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Marin Real Estate Update – Q4 2007
The Big Picture:
The news for the real estate market in Marin at the beginning of 2008 is mixed. The number of homes that sold in the quarter just ended is down by 28% from the same quarter a year ago, but the length of time that homes stayed on the market has decreased. While prices are down from the previous quarter, they are up from the same quarter a year ago. And, while it remains a Buyers Market in the lower and mid-range price brackets, it has shifted to a Balanced Market at the high end.
Prices:
The median price for a single family residence in Marin in Q4-2007 was $984,000, up 6% from a year ago, but down 2% from the previous quarter. The median price for a condo was $555,000, up 6% from a year ago but down 3% from the previous quarter. The Q4 median price by area and the percent change from the same period in 2006 and from the previous quarter (Q3-2007) is shown below:
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Single Family Homes |
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Year
Change |
Qtr
Change |
|
|
Year
Change |
Qtr
Change |
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Belvedere/Tiburon |
$2,073,000 |
28% |
-27% |
Novato |
685,000 |
-9% |
-16% |
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CM/GB/Larkspur |
1,250,000 |
0% |
15% |
SanAnselmo |
940,000 |
2% |
4% |
|
Fairfax/San Geronimo |
810,000 |
6% |
3% |
San Rafael |
827,500 |
-2% |
1% |
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Kentfield/Ross |
1,495,792 |
4% |
-17% |
Sausalito |
1,545,000 |
18% |
-5% |
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Mill Valley |
1.277,500 |
8% |
2% |
All Marin |
$ 984,000 |
6% |
-2% |
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Condos/Townhomes |
|
Year
Change |
Qtr Change |
|
|
Year
Change |
Qtr Change |
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Tiburon/Mill Valley |
$883,300 |
32% |
11% |
San Rafael |
565,000 |
-2% |
-9% |
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CM/GB/Larkspur |
550,000 |
-17% |
-25% |
Sausalito |
610,500 |
5% |
-3% |
|
Novato |
416,837 |
-2% |
2% |
All Marin |
$555,000 |
6% |
-3% |
Statistics from BAREIS MLS, deemed reliable, but not guaranteed.
Inventory and Time on Market
As of Jan 9, 2007, there were 646 residential properties on the market in Marin, down from1,052 in the previous quarter, but up from the same quarter last year when there were 534 homes on the market. Homes are taking about the same amount of time to sell as was the case in the third quarter, with a median time on market of 53 days, down from 61 days in Q4 of 2006. With fewer homes on the market, the time it would take to sell the current “inventory” has decreased from over 5 months, to just 4 months.
Buyers or Sellers Market?
It’s generally considered a Buyers Market when less than 25% of listings are in escrow, a Balanced Market when 25-40% are in escrow, and a Sellers Market when more than 40% are in escrow. By this measure,
Ø It remains a Buyer’s Market for homes priced less than $750,000 (only 19% are in escrow).
Ø It remains a Buyer’s Market for homes priced between $750,000 - $1,750,000 (15% are in escrow).
Ø And it has changed from a Buyer’s Market to a Balanced Market for homes priced more than $1,750,000 (26% are in escrow).
For more information, visit our web site at www.MarinRealtyExperts.com.
If you would like a FREE analysis of the value of your home, to learn how to SAVE on TAXES or any other information about the real estate market in the Bay Area, give us a call!
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Loretta Ferraro
415-676-7262 |
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Peter R. Nielsen
415-299-0487 |
310 Orchid Drive, San Rafael CA 94903
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