How is the Real Estate Market in Marin County, CA?
How is the Real Estate Market in Marin County, CA?
This is the number one question asked by friends, family and strangers. Are they just making polite conversation or is just about every person looking for answers in this crazy fluctuating and ever-changing market?
Maybe both? My direct market, Marin County, CA with 20 distinct areas as designated by BAREIS, our local MLS (multiple listing service) produces an equal amount of “Markets”. Meaning, you will get a different answer to the question, “How’s the market” depending on what city, area and price point you are interested in.
Marin market as a whole, over the past 12 months has trended down in most categories but April 2011 to May 2011 is showing signs of an upward momentum.
June 2010-May 2011 (average)
- Homes Sold -3.3%
- Median Sale price -1.1%
- DOM +3
- % of sale to list price -.2%
A slight down turn from last year but look at April 2011 to May 2011
- Homes Sold +6.1%
- Median Sale Price +4.4%
- DOM -9
- % Sale to List Price +.7%
Higher end Cities like Sausalito, San Anselmo, and Kentfield are seeing an increase in home prices year to year. Others like Corte Madera and Novato are flat and a few continue to see down turns like Belvedere and Larkspur.
- Sausalito – Average Sales price +44%
- San Anselmo – Average Sales price +7%
- Kentfield – Average Sales price +52%
- Corte Madera – Average Sales price +1%
- Novato – Average Sales price +2%
- Belvedere – Average Sales price -26%
- Larkspur – Average Sales price – 17%
Spring/summer selling season is well under way but are buyers really feeling the urge to get out and see homes with the anti-spring weather we have been having? Are buyers jumping off that fence they have been lingering on for the past 2 years? Are sellers getting realistic about the value of their homes in this “new” market? So many factors affect our market. We can analyze and re-analyze the numbers, make predictions, cross our fingers but the reality is our housing market has changed, adjusted, tightened up, whatever you want to call it we have a new market. However, just when you think you have a handle on it, it changes again. A new government requirement, new disclosures, interest rates go up then down again. Really, who can keep up?
Properties are moving! Sellers looking to cash out continue to wait and see. They are hoping for prices to move up towards the 2007-2008 levels pre-crash but first time home buyers are taking advantage of the historically low interest rates and adjusted prices and buying up the homes that qualify for 30 year conventional loans while they still can. Those looking to upsize or down size are finding this to be a good time to make a move.
We are seeing multiple offer situations, cash buyers on the high end with 15 day close and homes being scooped up before even reaching the MLS and internet sites.
How’s the Market? If I had to pick one word to describe it, Fluid. Is it a great time to buy? – absolutely. Is it a great time to sell? Depends on your situation.
I have a home listed, 66 Grove Hill Avenue, South San Anselmo, CA 94960 for $1,249,000. Sellers have lived in the house for 37 years, getting older and need to simplify their lives. The .77 acres of land requires too much maintenance and the the stairway from Garage to house is getting cumbersome. The house is a Vintage, turn-of-the-century Gem. One of a kind Hilltop Haven with oodles of quality upgrades, views, privacy and a 1250 sq.ft woodworkers dream-come-true wood shop.
They plan on making a lateral move. For them, selling makes as much sense now as it did 3 years ago or 3 years from now. They will sell and buy in the same market. They are realistic about what their home is worth but need enough cash after closing costs to purchase their new home without any additional cash outlay.
Have you been considering your first home purchase? Ready to invest that cash sitting in your bank account? Itching to upsize? Need to off-load that Mc Mansion and simplify? Do you think this is a good Market, the right market for you? I say, yes! There really is no time like the present in today’s real estate market. Those sellers waiting for the return of the over-inflated prices of 2007 – don’t hold your breath. Move on if you need to and if not, hold tight and enjoy the ride. You never know what this “New” market will bring.