Marin Real Estate (July 2010)

Marin Real Estate (June 2010)

Year over year prices seem to have leveled in many price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 12% from last year and sales of entry level (3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million) are up a modest 10% from May 2009. Recent news reports in the local media have noted increased median prices, but that reflects the fact that luxury homes are selling once again after a lackluster 2009. I do not believe prices overall are increasing yet.

[For the rest of the article, Click HERE.]

Marin Real Estate (May 2010)

We at Pacific Union International in Marin County, California continue to feel as though the 2010 real estate market is vastly different from that of 2009. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 7%. But the number of sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 191% from April 2009.

As noted in various recent articles, much of the strength in today’s home sales market stems from the red-hot entry level market segment. As would be expected, with relatively flat inventory and more sales, the absorption rate (e.g., the number of month’s worth of inventory) continues hovering at about 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. While in other parts of the country the first time hoe buyer credit has fueled sales, that incentive has had a minimal impact in Marin because of the relatively low income thresholds required to qualify. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).

Marin Real Estate (April 2010)

The sun is out and spring sports are underway – it is officially real estate season. We have reviewed cyclical and seasonal trends in MarinCounty in an effort to predict the balance of 2010. We are more optimistic today than we have been in twenty four months. It seems consumer demand for Marin and San Francisco real estate is regaining its stride. While some real estate decisions can be postponed, eventually buyers need to buy and sellers need to sell. New listings and new escrows are both up over 100% since the turn of the year.

April 2009 marked the inflection point when buyers began cautiously re-engaging with the Marin County real estate market. A year later, Q1 2010 results for volume ($) and units (#) are up significantly in the core of the market. Like the job market, the first quarter of 2010 may also indicate the stabilization of pricing; a required first step in our market’s recovery. As we look forward in 2010 we are encouraged by the recent increase in MarinCounty (and Bay Area-wide) new inventory (listings). Since March 1st, MarinCounty has seen over 450 new listings. Over 175 of these homes have list prices in excess of $1 million.

We continue to analyze buyer behavior and sense their confidence when properties are well priced, staged, and properly presented. Buyers are dismissive of homes that are “over-priced” in order for sellers to leave room for “negotiations”.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (March 2010)

The Marin County, California real estate market continues evidencing traction. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is down 26% and sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 75% from February 2009. Nearly all recent statistics point to an improved sales environment in 2010.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (February 2010)

The Marin County, California real estate market, which entered the new year with momentum, seems to have achieved traction. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally). Indeed, countywide supply and demand figures suggest an improving real estate environment as supply is down 24% and sales are up 29%, compared with last year (the numbers are for homes with at least 3 beds, 2 baths, 1,500 square feet, and priced under $1 million).

Much of the apparent strength evident today stems from the red-hot Novato market.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (January 2010)

Marin Real Estate Trends (December 2009)

The Marin County, California real estate market approaches the new year with momentum. While the beginning of 2009 was terrible for sellers and the market overall, the latter half of 2009  was quite strong across many market segments, giving brokers and home owners a reason for optimism in 2010. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally) year over year. Indeed, I believe that many brokers feel as though absent further crisis, we are at or near the end of the downward cycle — after 3+ years.

As for bread and butter homes (e.g., priced below $1 million, at least 3 beds and 2 baths with 1,500 square feet or more), the chart below reflects the number of homes in escrow county-wide from November 2007 through November 2009 – we are up an astonishing 190%. We see increased affordability and appealing interest rates supporting this trend for the foreseeable future. 

 

 

Below is a snapshot of the current real estate market in Marin. Contact me for a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code). It is always my pleasure to be of service.

 

 

Not surprisingly, inventory dropped significantly over the past month to 471 single family homes for sale (we had over 600 last month). This includes only the Highway 101 corridor (excluding Western Marin inventory and condos).  Note to buyers: if a house is on the market during this time of year, the sellers are often quite motivated — make an offer!

 

Marin County Home Prices

Cities	Lowest Price	Highest Price
Sausalito	635,000	6.5 million
Tiburon	689,000	24.9 million
Belvedere	1.795 million	48 million
Mill Valley	344,000	6.9 million
Corte Madera	599,000	1.895 million
Larkspur	360,000	1.799 million
Greenbrae	799,000	2.495 million
Kentfield	749,000	5.295 million
Ross	669,000	10.75 million
San Anselmo	460,000	6.488 million
Fairfax	429,000	1.995 million
San Rafael	365,000	1.399 million
Novato	275,000	6.95 million

By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor

Marin Real Estate (November 2009)

Marin County, California real estate enters the Winter months much the same way it entered the Summer months — with a feeling that activity will be stronger than usual for this time of year. While year over year prices are down across the board no matter how you slice it, many feel as though absent further crisis, we may be nearing the end of the downward cycle — after a full 3 years. Certainly, well priced, updated homes in great locations are selling.

As noted in my Novato update, it is apparent that the low end in Northern Marin has settled on a bottom: 

Savvy buyers waiting for “the bottom to hit” recognize that we may be there and that any further price erosion will be outweighed by increased interest rates which are likely around the bend. Surely, home buyers in Novato are finding that it is increasingly difficult to identify “turnkey” homes under $550,000. In the 94949 zip code, median prices year over year dipped a mere 3%. I think many observers would be surprised. Local agents are all talking about a “bounce” in prices over the past several months.

[click HERE for the rest of the article] 

 

 

Not surprisingly, inventory dropped significantly over the past month to 652 single family homes for sale (we had 762 last month). Note that this includes the Highway 101 corridor (excluding Western Marin inventory and condos).  

 

For a detailed executive summary similar to, but much more detailed than below, providing statistics and trends relating to the Marin real estate market (or any specific zip code), contact me any time. It is always my pleasure to be of service.

Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor

Marin Real Estate (October 2009)

Marin County, California real estate held steady, for the most part, through Summer 2009. While year over year prices are down across the board no matter how you slice it, many feel as though absent further crisis, we may be nearing the end of the downward cycle — after a full 3 years. Certainly, well priced, updated homes in great locations are selling promptly.

In Northern Marin (a.k.a Novato), 81% of homes priced under $500,000 are in escrow (that’s 39 out of 48 homes!). In San Rafael, 64% of homes priced at or below $600,000 are in escrow. These astonishing sales numbers are propelled by value / affordability, the $8,000 tax credit, and the increased FHA loan limits which went into effect in April 2009.

Meanwhile, the higher price bands look a little different. As noted last month, some sellers still suffer from pricing strategies that prevent them from realistically engaging with qualified buyers. Nonetheless, we have well over a dozen $2 million and up properties in escrow and have seen a few BIG sales over the Summer. Should the stock market recover further in coming months, I predict more Winter sales as affluent buyers step into the market with renewed confidence. Social proof is a powerful force.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com].

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