Comparing prices at the end of 2010 to those of a year ago, it appears that the market in Marin has stabilized, with single family homes up 2% from a year ago, and condos down just 1%. When looking at sub-markets within the county, though, the results are uneven, with single family home prices down 10% in San Rafael, for example, but up 16% in Mill Valley. Similar differences can be seen in the condo market.
The most significant, and ominous, development, is that currently, a full 40% of the homes on the market are distress sales - bank-owned, short sales or in some stage of foreclosure. And, in the under $500,000 segment of the market, there are now only 76 homes available for purchase. This has had the effect of causing a shift in this segment from being a Balanced Market to now being a Sellers Market. Homes continue to sell at an average of 97% of the list price.
For the complete report and to see the price levels and trends for Belvedere/Tiburon, Corte Madera/Greenbrae/Larkspur, Fairfax/San Geronimo Valley, Kentfield/Ross, Mill Valley, Novato, San Anselmo, San Rafael and Sausalito, click here.
Peter Nielsen, Peter@MarinRealtyExperts.com, 415-472-6243.
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