from $546,500 in August 2006.
The rise in the median - which has hit the $1 million mark three times this year - combined with the decline in volume signals a stable luxury market making up for the lagging low end that has been most affected by the mortgage meltdown, analysts said.
Yet to fully play out is the impact tighter lending practices, including restrictions this summer on jumbo loans over $417,000, have had on markets such as Marin, DataQuick analyst Andrew LePage said.
In Marin, 76.9 percent of borrowers took out jumbo loans in August. In the last week of the month, that number dropped to 69.1 percent, LePage said. "You can say that the jumbo situation had some impact on sales," he said. "It was not a large one - it was noticeable in the last week of the month. What's unclear is if this is the beginning of a trend."
Bay Area homes sold at the slowest pace in 15 years last month as market uncertainty intensified, forcing more buyers, sellers and lenders to the sidelines. Prices remained flat at the regional level but there were local variations, a real estate information service reported.
A total of 7,299 new and resale houses and condos were sold in the nine-county Bay Area in August. That was down 1.7 percent from 7,423 in July, and down 24.9 percent from 9,713 for August a year ago, according to DataQuick Information Systems.
Sales have decreased on a year-over-year basis the last 31 months. Sales last month were the lowest for any August since 1992 when 6,688 homes were sold. The strongest August in DataQuick's statistics, which go back to 1988, was in 2004 when 13,940 homes were sold. The August average is 10,170.
"Homes in the Bay Area are more expensive than elsewhere and most of them are financed with 'jumbo' mortgages. The turbulence in the mortgage markets has made it more difficult to get this type of financing. The question is: does this pull the plug on some market activity, or does it just slow things down? We won't know the answer for a few months," said Marshall Prentice, DataQuick president.
The median price paid for a Bay Area home was $655,000 last month. That was down 1.5 percent from the June and July peak of $665,000, and up 4.0 percent from $630,000 for August a year ago. The median was down in Solano, Sonoma and Napa counties and flat or up in the other counties.
Foreclosure resales accounted for 4.8 percent of August's sales activity, up from 4.5 percent in July, and up from 1.2 percent in August of last year. Foreclosure resales do not yet have a regional effect on prices.
Other indicators of market distress continue to move in different directions. Financing with adjustable-rate mortgages is flat, financing with multiple mortgages has declined significantly. Down payment sizes are stable, flipping rates and non-owner occupied buying activity is flat, DataQuick reported.
To read the entire September newsletter go to: September Real Estate Newsletter
Find out more great info on Marin Real Estate: www.bayarearealestatesales.com
For the first time the overall Marin Home Sales market is in a “Strong Buyers” Market.
The median price for single-family, re-sale homes in Marin County rose 6.6% in August, compared to the month before, up 8% year-over-year. The average price rose 2.5%, up 14.2% year-over-year.
Sales of single-family homes were down 12.3% from July, and were off 26.4% year-over-year. Year-to-date, home sales are up 1.2%. Marin is the only county in the Bay Area with higher home sales this year than last.
The median price for condos fell 16.9% to $490,000, a year-over-year drop of 10.7%. The average price lost 6.4% to $633,204, up 6.4% compared to August 2006. Condo sales rose 2.2% from July, but were down 14.8% year-over-year. Year-to-date, condo sales are off 11.4%.
August is a vacation month and home sales typically are slower than in other months. The activity since Labor Day shows that buyer's are in the market.
As you can see from the summary numbers in the report, median prices rose but the number of units sold are down over 26% from the prior year. This is a sign of uncertainty. Many sellers have pulled their homes off the market and are waiting for the market to stabilize. Many buyers are having an issue with the increased mortgage rates and are waiting for the Fed to lower the discount rate. I will give everyone an update at the end of the month. As always, drop me an email with any questions or call me at 415-250-4929.
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!
MARIN HOME SALES DROP, BUT MEDIAN PRICE IS UP
Marin's median home price hit the $1 million mark again last month, but sales of homes slid more than 32 percent compared with this time last year, a real estate research firm reported Thursday.
August's median price for single-family homes rose 8.7 percent from August 2006, when the median price was $920,000. The median price for condominiums in Marin last month - $520,000 - dropped 4.8 percent from $546,500 in August 2006.
