Marin County Real Estate (Q3 2013)
| Marin County: Q3 Results |
| July was a very busy month in our Marin County region, followed by a seasonal lag in August and early September. The number of homes for sale remains constrained, keeping prices high and buyers scrambling, although we saw a slight uptick in the number of available properties in September.Homes priced $800,000 to $1 million saw aggressive bidding, and those priced above $1.6 million also saw robust sales, but the overall market calmed down somewhat after several quarters of increasingly overheated activity. The furious bidding that we saw in June had settled by September. Still, homes that are priced correctly and in popular neighborhoods – the Mill Valley market remains strong, for example – sold quickly.Investors remained eager to buy lower-priced properties, although that market tightened considerably in the third quarter. This is due in part to fewer foreclosures and short sales entering the market after months of rising home prices helped many underwater owners regain equity.
Looking Forward: We expect to see very strong sales in October and into early November – particularly if the inventory of available homes continues to expand – before activity slows as the holiday season approaches. Rising interest rates remain a wild card, constraining sales or perhaps prompting buyers to move fast. Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities. |
| Median Sales Price |
| The median sales price represents the midpoint in the range of all prices paid. It indicates that half the prices paid were higher than this number, and half were lower. It is not the same measure as “average” sales price. |
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| Months’ Supply of Inventory |
| The months’ supply of inventory is a measure of how quickly the current supply of homes would be sold at the current sales rate, assuming no more homes came on the market. In general, an MSI below 4 is considered a seller’s market; between 4 and 6 is a balanced market; and above 6 is a buyer’s market. |
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| Average Days on the Market |
| Average days on the market is a measure that indicates the pace of sales activity. It tracks, on average, the number of days a listing is active until it reaches “pending” status, meaning all contingencies have been removed and both parties are just waiting to close. |
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| Percentage of Properties Under Contract |
| Percentage of properties under contract is a forward-looking indicator of sales activity. It tracks expected home sales before the paperwork is completed and the sale actually closes. |
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| Sales Price as a Percentage of Original Price |
| Measuring the sales price as a percentage of the final list price, which may include price reductions from the original list price, determines the success of a seller in receiving the hoped-for sales amount. It also indicates the level of sales activity in a region. |
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