Marin County Real Estate Update–April 2008 (Homes For Sale & Price Ranges)

Marin County, California, is experiencing its annual blossoming of the number of homes for sale. Real estate listings are up in nearly every town, city, burg, and hollow.? There are? 802 active listings (up from? 614? in? March 2008), not including condos.? Indeed, the Spring selling season is upon us and buyers are out there in droves.? Reports from agents suggest that open houses? are extremely busy (and virtually all open houses held? for my listings over the past? few weeks? back this up).?

I anticipate more and more enthusiasm? for? Marin real estate as? interest rates continue in historically low territory and buyers further appreciate that prices are not going down in Marin like they are elsewhere in the country. Moreover, now that the? new conforming loan programs are in place,? there will likely? be a surge of well-qualified buyers moving quickly to grab the homes of their choice.? Meanwhile, buyers? continue? offering large down payments and short contingencies to? bolster their negotiating leverage with sellers anxious to make a? deal.? Investors are circling and picking off low end bread and butter homes.

The graph below breaks down the current number of homes for sale in Marin County, California,? in? March 2008, along with the price ranges for each town/city. Also included is a note indicating? whether inventory is up or down over the past month:

Marin Single Family Homes For Sale

Town/City
Homes for Sale
(Active Listings)
Price Range

?

Some observations:? Buying a home in tony Belvedere, as always, is an expensive proposition–you?ll need? about $2.7 million? to? buy at the entry level.? The highest priced luxury home in Marin, however,? is located in Tiburon. An ultra-luxury? dream estate on about 8.5 acres, with 12 Bedrooms, 10 full baths, 3 half baths, and show-stopping views of the? San Francisco, the Golden Gate Bridge, and the Bay–asking price $49.995? million.? In fact, Tiburon? boasts several? homes in the $10 million and up range.

On the other hand, Novato continues to be a Marin home buyers’ dream.? Novato has? 5 homes priced under $500,000 and its 235? active listings is by far the most in Marin County. Even San Rafael in Central Marin has? 11 homes priced under $750,000 (3 of these are under $600,000). As noted last month, investors are beginning to ask about certain homes and condos (condo prices have come down by 40% in some cases).? All signs point to a very active Q2 2008.? My feeling is that the next quarter will be the best time buyers market, based on price and interest rates, that we will see for a long time.?

If you desire a list of Marin County’s best deals or? more specific analysis of your neighborhood, please give me a call at (415) 350-9440.