Bay Area home sales dipped in July 2014 compared to last July, the result of continued constrained supply, the decline in affordability, and a still-tight mortgage market. While still rising year-over-year, the median sale price stayed at a three-month plateau, CoreLogic DataQuick reported.
Sales of Single Family Homes and Condos in the nine-county Bay Area were up 7.1 percent from 7,915 in June and down 9.3 percent from 9,339 in July last year. Bay Area sales usually decline around 5 percent from June to July.
“The Bay Area housing market is still in transition, still dealing with the remnants of the Great Recession. That said, it’s also a market that is in the process of re-balancing itself with the region’s on-the-ground economic realities, mainly decent economic growth and job creation. There still seems to be a bit of buyer and seller reticence. Meanwhile, many analysts are still drumming their fingers on the table, waiting for the mortgage market to normalize,” said John Karevoll, CoreLogic DataQuick analyst.
The Marin Market took a short summer reprieve from the intensity of the first and second quarters. Home Sales (all property types) went down 15.8% month over month, from 354 in June to 298 in July. The Median Price remained flat at $877,000 in July compared to $875,000 in June 2014.
Marin Single Family Homes – July 2014
Across the board Marin Single Family Homes active, pending and sold inventories decreased in July. The market has been moving at a rapid pace since November 2013, and this cyclical summer slowdown is healthy for the local marketplace.
On a national level, Wall Street also felt a drop in July resetting some of 2014’s gains. The unemployment rate increased .1% from the previous month to 6.2% but 209,000 jobs were created.
Home Sales by Area
Higher-end markets like Belvedere, Kentfield and Sausalito saw sales increases in July. Novato, San Rafael and Mill Valley, markets that have had their foot on the gas since ringing in 2014, were quiet in the month of July. Inventory has also slimmed down slightly across the board. For the first time in 2014 there were no sales for Beach Cities in the MLS.
Homes in Contract
Three of the 15 Marin locales in our report have half or more of their inventory in contract for the month of July, which is the lowest for 2014. Of the 15 Marin areas, 11 are showing that 25% or more of their inventories are in contract. Generally, a market is considered to be balanced when it has 25% of its properties in contract. Corte Madera and Fairfax continue to be Marin’s markets of choice with nearly 75% of Corte Madera’s inventory locked up in contract. Sausalito and Corte Madera saw double-digit percentage gains month-over-month.
Marin Market by Price Point
Nearly 65% of active Single Family Homes in Marin are under $2 million, they also represent 84% of July’s sales. Months of inventory remained relatively unchanged from the previous month partly due to the synchronized slowdown across the board (actives, solds, etc.).
Average Sale Price
For the sixth month in a row, the Average List Price decreased while the Average Sold Price increased. The Average Sales Price for July of $1,403,862 is 15% higher than the 2007 peak average.
Number of Homes Listed and Sold
Sales of Single Family Homes in Marin were down from the previous month and the same month in 2013 as buyers continued to struggle with a limited inventory of homes available for sale in July 2014,down slightly month-over-month and down from the previous year.
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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 am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.
I offer a wide range of real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs. My association with Decker Bullock Sotheby’s International Realty allows me to provide a high-end luxury experience to all my clients at every single price point. It also empowers me to leverage the unique combination of Sotheby’s global resources, Decker Bullock Sotheby’s International Realty’s growing market share and local knowledge with my unmatched social media networks to provide highly personalized service and unmatched exposure to my clients’ properties locally and worldwide.
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