Marin County, CA. Real Estate Update — March 2010 (Homes For Sale & Price Ranges)
The Marin County, California real estate market continues evidencing traction. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is down 26% and sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million, are up an incredible 75% from February 2009.
Much of the apparent strength evident today stems from the red-hot entry level housing market. As would be expected, with less inventory and more sales, the number of month’s worth of inventory is down below 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).
As we approach the traditional selling season, inventory is on the rise. The below chart includes only the 13 cities along the Highway 101 corridor (excluding Western Marin inventory and condos).
By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor