Marin County, California sits just north of San Francisco (across the Golden Gate Bridge) and boasts some of the most dramatic and expensive homes in the Bay Area. Homes in Marin (Mill Valley, Sausalito, Tiburon, Belvedere, Ross, Kentfield, San Anselmo, San Rafael, Greenbrae, Corte Madera, Larkspur, and Novato) are not entirely immune to the effects of rising interest rates and the overwhelming barrage of mostly negative media coverage of the "state-of-the-market." But, prices seem to have stabilized and sales seem to be on the rise as the year wears on, based on anecdotal evidence and early observations. I will report on the exact numbers as they become available.
The following table shows the absorption rate of single family homes in Marin County as of February 1, 2007:
When the absorption rate is under 3 months, we generally consider the market one that favors the sellers. When the absorption rate is between 3 to 6 months, you have a more balanced market. Once you get above 6 months, however, prices tend to make meaningful strides downward. In Marin County, while we have pockets of communities that have absorption rates higher than 6 months, we are seeing well-priced homes sell with multiple offers even in those communities.
*Note: If your town's absorption rate is not sampled above, or if you are interested in receiving informatoin on condo sales, please call Kyle at (415) 350-9440 or go to NorthBayRE.com.