| Single Family Homes
|Sale/List Price Ratio:
|Days on Market:
After a strong rally in March, Marin County home sales fell in April to 195, 58 of which were distressed sales (including short sales and foreclosures).
Months’ supply of inventory is lower than last year at 5 months—a balanced market is generally considered to be 6-7 months—with close to 1000 homes listed for sale at the end of the month. Average days on market is just below 100 at 93.
Sales of single-family, re-sale homes fell in April to 155 from 180 in March. Year-over-year, single family sales were off a modest 2.5%. Year-to-date, however, single family home sales are up a healthy 9.3%.
Mediterranean style home – Greenbrae
The median price for single-family, re-sale homes dropped 6.8% in April to $759,000 compared to $814,500 in March. It was down 12.3% year-over-year. The average price was down 15.2%, year-over-year. But as supply shrinks with inventory down and demand increases with the number of sales trending up, we should start seeing prices level off. If you are a seller, the increased demand does not mean you can become complacent: buyers remain picky, and are looking for well presented, turnkey homes in the best locations. Pricing your home to correctly reflect its condition, amenities and location is essential to ensure buyer interest.
The range of April selling prices was from a low of $120,000 (for a small, foreclosed condominium in Novato) to a high of $4,650,000 (for a stunning estate in Kentfield).
The lower end of the market—below $1 million– continues to outperform the higher end. The percentage of homes priced at $1,000,000-$1,999,000 and $3,000,000 and up has edged down slightly as compared to March. The $2,000,000 to $2,999,000 has come up from 17.11% in contract in March to 20.41%. Many of the higher end sales continue to be cash purchases.
|Marin County – Single Family Residences as of May 3, 2011
||% In Contract
FIRST TIME BUYER HOUSING AFFORDABILITY INDEX AT AN ALL TIME HIGH
With mortgage rates trending back down after rising earlier this year and prices continuing to slide, the opportunity is here for buyers to purchase their Marin County dream home at a cost they could only dream of until recently.
While buyers are still in the bargain hunting mode, they are realizing that affordability is at an all time high. As a result, multiple offers are more and more common, resulting in a higher number of sales at or above –albeit modestly so– the asking price: of the 195 homes that sold 14 sold at their original asking prices and 29 sold over their original asking prices.
The chart below shows the upward trend of the home affordability index, which has only gone up as prices have continued to come down since 2010.
CITY BY CITY ANALYSIS
|City by City Analysis-Single Family & Condos May 3, 2011. All price ranges combined
||% In Contract
Of the 13 Marin towns and cities, 4 increased their percentage in contract, 6 decreased, and 3 remained essentially unchanged. With 40% of listed properties in contract, Fairfax replaced Greenbrae which was at the top of the heap in March with an amazing 51.43%. Novato is still doing well at 39+%, with Corte Madera close behind at 38%. Larkspur and Greenbrae are both hanging in nicely at about 35% and San Rafael just above 34%. Belvedere is back down to 6%, with only 2 of 33 listed properties in contract as of May 3: definitely a buyers’ market and a great opportunity for high-end buyers!
If you– or someone you know–are thinking of buying or selling a Marin County home, time is of the essence to take advantage of the spring selling season. Call me at 415-505-4789 or email me at Sylvie@YourPieceOfMarin.com. For a wealth of information, statistics, pictures and videos on Marin County please visit my website at www.YourPieceOfMarin.com and my www.Facebook.com/YourPieceofMarin and www.Facebook.com/LiveinLarkspur pages.
About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I help people move in and out of Marin County, just north of the Golden Gate Bridge.
I am here to help you make the smartest real estate move and build wealth, providing you with reliable real estate information and advice you can trust.
My knowledge and passion for Marin County are equaled by my commitment to helping you successfully navigate the process of buying and selling a home. My business model enables me to provide superior service and a better client experience. I know the neighborhoods, the schools, the amenities; I know where you want to live. I know and love Marin County!
I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield, Ross, San Anselmo, San Rafael, Fairfax, and Novato.