|
Town/City
|
Homes for Sale
(Active Listings)
|
Price Range
|
|
Sausalito
|
18
|
$490,000-$18 million
|
|
Belvedere
|
21
|
$1.050 million-$48 million
|
|
Tiburon
|
61
|
$1.095 million-$37 million
|
|
Mill Valley
|
75
|
$685,000-$5.7 million
|
|
Larkspur
|
21
|
$719,000-$2.75 million
|
|
Corte Madera
|
19
|
$625,000-$2.799 million
|
|
Greenbrae
|
8
|
$899,000-$12.539 million
|
|
Kentfield
|
18
|
$1.095 million-$6.95 million
|
|
Ross
|
10
|
$1.05 million-$17.5 million
|
|
San Anselmo
|
48
|
$479,000-$2.695 million
|
|
San Rafael
|
139
|
$375,000-$6.5 million
|
|
Novato
|
140
|
$313,000-$3.199 million
|
Marin County, California, Luxury Homes Report (February 2009–Sales and Inventory Analysis)
February 14, 2009
Over the past few months, notable slowing of the luxury real estate market was apparent nationwide, in the San Francisco Bay Area, and in Marin County. This past month a slight up-tick has emerged in the Marin market as the number of homes in escrow has increased and buyer enthusiasm is improved. Open houses have been busy. Offers are being written. And agents who work the luxury market are noting a more focused approach by buyers. Meanwhile, the national numbers are generally flat or declining. For a detailed accounting of national trends, click here for the February 2009 Market Report from Institute for Luxury Home Marketing. Note, if you would like a similar report relating to any town or zip code in Marin or San Francisco, e-mail me and I will send you a pdf of the report(s)–it is my pleasure to be of service.
The graph below reflects a 90-day rolling average of asking prices for homes in the topmost quartile (e.g. prices of the most expensive homes) in 3 touchstone Marin County cities: Tiburon, Mill Valley, and Kentfield. As you can see, over the past year, prices have declined in each.
Note however, that a few homes in Kentfield marketed early last year were priced at the extreme high end, resulting in an exaggerated shift.
$2 Million to $4 Million Luxury Homes
There are 102 homes on the market between $2 million and $4 million (as predicted this is way up from last month’s 69). Sellers are anxious to get their homes on the market early this year in hopes of getting jump on the market. We’ll see if this pays off. Certainly the number of sales fell off the cliff following the Septemer meltdown — there were 18 sales in October 2008 (these buyers were well into their escrow periods at the time of the meltdown) and just 5 in January 2009 (up one from December 2008).
[Click here for the rest of the report, courtesy of www.ImagineMarin.com.]
Marin County Real Estate Update — February 2009 (Homes For Sale & Price Ranges)
February 13, 2009
As of this writing, the Stimulus Bill and its apparently watered down home buyer tax credit is being finalized. Yet economists and consumers are grim. Ergo, the Marin County, California real estate market continues its slow and steady march into the teeth of a tireless media storm of negativity. Yes, the market overall is fairly slow, but not as slow as it may appear. Sales in Northern Marin’s Novato were up 30% January 2009 over January 2008–as I like to say, "Give Yourself a Raise–Move to Novato!"
The chart below shows a 90-day rolling average of Mill Valley’s new listings and absorbed listings (e.g., sales), comparing current numbers with those of last year. Note that the while the numbers for new listings are about the same, the number of absorbed listings is up in 2009 over 2008. Again, while the wheels of the real estate market are sticking and squeaking, they have not fallen off (although sellers are advised to wear seat belts). If you would like a similar chart for any other town or city in Marin or San Francisco, please let me know.
Obviously, the more stringent underwriting policies of lenders are stifling demand. In addition, I am quite aware that some home buyers are continuing to wait for the perceived bottom, despite the FACT that interest rates are as low as could be realistically expected and prices in many Marin communities and neighborhoods have receded to 2003 or 2004 price levels. As evidenced by frenzied investor activity, particularly in Novato, there is definite traction at the low end. And once prices stabilize at the low end, the rippling effect upwards will follow.
Inventory is up to 583 single family homes for sale (we had about 503 last month) in the Highway 101 corridor (this number excludes Western Marin inventory and condos). Mill Valley has an impressive (for this time of year) 10 new listings on the market. Reports of multiple offers continue–especially on foreclosure properties. I am informed that a condo on the market for 2 brief days had 14 offers last month. That frenzy continues today. Interestingly, one of the most visited pages on any of my websites is an article I wrote a while back on lease-options (a.k.a., rent-to-own properties).
Open houses over the past weekend were swamped, with 20-30 groups filing through one of my listings in Terra Linda (by the way, if you know anyone iterested in an Atrium Eichler on an amazing lot, have them call me) and another 15 groups investigating my new view condo listing in Sausalito. There is definite excitement out there.
The graph below breaks down the current number of homes for sale and price ranges in Marin County’s HWY 101 corridor (e.g., Marin’s coastal communites are not included) in January 2009, along with the price ranges for each town and/or city.
Marin Single Family Homes For Sale
For a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code), please call me any time (I am Kyle Frazier, Marin Realtor & CRS) at (415) 350-9440 or e-mail me at [email protected] . It is always my pleasure to be of service.
Tiburon & Belvedere Real Estate Market Report (February 2009 Home Sales Update)
February 13, 2009
The past few weeks have been glorious on the Tiburon Peninsula and Marin County. My 4 year old daughter Scarlett and I went for a walk with our dog along the rail trail (a former railroad line that is now a bike path skirting the bay) from Blackie’s Pasture last Wednesday and it must have been 75 degrees. The sun was warm and the water azure. Even Carmen (our black lab, if you are curious) seemed content to stroll in a leisurely fashion, enjoying the afternoon. Afterwards we went over to the ice cream shop downtown, took our cones to the grassy area by the ferry terminal and ate. Actually, I tripped, dropped my ice cream, and Carmen eagerly cleaned up the mess. Nevermind that just 2 homes sold in January 2009, this was a perfect day.
Indeed, while this time of year is generally slow in the luxury market of Tiburon and Belvedere, economic considerations are impacting the desire and ability of many folks who would otherwise be inclined to make a purchase. It will be interesting to watch the year unfold. It is likely that many of the homes that were taken off the market during November and December 2008 will re-emerge with adjusted prices (35 homes were withdrawn or expired in the last 2 months of 2008).
As mentioned in my Mill Valley report, price adjusted returning inventory along with the new inventory are likely to propel the market in coming months. I note also that the only 2 homes priced under $1 million in Tiburon and/or Belvedere are currently in escrow–those kinds of deals don’t last very long.
Below is a chart with up to date figures relating to the number of homes on the market in Tiburon and Belvedere, along with the number of homes currently in escrow.
| Price Range | Total Homes | In Escrow |
| to $2 million | 26 | 12% |
| $2 – $3 million | 23 | 9% |
| $3 – $5 million | 22 | 14% |
| $5 – $10 million | 14 | 7% |
| $10 million & up | 5 | 0 |
While there were just 2 sales last month, they averaged 101 days on market, 2,768 square feet (about $870 sq./ft), and sold for an average price of $2.275 million. Increasingly, my analyses points to price sensitivity and an underlying general reluctance on the part of buyers. At the same time, most sellers in Tiburon and Belvedere do not fall into the "have to sell" category, and thus are patiently sticking to their prices hoping the real estate market turns for the positive.
If you have any questions, would like a detailed and professional market evaluation of your home, need neighborhood information, or simply a referral to a reliable local service provider, call Kyle at (415) 350-9440 or e-mail [email protected]. I am a local realtor, broker associate with the most respected firm in Marin, and a certified residential specialist (CRS). It is always a pleasure to be of service.