The rise in the median - which has hit the $1 million mark three times this year - combined with the decline in volume signals a stable luxury market making up for the lagging low end that has been most affected by the mortgage meltdown, analysts said.
Yet to fully play out is the impact tighter lending practices, including restrictions this summer on jumbo loans over $417,000, have had on markets such as Marin, DataQuick analyst Andrew LePage said.
In Marin, 76.9 percent of borrowers took out jumbo loans in August. In the last week of the month, that number dropped to 69.1 percent, LePage said. "You can say that the jumbo situation had some impact on sales," he said. "It was not a large one - it was noticeable in the last week of the month. What's unclear is if this is the beginning of a trend."
Bay Area homes sold at the slowest pace in 15 years last month as market uncertainty intensified, forcing more buyers, sellers and lenders to the sidelines. Prices remained flat at the regional level but there were local variations, a real estate information service reported.
A total of 7,299 new and resale houses and condos were sold in the nine-county Bay Area in August. That was down 1.7 percent from 7,423 in July, and down 24.9 percent from 9,713 for August a year ago, according to DataQuick Information Systems.
Sales have decreased on a year-over-year basis the last 31 months. Sales last month were the lowest for any August since 1992 when 6,688 homes were sold. The strongest August in DataQuick's statistics, which go back to 1988, was in 2004 when 13,940 homes were sold. The August average is 10,170.
"Homes in the Bay Area are more expensive than elsewhere and most of them are financed with 'jumbo' mortgages. The turbulence in the mortgage markets has made it more difficult to get this type of financing. The question is: does this pull the plug on some market activity, or does it just slow things down? We won't know the answer for a few months," said Marshall Prentice, DataQuick president.
The median price paid for a Bay Area home was $655,000 last month. That was down 1.5 percent from the June and July peak of $665,000, and up 4.0 percent from $630,000 for August a year ago. The median was down in Solano, Sonoma and Napa counties and flat or up in the other counties.
Foreclosure resales accounted for 4.8 percent of August's sales activity, up from 4.5 percent in July, and up from 1.2 percent in August of last year. Foreclosure resales do not yet have a regional effect on prices.
Other indicators of market distress continue to move in different directions. Financing with adjustable-rate mortgages is flat, financing with multiple mortgages has declined significantly. Down payment sizes are stable, flipping rates and non-owner occupied buying activity is flat, DataQuick reported.
To read the entire September newsletter go to: September Real Estate Newsletter
Find out more great info on Marin Real Estate: www.bayarearealestatesales.com
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
Tuesday, May 15, 2007
May Marin Real Estate News
The median price for single-family, re-sale homes in Marin County rose 8% in April, compared to the month before, and set a new record of $1,080,000. This is 9.6% higher than last April. The average price gained 7.4%, up 10% year-over-year.
Sales of single-family homes were up 22.5% from March, up 9.3% year-over-year.
The median price for condos fell 8.9% to $549,500, a year-over-year gain of 0.9%. The average price fell 7.6% to $591,536, down 5.8% compared to April 2006. Condo sales dropped 23.6% from March, and were down 30% 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 8th 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': Novato, San Rafael and Tiburon are the in that "Buyers Market" category and Belvedere, Ross, Sausalito are all in a "Strong Buyers" market. On the other hand, Corte Madera, Fairfax, Greenbrae, Larkspur and San Anselmo are all in a "Sellers" market; Mill Valley is in a "Balanced Market", but is close to a Sellers Market. As I indicated last month the spring market has "heated up" again where multiple offers are once again becoming commonplace.
Homes priced under $1M and over $1M are all in a "Buyers Market", whereas homes priced from $1M to $1.5M are in 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 areas like: Anywhere you can walk to town in Mill valley, Larkspur, 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.
For the whole May Newsletter, charts, graphs and more, go to: May 2007 Newsletter
Sales of single-family homes were up 22.5% from March, up 9.3% year-over-year.
The median price for condos fell 8.9% to $549,500, a year-over-year gain of 0.9%. The average price fell 7.6% to $591,536, down 5.8% compared to April 2006. Condo sales dropped 23.6% from March, and were down 30% 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 8th 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': Novato, San Rafael and Tiburon are the in that "Buyers Market" category and Belvedere, Ross, Sausalito are all in a "Strong Buyers" market. On the other hand, Corte Madera, Fairfax, Greenbrae, Larkspur and San Anselmo are all in a "Sellers" market; Mill Valley is in a "Balanced Market", but is close to a Sellers Market. As I indicated last month the spring market has "heated up" again where multiple offers are once again becoming commonplace.
