Marin County, CA. Real Estate Update — November 2009 (Homes For Sale & Price Ranges)
Marin County, California real estate enters the Winter months much the same way it entered the Summer months — with a feeling that activity will be stronger than usual for this time of year. 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.
As noted in my Novato update, it is apparent that the low end in Northern Marin has settled on a bottom:
Savvy buyers waiting for “the bottom to hit” recognize that we may be there and that any further price erosion will be outweighed by increased interest rates which are likely around the bend. Surely, home buyers in Novato are finding that it is increasingly difficult to identify “turnkey” homes under $550,000. In the 94949 zip code, median prices year over year dipped a mere 3%. I think many observers would be surprised. Local agents are all talking about a “bounce” in prices over the past several months.
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Not surprisingly, inventory dropped significantly over the past month to 652 single family homes for sale (we had 762 last month). Note that this includes the Highway 101 corridor (excluding Western Marin inventory and condos).
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. It is always my pleasure to be of service.
Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor