Marin County Real Estate Update – January 2010 (Homes For Sale & Price Ranges)
Welcome 2011! Over the past two days, the stock market has set two year highs on consecutive days (remember the 2008 meltdown?), a headline on CNN Money was “A Hiring Boom in 2011. Really!” and domestic automotive sales were up significantly last month and in the final quarter of 2010. If this all does not sound like recovery and renewed optimism, I don’t know what to think. While the historically low interest rates of October and November 2010 are likely gone for good, rates are still unbelievably low and overall affordability is at its best levels ever recorded.
Hint: time to buy a house if that is in your plans.
As with every year, January brings with it lower residential real estate inventory levels in Marin County, California. There are currently 524 active listings as this time of year is historically slow for home sales — everybody is recuperating from the holiday season and beginning to finalize plans for the coming year. Spring is around the corner and activity is already high at our new home development in Novato. As noted below, the percentages of home in escrow remain fairly high despite the seasonal slowdown — 44% of Novato homes under $1 million are in escrow!
It is anticipated that the number of homes coming on the market in January and February will be higher than years past as those who tried to sell in 2010 (and failed) will renew their efforts and try to beat the competition to market. I think the buyers are ready. They have been flooding the phone lines asking about properties and seeking advice. I anticipate a busy first quarter in Marin real estate as interest rates and prices are both low. Some further observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you’ll need about $2 million at the entry level. Surprisingly, or not, 6 of Tiburon’s 7 sales last month were under $2 million. There is value there! There was also a number of Sausalito closings in the past 60 days in the $2 – $3 million price range, which had been very slow through 2010 — GOOD NEWS! I wonder if bonuses in the financial sector will help propel more of such sales in Southern Marin over the next 90 days?
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. My name is Kyle Frazier. I am a J.D., Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Pacific Union International Realtors. It is always my pleasure to be of service.