Homes priced under $1M and over $1M are all in a "Buyers Market", whereas homes priced from $1M to $1.5M are in 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 areas like: Anywhere you can walk to town in Mill valley, Larkspur, 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.
For the whole May Newsletter, charts, graphs and more, go to: May 2007 Newsletter
Saturday, April 28, 2007
Marin Homes For Sale
Are you looking to make the move to Marin?
The following links will take you to home searches for different cities in Marin.
All search results are displayed from the highest price to the lowest price. You can scroll through pages at a time.
Belvedere homes for sale: Belvedere Homes For Sale
Corte Madera homes for sale: Corte Madera Homes For Sale
Fairfax homes for Sale: Fairfax Homes For Sale
Greenbrae homes for sale: Greenbrae Homes For Sale
Kentfield homes for sale: Kentfield Homes For Sale
Larkspur homes for sale: Larkspur Homes For Sale
Mill Valley homes for sale: Mill Valley Homes For Sale
Novato homes for Sale: Novato Homes For Sale
Ross homes for sale: Ross Homes For Sale
San Anselmo homes for sale: San Anselmo Homes For Sale
San Rafael HOMES for sale: San Rafael Homes For Sale
San Rafael CONDOS for sale: San Rafael Condos For Sale
Sausalito homes for sale: Sausalito Homes For Sale
Tiburon homes for sale: Tiburon Homes For Sale
FREE MARIN HOME SEARCH TOOLS
Free public website MLS access. You can set it up to automatically email you matching homes that fit your criteria. You can access this free MLS search here: Search for properties
If you don't yet have a Marin agent helping you, I would be more than happy to help. Please don't hesitate to contact me. I'd be more than happy to show you ANY of these homes, or give you a free home market evaluation- just give me a call!
Liz McCarthy
"High-Touch through High-Tech"
Broker, e-Pro Internet Certified
www.BayAreaRealEstateSales.com
Liz@BayAreaRealEstateSales.com
415-250-4929
Vision Real Estate
The following links will take you to home searches for different cities in Marin.
All search results are displayed from the highest price to the lowest price. You can scroll through pages at a time.
Belvedere homes for sale: Belvedere Homes For Sale
Corte Madera homes for sale: Corte Madera Homes For Sale
Fairfax homes for Sale: Fairfax Homes For Sale
Greenbrae homes for sale: Greenbrae Homes For Sale
Kentfield homes for sale: Kentfield Homes For Sale
Larkspur homes for sale: Larkspur Homes For Sale
Mill Valley homes for sale: Mill Valley Homes For Sale
Novato homes for Sale: Novato Homes For Sale
Ross homes for sale: Ross Homes For Sale
San Anselmo homes for sale: San Anselmo Homes For Sale
San Rafael HOMES for sale: San Rafael Homes For Sale
San Rafael CONDOS for sale: San Rafael Condos For Sale
Sausalito homes for sale: Sausalito Homes For Sale
Tiburon homes for sale: Tiburon Homes For Sale
FREE MARIN HOME SEARCH TOOLS
Free public website MLS access. You can set it up to automatically email you matching homes that fit your criteria. You can access this free MLS search here: Search for properties
If you don't yet have a Marin agent helping you, I would be more than happy to help. Please don't hesitate to contact me. I'd be more than happy to show you ANY of these homes, or give you a free home market evaluation- just give me a call!
Liz McCarthy "High-Touch through High-Tech"
Broker, e-Pro Internet Certified
www.BayAreaRealEstateSales.com
Liz@BayAreaRealEstateSales.com
415-250-4929
Vision Real Estate
April 2007 Marin Real Estate News
To view the stats for this month: April 2007 Marin Real Estate Home Sales
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 7th month in a row, the Marin overall real estate market is in a “Buyers Market.” We are still hovering close to a Balanced 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’, only Greenbrae, Sausalito and Tiburon are the only cities still in that “Buyers” market. Fairfax is again (for the 2nd month in a row) in a Sellers market! This is the time to sell your Fairfax home. I believe this is the case because Fairfax has tended to be slightly less on the average sales. Kentfield, Larkspur and Mill Valley are all in a “Sellers Market.” Corte Madera, Ross, San Anselmo, and San Rafael are all in a “Balanced Market.
