Marin County Real Estate (January 2009)

Marin County, California real estate has slowed. While largely a function of the season (Winter is generally slow), macro-economic considerations, and more stringent borrowing guidelines, I feel that the primary source of the current slowdown relates to a perception by home buyers that “now” is not a good time to buy. Nonetheless, interest rates are at ALL-TIME LOWS (the San Francisco Chronicle’s Real Estate section has noted these records lows each of the past four weeks), prices in many Marin communities and neighborhoods are well off their peaks, and there is a wide variety of home choices out there. As evidenced by the investor actvity of the past few months, “now” does have some momentum.

Inventory is down to 503 single family homes for sale (we had about 716 last month) in the Highway 101 corridor (this number excludes Western Marin inventory). 

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

Marin County Real Estate (December 2008)

Insofar as Marin County goes, the holiday season is not traditionally an active time for home sales–this year is no exception. Inventory is down to 607 homes for sale (we had about 716 last month). Although reports of multiple offers continue–especially on well-priced bank owned properties in Novato–even the foreclosures are sometimes taking a long while meandering to a close. Despite the ongoing financial crisis, interest rates are very attractive and they are being pushed down further for those that qualify. I do feel that there is a large level of pent-up demand that will expose itself in the new year. But, until then, enjoy your families, your friends, and the holidays. 

The graph below breaks down the current number of homes (not including condos) for sale … [Click HERE for the rest of the article, courtesty of www.NorthBayRE.com].

Marin County Real Estate (October 2008)

… [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…

[click HERE for detailed analysis provided by NorthBayRE.com]

Marin County Real Estate (September 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]

Marin County Real Estate (August 2008)

Besides having good air (the best in the country, in fact), excellent schools (click HERE for last month’s Forbes article discussing 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).

We currently have 748 active listings (down from 772 in July 2008). While Summer is traditionally slower for home sales, buyers continue visiting open houses en mass. Reports of multiple offers continue, especially for aggressively priced Southern Marin homes in good locations and bank owned properties in Novato. 

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

Marin County Real Estate (July 2008)

Whatever wrenches, potholes, u-turns, and other impediments to a prosperous 2008 real estate market recovery we encounter in local (and especially national) media, the engine keeps on running in Marin County, California, where we continue our annual journey onwards and upwards — with some notable exceptions. We just don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets). I know many of us feel blessed for the good fortune of finding our way here … and we should (click HERE for last week’s Forbes article discussing Marin Schools).

As reported last month, Marin was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are also pretty amazing–the average asking price for single family homes sold is $2.125 million (excluding Novato) and even in Novato that number is $958,000.

We currently have 781 active listings (down from 821 in June 2008). While the Summer is our slow season, buyers continue visiting open houses en mass.

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

Marin County Real Estate (June 2008)

Marin County, California, was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are pretty amazing–the average price for single family homes sold in May 2008 was $1.493 million and if you exclude Novato that number increases to $1.647 million. We currently have 815 active listings (down from 881 in May 2008). This time of year historically sees an up-tick in listings as families leave town for vacations, etc. Yet, buyers are visiting open houses in droves. Reports of multiple offers continue.

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