Marin Luxury Homes (September 2008)

September 15, 2008

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California rose over the past month to 109, compared to 106 homes in August 2008. The slight rise in inventory coincided with a respectable month of sales with 16 homes sold in August 2008 (down by 4 from July).  

Mill Valley and Ross experienced the most luxury home sales (with 4 of these homes selling in each). Belvedere, Tiburon and Corte Madera each had 2 homes sold and Kentfield and Sausalito had 1 sale each. The average days on market for homes that sold was a mere 95 days (25 days more than in July) and the average sales price was $2.927 million (roughly $875/per sq. ft.), with an average of 3,503 square feet. Belvedere and Tiburon seem to be hot as they each have 6 homes in escrow.

[ … click here for the complete report courtesy of NorthBayRE.com].

Marin County Real Estate (September 2008)

September 14, 2008

Looking outside last night, my wife commented that it was “dark already” (it was about 7:15 p.m.). I personally confirmed her observation–it looks like the seasons are changing. Predictably, after the annual slowdown of sales in Marin County during the Summer months, it seems as though activity has really picked up over the past couple of weeks. Half of my listings are in escrow (one had 3 offers) and the rest are getting lots of attention. The number of listing is up slightly (it would be up more significantly, but for the high number of Novato homes that are in escrow) and open houses are busy. Buyers seem to recognize that now may be the time to act as they are not convinced the market will tread further south and because of low interest rates (I heard that mortgage rates are down to around 5.75% for conforming loans). Qualifying for those loans is the big issue now–the underwriting process has become very demanding and unforgiving.

[click here for the rest of the story and for a table breaking down home prices in Marin County]

Novato Real Estate Market Update (September 2008 Home Sales Report)

September 13, 2008

While the past few evenings have brought a chill to the air, the Northern Marin (e.g., Novato) real estate market continues to show some heat. Buyers are focused and seemingly undeterred when it comes to writing offers below asking price–sometime significantly so. Sellers with a need to sell are embracing aggressive pricing. As I have said before, Novato is the land of opportunity for those priced out of Southern and Central Marin–indeed, with interest down under 6% again, those who can qualify for a mortgage are jumping in, along with increasing numbers of investors way of the stock market and bullish on Marin real estate.
 
There are 36 homes under $500,000 (down by 9 from August 2008), and 60 homes under $600,000 (down by 7) currently on the market. At the other end of the spectrum, Novato’s resurgent semi-luxury market ($1 million to $1.5 million price range) posted another 6 sales (there have been 19 such sales over the past 3 months). Overall, 31% of homes and condos on the market in Novato are in escrow. The hottest market segment is the under $500,000 price range, although all price bands under $1 million are performing well.

Forty-one Novato homes sold in August 2008–up by 7 from July 2008. These homes averaged about 94 days on market, sold for an average sales price of $681,000 (roughly $356 per sq./ft.). Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest. In fact several of my Pointe Marin listings have sold in the past month, or so.

Price Range

Total Homes

Pending Listings

Up to $600K

88

43%

$600K – $750K

 63

33%

$750K – $1 mil.

74

26%

$1 mil. – $1.5 mil.

50

12%

$1.5 mil. & Up

31

3%

 
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.