Marin County Real Estate Update–October 2008 (Homes For Sale & Price Ranges)
Formidable power and influence are now focussed on the worldwide economic situation. While the impact of governmental actions will have on the overall housing market is uncertain, most analysts advise those actions will help stabilize the financial markets, and in turn, real estate. Certainly, in Marin County, homes are selling.
The fatalism of national media outlets is not reflected my conversations with the dozens of buyers who have poured through open houses in the past month or called or e-mailed me with questions about Marin real estate. Nor is that fatalism reflected in sales numbers. To the contrary, a bona fide enthusiasm exists in the voices of people of who have been waiting to buy while prices moderated or dropped (depending on the area they are looking in). They are excited because they have suppressed their prior urges to buy and think now is the time.
My listing inventory has dwindled to just one home as all have sold in the past couple of months or are now in escrow (one listing had 3 offers). Marin-wide, the number of homes for sale in the HWY 101 corridor stands at 750 (down from 756 in September 2008). As noted above, reports of multiple offers continue–the most likely targets are aggressively priced Southern Marin homes in good locations and 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 communities are not included) in October 2008, along with the price ranges for each town/city.
Marin Single Family Homes For Sale
|
Town/City
|
Homes for Sale
(Active Listings)
|
Price Range
|
|
Sausalito
|
29
|
$528,000-$18 million
|
|
Belvedere
|
27
|
$995,000-$27 million
|
|
Tiburon
|
73
|
$699,000-$43.995 million
|
|
Mill Valley
|
140
|
$739,000-$9.95 million
|
|
Larkspur
|
29
|
$619,000-$2.495 million
|
|
Corte Madera
|
30
|
$595,000-$1.995 million
|
|
Greenbrae
|
15
|
$999,000-$2.195 million
|
|
Kentfield
|
25
|
$600,000-$7.75 million
|
|
Ross
|
16
|
$1.349 million-$17.5 million
|
|
San Anselmo
|
78
|
$544,000-$4.495 million
|
|
San Rafael
|
207
|
$379,000-$6.5 million
|
|
Novato
|
253
|
$265,000-$6.95 million
|
At the other end of the spectrum, Novato has lots of homes under $600,000. Investors are active (again, amazing rates right now) and all signs point to a busy Autumn for Marin Realtors. Indeed, besides having good air (the best in the country, in fact), excellent schools (click HERE for Forbes’ recent article touting Marin Schools), a relatively short commute (even the Novato commute to San Francisco will soon be improved further when the HWY 101 widening project is completed in December), lots of dedicated open space, beaches, hiking trails, proximity to Lake Tahoe, and everything else we sometimes take for granted living here, we can also be pleased that we don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets).
If you would like any additional information, please give me (Kyle Frazier, Marin Realtor & CRS), a call at (415) 350-9440. It is always my pleasure to be of service.