Mill Valley Real Estate Market Report (February 2009 Home Sales Update)
February 12, 2009
Mill Valley real estate is strangely out of sync. Those who read my reports regularly will note that recent months have seen buyers make a concerted downshift. It seems that buyers have shifted into first gear (and I apologize in advance, but you are going to need to reconcile metaphors here) and are taking a few pitches in order to gauge the market. While it is looking like there may be an nominally better tax break in the Stimulus Bill, reports indicate we will not see a $15K tax credit. Whatever happens though, I sense that with the elimination of all the uncertainty regarding what the government is planning to do, we will then gather some traction. I know lots of folks are sitting on the sidelines waiting for the “right time” to buy. I predict they will make their move this year as attractively priced new inventory drives the market forward.
While some buyers believe prices may slip a bit more, most appreciate the fact that interest rates have never, ever been lower (we are back down to 4.75% conforming rates this week). Indeed, mortgage math punishes those who don’t lock in at the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase.
Up just a bit from January 2009, the percentage of homes in escrow under $800,000 rose to 40% (it had been as low as 15% in November). Overall, we currently have enough homes to last 6 months in Mill Valley (this is called the absorption rate). However, if you limit that analysis to homes priced under $1 million, our absorption rate drops to just 3.75 months.
[click HERE for the rest of this article, courtesy of www.MillValley101.com].
San Rafael Real Estate Market Report (February 2009 Home Sales Update)
February 12, 2009
Following Novato’s lead, San Rafael’s real estate market is gathering momentum at the low end as foreclosures and short sales drive the market. With 40% of the homes for sale under $600K currently in escrow, we are looking at a pretty strong seller’s market in this competitive price range. Homes priced between $600K and $800K are also selling at a rapid clip — 29% of these homes are in escrow. While interest rates on conforming loans are super-low (again down to 4.75% as of today), the rates for conforming jumbo loans are a bit higher and apparently not being embraced by buyers as the San Rafael housing market is flat above $1 million.
[click HERE to see rest of post courtesy of www.SanRafael101.com].
Novato Real Estate Market Update (February 2009 Home Sales Report)
February 10, 2009
Novatans are rejoicing in the completion of the southbound portion of the HWY 101 widening project. I have had occasion to drive during rush hour several times over the past ten days and it is fabulous. NO traffic! This will be a boon to Novato as more people recognize the complete transformation of the commute from horrible to good. Moreover, the tentative approval of the new and improved tax credit will also jolt some buyers into action [click here for my recent article on the proposed package].
As I tell my clients, ”Give Yourself a Raise. Move to Novato.”
[click HERE for the rest of the article, courtesy of www.Novato101.com].
Home Buyers Tax Credit Could Be Quite Stimulating
February 9, 2009
While attending the Certified Residential Specialist (CRS) annual conference this past weekend along with a few hundred of America’s very best residential realtors, the biggest buzz surrounded the apparently imminent passage of the Stimulus Bill. Part of that bill will focus on the housing market and there is a VERY BIG plum for home buyers—specifically, a $15,0000 credit (or 10% of the home’s price, whichever is less) for those who buy within 1-year of passage. That is a dollar for dollar credit. Who knows if it will survive, but if it does, it will help spur buyers to buy.
Sen. Johnny Isakson (R, Georgia), who is a former real estate broker, came up with the plan. Here are the points that matter:
(1) Applies to primary residences only
(2) Not limited to first time home buyers (like the $7,500 program currently in place)
(3) No income limitations (like the $7,500 program currently in place)
(4) Not subject to recapture in future tax years (like the $7,500 program currently in place)
(5) Will go into effect upon signing by President Obama, sunsetting the $7,500 plan immediately
(6) Must live in the house (or condo, etc., but no investment properties or multi-units) for two years
(7) Perhaps most importantly, the credit will apply to your 2008 taxes, even if you close in 2009.
Of course, this could all change during negotiations in Congress–fingers crossed.
If you would like updates or if you would like a list of "deals" available right now, e-mail me: [email protected]. Or call Kyle at (415) 350-9440.