Homes priced from $500,000 to $1.5M are all in a “Balanced Market”. 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.
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.
Recent local head lines are still selling newspapers, but when you drill down on articles you’ll find that the Marin real estate market hasn’t been affected by junk-bonds and foreclosures. For example, a recent Marin Independent Journal headline touted: Mortgage defaults up 55 % in Marin” “The number of home foreclosures initiated in Marin from January to March increased 55 percent over the first quarter of last year, a leading real estate research firm reported Monday.” but then the article continued to say: But Marin continued to enjoy one of the lowest default rates among California counties, according to DataQuick Information Systems.” DataQuick also said mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties.
Defaults were most likely in Sacramento, Riverside and San Joaquin counties.
John Karevoll, an analyst with DataQuick, said the level of defaults and foreclosures in the Bay Area is still too low to drag down housing prices. But in the Central Valley and in Southern California's Inland Empire, there are enough foreclosures that any sign of recession could pose a big problem for housing prices there, he said.
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!
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
Thursday, March 15, 2007
March 2007 Marin Real Estate Report
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 6th month in a row, the Marin overall real estate market is in a “Buyers Market.”
I feel that there has been a big shift in the market the last month. Unlike the last few months, there are approximately 100 LESS homes for sale this March (688) then there were in March 2006 (782). The percentage of homes in contract was very similar to February (28.78%) It is almost a Balanced Market (30%) and is fairly close to that of a year ago, when 34% of available Marin homes were in contract. As I predicted in last month’s newsletter the market seems to be more active, and other agents have confirmed this to me.
I believe that the market is going to continue to heat up. I personally know of at least 5 multiple offer situations in just the last week. A fixer property in Corte Madera ($1M) had 9 offers, a $1.7M fixer in Tiburon at 6 offers, and 2 completely rebuilt properties priced over $2M had over 2 offers each. I believe there were actually many more multiple offers
The overall Marin Real Estate market is in a “Buyers” market, where almost 29% of all listed homes are in contract, there are some interesting facts to note: Fairfax surprisingly heated up to an Extreme Sellers market, Corte Madera, Greenbrae and Larkspur (Central Marin) are all in a “Sellers Market”. Mill Valley and San Rafael are both in a “Balanced Market”, Kentfield, Novato, Ross, San Anselmo, Ross, and Tiburon are all in a “Buyers Market.” Belvedere and Sausalito both seem to be in the worse shape, as they are in a “Strong Buyers” market.
As far as price range break-down: as I mentioned earlier, the homes priced under $500,000 (are there any in Marin?) are in a Strong Buyers market, but this month, homes priced from $500K to $749 are in a Sellers Market. Homes priced from $750,000 to $1.99M are in a balanced market. What is very interesting to note is that homes in the $2M to $3M range are in a Balanced Market. Homes over $3M are in a Strong Buyers market.
To see the March 2005 Stats, click here: Marin March 2007 Real Estate Stats
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!
Thursday, February 15, 2007
February 2007 Marin Real Estate News
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 5th month in a row, the Marin overall real estate market is in a “Buyers Market.”
There are just over 100 more Marin homes for sale this February (893) then there were in February 2006 (782). The percentage of homes in contract went substantially (29.34% as compared to last month (23.89%). It is almost a Balanced Market (30%) and is fairly close to that of a year ago, when 34% of available Marin homes were in contract. As I predicted in last month’s newsletter the market seems to be more active, and other agents have confirmed this to me.
I believe that the market is going to continue to heat up. I think because interest rates have stabilized and the talk of the housing bubble has cooled down a bit that there is some pent up demand for homes (at least in Marin County). I think that there is again some pent up demand from last year when the market seemed to be unstable. However, interest rates are higher than they were a year ago, and this seems to have greatly affected the lowest end of the market (homes under $500,000) are in a strong Buyers Market. Again, this is just my $.02. I’d love to hear your thoughts!
The overall Marin Real Estate market is in a “Buyers” market, where almost 29% of all listed homes are in contract, there are some interesting facts to note: Greenbrae is in an Extreme Sellers market – this means: If you are looking to buy a Greenbrae home, don’t be expecting any “bargains”, and if you are looking to sell a Greenbrae home, this is the time! Corte Madera, Fairfax, Mill valley and for the first time in a while, San Anselmo are all in Sellers Markets!! This is really big news. Ross, on the other hand is in a Strong Buyers Market.
As far as price range break-down: as I mentioned earlier, the homes priced under $500,000 (are there any in marin?) are in a Strong Buyers market. The Sellers market homes priced from $500K to $750K. Homes priced from $750,000 to $1M are in a Balanced market, and Homes priced from $1M to $4M are in a Buyers Market.
To view the chart for this month: February Mari Home Sales Stats
2006 Year in Review
After a year of media headlines shouting “The Bubble is about to burst”, “Home prices being slashed,” and so on, I was surprised to discover that as 2006 has come to a close the Median Marin home price WENT UP in 2006. (Not a lot, but it did go up a very small amount (down slightly for single family homes and up slightly for condos). These are just my informal statistics, pulling data from our local MLS system (BAREIS). But I showed that in 2005, the Median home price (including Condos and Single Family Residences) was $850,000 and for 2006 it is $864,000.
I created charts for 2006 showing the average and median Marin home prices with Condos broken out from Single Family Residences. To view these charts, go to: 2006 Marin Real Estate Stats and click on the charts titled: Marin County Average and Median Home Prices. Additionally, I’ve included link to additional charts with average home prices broken down by city and by month. There is a lot of good data here for you to review in your spare time!
Now that 2007 is here, I was surprised to see a lot of Marin Real Estate activity already. I had some clients put an offer in on a well priced $1,000,000 home this week, and we competed against 8 offers!! Yes 8 offers! As I’ve always mentioned, there seems to be a continued shortage of well-priced homes in Marin, especially in areas like Mill Valley that has so much to offer. Additionally, at an open house I held open this last weekend, I had over 25 groups of buyers through to view the $1.4 Million dollar property.
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 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!
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 5th month in a row, the Marin overall real estate market is in a “Buyers Market.”
There are just over 100 more Marin homes for sale this February (893) then there were in February 2006 (782). The percentage of homes in contract went substantially (29.34% as compared to last month (23.89%). It is almost a Balanced Market (30%) and is fairly close to that of a year ago, when 34% of available Marin homes were in contract. As I predicted in last month’s newsletter the market seems to be more active, and other agents have confirmed this to me.
I believe that the market is going to continue to heat up. I think because interest rates have stabilized and the talk of the housing bubble has cooled down a bit that there is some pent up demand for homes (at least in Marin County). I think that there is again some pent up demand from last year when the market seemed to be unstable. However, interest rates are higher than they were a year ago, and this seems to have greatly affected the lowest end of the market (homes under $500,000) are in a strong Buyers Market. Again, this is just my $.02. I’d love to hear your thoughts!
The overall Marin Real Estate market is in a “Buyers” market, where almost 29% of all listed homes are in contract, there are some interesting facts to note: Greenbrae is in an Extreme Sellers market – this means: If you are looking to buy a Greenbrae home, don’t be expecting any “bargains”, and if you are looking to sell a Greenbrae home, this is the time! Corte Madera, Fairfax, Mill valley and for the first time in a while, San Anselmo are all in Sellers Markets!! This is really big news. Ross, on the other hand is in a Strong Buyers Market.
As far as price range break-down: as I mentioned earlier, the homes priced under $500,000 (are there any in marin?) are in a Strong Buyers market. The Sellers market homes priced from $500K to $750K. Homes priced from $750,000 to $1M are in a Balanced market, and Homes priced from $1M to $4M are in a Buyers Market.
To view the chart for this month: February Mari Home Sales Stats
2006 Year in Review
After a year of media headlines shouting “The Bubble is about to burst”, “Home prices being slashed,” and so on, I was surprised to discover that as 2006 has come to a close the Median Marin home price WENT UP in 2006. (Not a lot, but it did go up a very small amount (down slightly for single family homes and up slightly for condos). These are just my informal statistics, pulling data from our local MLS system (BAREIS). But I showed that in 2005, the Median home price (including Condos and Single Family Residences) was $850,000 and for 2006 it is $864,000.
