The year 2009 in Marin County, California has been a roller coaster ride for real estate sellers, buyers, and agents. To the extent that trends can be identified, they have proven particularly ethereal and fleeting.
Nonetheless, it does appear that the one market sector that has shaken out this year is the entry level single family home market. Prices appear to have hit bottom in Novato's (Northern Marin) sub-$500K sector. Seemingly, most agents agree that to find a "livable" home in a good neighborhood is very difficult to find under $500K. Inventory in that price band is slim and quickly put into contract.
The below table examines the first 3 quarters of this year as compared to 2007 & 2008. While volume, total sales, and prices are down significantly from 2007, volume and total sales are up from 2008 (although prices are down incrementally in this price band).
Note that this table does not include a lot of the low end Novato inventory discussed above. Importantly, this exclusion helps to show that a bottom is forming outside of Novato's entry level price band.
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Marin County ($500K to $1 million)
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|
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Jan. – Sept. 2007
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Jan. – Sept. 2008
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% Change
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Jan. – Sept. 2009
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% Change
|
|
Volume
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$559,167,393
|
$415,321,251
|
-25.73%
|
$465,783,695
|
12.15%
|
|
Homes Sold
|
764
|
562
|
-26.44%
|
635
|
12.99%
|
|
Avg. Days on Market
|
68
|
84
|
23.53%
|
105
|
25%
|
|
Median Price
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$790,000
|
$740,000
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-6.33%
|
$726,000
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-1.89%
|
|
Average Price
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$784,000
|
$739,000
|
-5.77%
|
$733,000
|
-.81%
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By: Kyle Frazier, CRS, CLHMS, Broker Associate | Christie's Great Estates - Morgan Lane International Realtors | Kentfield, CA. (415) 350-9440.
- Kyle Frazier, CRS
- Certified Luxury Home Marketing Specialist
- Broker Associate
- Christie's Great Estates | Morgan Lane Marin Real Estate
- (415) 350-9440
- www.NorthBayRE.com
;)
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