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Marin Real Estate Update – Q3 2009
The Big Picture:
The Marin County market continues to struggle, but with some bright spots. The volume of sales continues to increase; median prices have risen by 3% for single family homes, and are down just 1% for condos. Prices however are still down about 10% from where they were year ago. Sales for homes priced under $750,000 continue to have the most activity, with fully 70% of all homes under contract being in this price range. In the lower-priced homes and condos, we are seeing multiple offers, with homes in Novato and condos in San Rafael showing a surge in price. The number of distressed properties (short sales and foreclosures) listed on the MLS remains steady at 119.
Prices:
The median price for a single family residence in Marin in Q3-2009 was $800,000, down 11% from the same quarter a year ago but up 3% from the previous quarter. The median price for a condo was $355,000, down 8% from the same quarter a year ago but down only 1% from the previous quarter. A more accurate reading is that for each area, within which home values are more comparable. The Q3 median price by area and the percent change from the same period in 2008 and from the previous quarter (Q2-2009) is shown below:
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Single Family Homes |
|
Year
Change |
Qtr
Change |
|
|
Year
Change |
Qtr
Change |
|
Belvedere/Tiburon |
$1,840,000 |
-21% |
-6% |
Novato |
$600,000 |
-8% |
11% |
|
CM/Grnbrae/Larkspur |
990,000 |
-21% |
1% |
S Anselmo |
741,000 |
-34% |
-6% |
|
Fairfax/San Geronimo |
640,000 |
-4% |
-11% |
San Rafael |
680,000 |
-11% |
-6% |
|
Kentfield/Ross |
1,785,500 |
-26% |
-23% |
Sausalito* |
1,000,000 |
-26% |
8% |
|
Mill Valley |
900,000 |
-33% |
-22% |
All Marin |
$800,000 |
-11% |
3% |
|
Condos/Townhomes |
|
Year
Change |
Qtr
Change |
|
|
Year
Change |
Qtr
Change |
|
Tiburon/Mill Valley* |
$552,500 |
-23% |
-29% |
San Rafael |
$335,000 |
21% |
12% |
|
CM/Grnbrae/Larkspur* |
437,500 |
-25% |
-12% |
Sausalito* |
587,000 |
-6% |
10% |
|
Novato |
259,900 |
-17% |
-7% |
All Marin |
$355,000 |
-8% |
-1% |
Statistics from BAREIS MLS, deemed reliable, but not guaranteed.
* Less than 25 homes have sold this quarter for this area, so these statistics are less reliable than those for other markets.
Inventory and Time on Market
As of Oct 11, 2009, there were 1,046 residential properties on the market in Marin, down from the same quarter last year when there were 1,104 homes on the market. The median time it takes to sell remains steady at 65 days on market. With 606 homes having sold this quarter, the time it would take to sell the current “inventory” has dropped from 6 months to 5 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 is even more of a Seller’s Market for homes priced less than $750,000 (51% are in escrow).
Ø It remains a Buyer’s Market for homes priced between $750,000 - $1,750,000 (20% are in escrow).
Ø And it’s a Strong Buyer’s Market for homes priced more than $1,750,000 (only 10% are in escrow).
For more information, visit our web site at www.MarinRealtyExperts.com.
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Peter R. Nielsen
415-299-0487 |
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