I created charts for 2006 showing the average and median Marin home prices with Condos broken out from Single Family Residences. To view these charts, go to: 2006 Marin Real Estate Stats and click on the charts titled: Marin County Average and Median Home Prices. Additionally, I’ve included link to additional charts with average home prices broken down by city and by month. There is a lot of good data here for you to review in your spare time!
Now that 2007 is here, I was surprised to see a lot of Marin Real Estate activity already. I had some clients put an offer in on a well priced $1,000,000 home this week, and we competed against 8 offers!! Yes 8 offers! As I’ve always mentioned, there seems to be a continued shortage of well-priced homes in Marin, especially in areas like Mill Valley that has so much to offer. Additionally, at an open house I held open this last weekend, I had over 25 groups of buyers through to view the $1.4 Million dollar property.
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 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!
Monday, January 15, 2007
January 2007 Newsletter
MARIN HOME SALES STATISTICS
2006 Year in Review
After a year of media headlines shouting “The Bubble is about to burst”, “Home prices being slashed,” and so on, I was surprised to discover that as 2006 has come to a close the Median Marin home price WENT UP in 2006. (Not a lot, but it did go up a very small amount (down slightly for single family homes and up slightly for condos). These are just my informal statistics, pulling data from our local MLS system (BAREIS). But I showed that in 2005, the Median home price (including Condos and Single Family Residences) was $850,000 and for 2006 it is $864,000.
I created charts for 2006 showing the average and median Marin home prices with Condos broken out from Single Family Residences. To view these charts, go to: 2006 Marin Home Sales and click on the charts titled: Marin County Average and Median Home Prices. Additionally, I’ve included link to additional charts with average home prices broken down by city and by month. There is a lot of good data here for you to review in your spare time!
Now that 2007 is here, I was surprised to see a lot of Marin Real Estate activity already. I had some clients put an offer in on a well priced $1,000,000 home this week, and we competed against 8 offers!! Yes 8 offers! As I’ve always mentioned, there seems to be a continued shortage of well-priced homes in Marin, especially in areas like Mill Valley that has so much to offer. Additionally, at an open house I held open this last weekend, I had over 25 groups of buyers through to view the $1.4 Million dollar property.
Monthly Stats
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 4th month in a row, the Marin overall real estate market is in a “Buyers Market.”
There are 110 more Marin homes for sale this January (720) then there were in January 2006 (611). The percentage of homes in contract went down slightly as compared to last month, but is considerably higher than 12 months ago, (when only 19% of available Marin homes were in contract). 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.
I believe that the market is going to start heating up. I’m basing this on the fact that in just these first few weeks of the year, I’ve received a lot of phone calls from interested buyers on listings, and I held a $1.5 Million dollar home in San Rafael yesterday and I saw no less than 28 parties come trough to view the home. I think because interest rates have stabilized and the talk of the housing bubble has cooled down a bit that there is some pent up demand for homes (at least in Marin County). Again, this is just my $.02. I’d love to hear your thoughts!
Although the overall Marin Real Estate market is in a “Buyers” market, where almost 24% of all listed homes are in contract, there are some interesting facts to note: Greenbrae and Kentfield are both in a Sellers Market this month, and homes priced from $2,000,000 to $2,500,000 are in a Balanced Market!
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!
To view this months stats go to:
January Marin Home Sales
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 Home Sales Stats.
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!
FAST FACTS
Marin median home price– 1/1/06 – 12/31/06: $864,000 [Source: BAREIS]
Marin average home price- 1/1/06 – 12/31/06: $1,089,129 [Source: BAREIS]
Marin median SFR home price – 1/1/06 – 12/31/06: $$956,000 [Source: BAREIS]
Marin median condo price – 1/1/06 – 12/31/06: $$548,000 [Source: BAREIS]
Calif. median home price –November 06: $555,290) (October 06 $548,680) [Source: C.A.R.]
Calif. highest median home price Nov 06: Santa Barbara So. Coast $1,083,000 [Source: C.A.R.]
Calif. lowest median home price by C.A.R. region Nov 06: High Desert $332,340 [Source: C.A.R.]
Calif. First-time Buyer Affordability Index - Third Quarter 06: 24 percent [Source: C.A.R.]
