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

Watching the train wreck on Wall Street–these past few weeks have been a horror–I wonder how long until people disenchanted with the equity and related markets start taking greater advantage of the value of leverage and, in turn, begin pouring their hard earned dollars into the relative calm of Marin real estate–especially in Southern Marin where year over year appreciation stands at 9% over the past 30 years (and that does not factor in tax benefits). Meanwhile, up in Novato, all cash buyers (e.g., investors) are bidding up many properties (a home in the Country Club neighborhood just sold for over 11% above asking price). Yet, in Southern and Central Marin, despite the bona fide enthusiasm of entry level buyers who have been waiting for prices to drop, the overall economic environment is chasing many away.

Overall, the number of homes for sale in the HWY 101 corridor stands at 716 (down from 750 in October 2008). As noted above, reports of multiple offers continue–especially on certain bank owned properties in Novato. And even though the number of homes sold has decreased this year, sellers are holding fast to their prices (particularly in Southern Marin). While interest rates are generally creeping upwards, they remain at historically low levels making it a great buying atmosphere (especially in Novato and San Rafael)–if you are interested in up-to-the-minute rates or a list of homes for sale, contact me. 

The graph below breaks down the current number of homes (not including condos) for sale and in escrow in Marin County’s HWY 101 corridor (e.g., Marin’s coastal communites are not included) in November 2008, along with the price ranges for each town/city.

Marin Single Family Homes For Sale