IMPROVED CONSUMER CONFIDENCE IN THE ECONOMY
Consumers were more optimistic toward the economy than they’ve been at any point in the last five years, according to Fannie Mae‘s February 2015 National Housing Survey. “Continuing improvements in consumer attitudes in this month’s National Housing Survey lend support to our expectation that 2015 will be a year of the economy dragging housing upward,” said Doug Duncan, SVP and chief economist at Fannie Mae. “The share of consumers who think the economy is on the right track rose to a record high since the inception of the survey nearly five years ago and for the first time exceeded the share who believe it’s on the wrong track. Consumer confidence seems to be getting a boost from employment growth. This is reflected in their views on the ease of getting a mortgage today, which also reached a survey high in February.”
MARIN MARKET SNAPSHOT
This improved consumer confidence was very apparent in Marin County with buyers’ insatiable appetite for our real estate continuing to generate extremely competitive bidding on the most attractive properties. The residential housing inventory levels in Marin County remained at historically low levels in February. February ‘s statistics showed a decrease in the number of new residential listings (all categories) that came on the market from 210 in January to 187 this past month. There were also 104 fewer new listings this February than in February last year, a 36 percent decrease from 291 to 187. This is unusual as February is typically the first month when the market wakes up from the post holiday/winter torpor. March, April and May are generally the months with the highest number of new listings. So far, for the first two weeks of this month, we have already added 165 new listings, almost as much as we had in the whole month of February. Let’s hope this is a sign that there will be many more and that the discrepancy between the demand and supply in our market will finally shrink.
I am often asked why the inventory of homes for sale continues to be so limited. After all, prices continue their upward trend with the median price of a Marin County home (all categories) increasing from $812,000 in February 2014 to $850,000 and the average sale price inching up from $1,047,000 to $1,131,000, helping many sellers regain the equity they had lost during the recession. But the reverse side of the coin is that, as a result of these price gains, a lot of sellers are staying put because they not only face the challenge of finding a replacement property, but also for move up buyers, one that they can afford.
HOME SALES BY AREA
Single Family Homes sales rose slightly across the board for all areas in Marin with San Rafael, Novato and Mill Valley occupying top slots.
HOMES IN CONTRACT
Corte Madera and Larkspur continue to have the highest percentage of single family homes in contract for the second month in a row. The Beach Cities, Fairfax, Greenbrae Kentfield, San Anselmo, Tiburon and West Marin homes in contract increased month-over-month.
MARIN MARKET BY PRICE POINT
Last month we discussed the continuing trends of sustainable, healthy growth for the Marin Market, which continued on its course through February. The $2m-$3m range saw a substantial spike in sales to 14 for the month of February, a 180% increase month-over-month.
AVERAGE SALE PRICE
The Average List Price and Average Sold Price decreased slightly month-over-month. Inventory should continue to increase as Spring comes into view – inversely the Average List Price should decrease as the price range breadth grows.
NUMBER OF HOMES LISTED AND SOLD
The number of Single Family Homes sold in Marin climbed along with the inventory in February. New inventory that is priced in line with demand continues to attract good attention – in some cases garnering more than one offer.
Feel free to contact me with any questions about this report, and our Marin County real estate market. I would be happy to meet with you and provide you with a free, no obligation market valuation of your home or share with you advice on how to prepare your home for sale. You can reach me at 415-505-4789 or Sylvie@YourPieceofMarin.com. I would love to show you how I get consistently excellent real estate results for my clients.
About the Author: The above Marin County Real Estate Market Update was written by Sylvie Zolezzi. 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 innovative and comprehensive 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.
I would welcome the opportunity to show you how I consistently get outstanding Real Estate results for my clients. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.
I sell homes in all of Marin County’s beautiful towns: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur,Greenbrae, Kentfield,Ross, San Anselmo, San Rafael, Fairfax, and Novato, with a special focus on Central Marin.