Mortgage rates - week ending 1/11/07: (Source: Freddie Mac)
· 30-yr. fixed: 6.21%; Fees/points: 0.4%
· 15-yr. fixed: 5.96%; Fees/points: 0.4%
· 1-yr. adjustable: 5.42%; Fees/points: 0.6%
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
Be sure to check out all the other great content & features of my website:
www.BayAreaRealEstateSales.com
2006 Year in Review
After a year of media headlines shouting “The Bubble is about to burst”, “Home prices being slashed,” and so on, I was surprised to discover that as 2006 has come to a close the Median Marin home price WENT UP in 2006. (Not a lot, but it did go up a very small amount (down slightly for single family homes and up slightly for condos). These are just my informal statistics, pulling data from our local MLS system (BAREIS). But I showed that in 2005, the Median home price (including Condos and Single Family Residences) was $850,000 and for 2006 it is $864,000.
I created charts for 2006 showing the average and median Marin home prices with Condos broken out from Single Family Residences. To view these charts, go to: 2006 Marin Home Sales and click on the charts titled: Marin County Average and Median Home Prices. Additionally, I’ve included link to additional charts with average home prices broken down by city and by month. There is a lot of good data here for you to review in your spare time!
Now that 2007 is here, I was surprised to see a lot of Marin Real Estate activity already. I had some clients put an offer in on a well priced $1,000,000 home this week, and we competed against 8 offers!! Yes 8 offers! As I’ve always mentioned, there seems to be a continued shortage of well-priced homes in Marin, especially in areas like Mill Valley that has so much to offer. Additionally, at an open house I held open this last weekend, I had over 25 groups of buyers through to view the $1.4 Million dollar property.
Monthly Stats
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 4th month in a row, the Marin overall real estate market is in a “Buyers Market.”
There are 110 more Marin homes for sale this January (720) then there were in January 2006 (611). The percentage of homes in contract went down slightly as compared to last month, but is considerably higher than 12 months ago, (when only 19% of available Marin homes were in contract). 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.
I believe that the market is going to start heating up. I’m basing this on the fact that in just these first few weeks of the year, I’ve received a lot of phone calls from interested buyers on listings, and I held a $1.5 Million dollar home in San Rafael yesterday and I saw no less than 28 parties come trough to view the home. I think because interest rates have stabilized and the talk of the housing bubble has cooled down a bit that there is some pent up demand for homes (at least in Marin County). Again, this is just my $.02. I’d love to hear your thoughts!
Although the overall Marin Real Estate market is in a “Buyers” market, where almost 24% of all listed homes are in contract, there are some interesting facts to note: Greenbrae and Kentfield are both in a Sellers Market this month, and homes priced from $2,000,000 to $2,500,000 are in a Balanced Market!
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!
To view this months stats go to:
January Marin Home Sales
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 Home Sales Stats.
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!
FAST FACTS
Marin median home price– 1/1/06 – 12/31/06: $864,000 [Source: BAREIS]
Marin average home price- 1/1/06 – 12/31/06: $1,089,129 [Source: BAREIS]
Marin median SFR home price – 1/1/06 – 12/31/06: $$956,000 [Source: BAREIS]
Marin median condo price – 1/1/06 – 12/31/06: $$548,000 [Source: BAREIS]
Calif. median home price –November 06: $555,290) (October 06 $548,680) [Source: C.A.R.]
Calif. highest median home price Nov 06: Santa Barbara So. Coast $1,083,000 [Source: C.A.R.]
Calif. lowest median home price by C.A.R. region Nov 06: High Desert $332,340 [Source: C.A.R.]
Calif. First-time Buyer Affordability Index - Third Quarter 06: 24 percent [Source: C.A.R.]
Mortgage rates - week ending 1/11/07: (Source: Freddie Mac)
· 30-yr. fixed: 6.21%; Fees/points: 0.4%
· 15-yr. fixed: 5.96%; Fees/points: 0.4%
· 1-yr. adjustable: 5.42%; Fees/points: 0.6%
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
Be sure to check out all the other great content & features of my website:
www.BayAreaRealEstateSales.com
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.
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
“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%
FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes
Be sure to check out all the other great content & features of my website:
http://www.bayarearealestatesales.com/
The Bay Area Real Estate Newsletter is provided to you by:
Liz McCarthy
Real Estate Broker, e-PRO certified
Liz@BayAreaRealEstateSales.com
415-250-4929
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