Marin County, California real estate held steady, for the most part, through Summer 2009. While year over year prices are down across the board no matter how you slice it, many feel as though absent further crisis, we may be nearing the end of the downward cycle — after a full 3 years. Certainly, well priced, updated homes in great locations are selling promptly.

In Northern Marin (a.k.a Novato), 81% of homes priced under $500,000 are in escrow (that’s 39 out of 48 homes!). In San Rafael, 64% of homes priced at or below $600,000 are in escrow. These astonishing sales numbers are propelled by value / affordability, the $8,000 tax credit, and the increased FHA loan limits which went into effect in April 2009.

Meanwhile, the higher price bands look a little different. As noted last month, some sellers still suffer from pricing strategies that prevent them from realistically engaging with qualified buyers. Nonetheless, we have well over a dozen $2 million and up properties in escrow and have seen a few BIG sales over the Summer. Should the stock market recover further in coming months, I predict more Winter sales as affluent buyers step into the market with renewed confidence. Social proof is a powerful force.

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 about equal to 2008. If you would like to review a similar chart for any other town or city in Marin or San Francisco, please let me know. 

Inventory has dipped to 762 single family homes for sale (we had about 772 last month) in the Highway 101 corridor (this number excludes Western Marin inventory and condos). There is definitely a sense that with a little positive media and some further anecdotal evidence (and actual closings) that buyers are jumping because they believe the bottom is here or near.

The following graph 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 March 2009, along with the price ranges for each town and/or city.

For a detailed executive summary similar to, but much more detailed than below, providing statistics and trends relating to the Marin real estate market (or any specific zip code), contact me any time. I am Kyle Frazier, Marin Realtor & CRS, Christie’s Great Estates | Morgan Lane Marin Real Estate at (415) 350-9440, Kyle@NorthBayRE.com. It is always my pleasure to be of service.

 

This entry was posted on Sunday, September 20th, 2009 at 6:58 am and is filed under Marin Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.