Marin Real Estate (January 2011)
January 5, 2011
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.
Click HERE for the rest of the report, courtesy of NorthBayRE.com
Marin Real Estate (October 2010)
November 12, 2010
Overall in Marin County, the bottom for pricing seems to have formed. The average price of a Marin County single family home has once again surpassed $1 million. In addition, for the seventh consecutive quarter (since Q1 ‘09) both the average and median price of a single family home has experienced modest appreciation.
Possibly the most interesting phenomenon is this modest price appreciation (2% per annum) occurring in a market of significantly lower units closed. The number of homes sold in third quarter ‘10 under $1 million fell -16% from the same period a year ago. The number of homes sold over $1 million fell -3% from the same period last year after a -36% drop from Q3 ‘08 to Q3 ‘09. What this tells us is that while the number of sales has slowed dramatically in the past two years, prices have now firmed and we have caught a glimpse of the bottom.
Buyers continue to be cautious and generally only take action on well maintained, well priced homes. Sellers’ pricing of their homes remains critical as buyers feel most comfortable when the list price is within 3% – 5% of fair market value.
[Click here for the rest of the article, courtesy of www.NorthBayRE.com]
Marin Real Estate (July 2010)
July 26, 2010
Marin Real Estate (June 2010)
July 26, 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)
June 10, 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 $1 million, are up an incredible 191% from April 2009.
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As noted in various recent articles, much of the strength in today’s home sales market stems from the red-hot entry level market segment. As would be expected, with relatively flat inventory and more sales, the absorption rate (e.g., the number of month’s worth of inventory) continues hovering at about 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. While in other parts of the country the first time hoe buyer credit has fueled sales, that incentive has had a minimal impact in Marin because of the relatively low income thresholds required to qualify. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).
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- Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor
- Christie’s Great Estates | Pacific Union International Marin
- (415) 350-9440
- E-Mail Kyle Frazier
Marin Real Estate (April 2010)
April 30, 2010
The sun is out and spring sports are underway – it is officially real estate season. We have reviewed cyclical and seasonal trends in MarinCounty in an effort to predict the balance of 2010. We are more optimistic today than we have been in twenty four months. It seems consumer demand for Marin and San Francisco real estate is regaining its stride. While some real estate decisions can be postponed, eventually buyers need to buy and sellers need to sell. New listings and new escrows are both up over 100% since the turn of the year.
April 2009 marked the inflection point when buyers began cautiously re-engaging with the Marin County real estate market. A year later, Q1 2010 results for volume ($) 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)
March 29, 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.
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[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]
Marin Real Estate (February 2010)
March 29, 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).
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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)
March 29, 2010
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Marin Real Estate Trends (December 2009)
January 19, 2010
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.
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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!
| 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
