The best way to describe the current Marin Real Estate Marketing is "interesting." 2 weeks ago I know of a great San Anselmo property that went into contract just 4 days after it was put on the market for well over asking. This was a great family house in a popular neighborhood. What does the future look like? I feel that homes that are priced correctly, in desirable neighborhoods, in move-in condition are still selling quickly. Homes that are priced for last year's market (over-priced), that are not in optimum selling condition or that have major drawbacks are sitting on the market.
These statistics show how many homes are available for sale in Marin, and of those how many are currently in contract (either pending or contingent). Last month the Marin market place had moved into a "Strong Buyers" market, but this month it has moved slightly back into a "Buyers Market."
For the 3rd month in a row, homes priced under $500,000 continue to sit on the market longer and are still in a "Strong Buyers" Market whereas homes priced from $500,000 to $1,499,000 are in a "Buyers Market."
It's hard to believe but one Marin town has heated up into a Seller's Market - this means that it's becoming harder to find a home to purchase in the town of Larkspur. Corte Madera, Greenbrae, Kentfield, Novato and San Rafael are all in a "Buyers Market." Fairfax, Mill Valley, San Anselmo, Tiburon and Sausalito are all in a "Strong Buyers" Market. Belvedere and Ross are in an "Extreme Buyers" market.
Days on Market (DOM): The Average DOM continues to increase slightly - 78 days for September - This means that it is taking an average of 2.5 months for houses to go into a PENDING status. A note of clarity. This does NOT mean when the house goes into contract (as it is still in a contingent state). The DOM clicker is stopped when all contingencies are removed, which is not entirely accurate at tracking how long it takes to get a house into contract. For example, a seller may have a house go into contract just 1 or 2 weeks after it is first listed, but with a long contingency period (say 45 days). This would mean that the DOM would show almost 2 months for that house to sell, whereas it was generally off the market after only a few weeks.
And for those of you who do read these stats, I'd love to know that you find the information useful! It actually takes me quite a lot of time to track, compile and post the data each month - and I'd love to know that it is being utilized! Send me an email to let me know you like getting it!
If you know of anyone who would like to receive this monthly newsletter or is thinking of either buying or selling a home please let me know. I'd love your referrals!
*Key to market type:
0% - 10% of Homes in Escrow: Extreme Buyers
36% - 45% of Homes in Escrow: Sellers
11% - 20% of Homes in Escrow: Strong Buyers
46% - 55% of Homes in Escrow: Strong Sellers
21% - 30% of Homes in Escrow: Buyers
56% - 100% of Homes in Escrow: Extreme Sellers
31% - 35% of Homes in Escrow: Balanced Market
**Based on information from Bay Area Real Estate Information Services, Inc. (BAREIS). Information has not been verified, is not guaranteed, and is subject to change and is based on one period of time."
***Includes all: Sale Pending & Contingent properties
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