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Marin Real Estate Update – Q4 2009
The Big Picture:
The Marin County market ended the year with prices for single family homes down 6% from where they were in the same quarter a year ago. Condos fared better, with prices up 8% from a year ago. Both types of property lost ground though in Q4 with prices down from the previous quarter. The good news is that the volume of sales continues to increase, with “inventory” reduced from 5 months to a reasonable 3 months. Sales for homes priced under $750,000 continue to have the most activity, with 69% of all homes under contract being in this price range. In the $750,000 - $1,750,000 range, the market has shifted from a Buyer’s Market to a Balanced Market. Homes are selling at an average of 96% of the list price. The number of distressed properties (short sales and foreclosures) listed as “Active” on the MLS remains steady at 110 or 18% of all homes currently for sale in the county.
Prices:
The median price for a single family residence in Marin in Q4-2009 was $753,000, down 6% from the same quarter a year ago and also down 6% from the previous quarter. The median price for a condo was $340,000, up 8% from the same quarter a year ago but down 4% from the previous quarter. The Q4 median price by area and the percent change from the same period in 2008 and from the previous quarter (Q3-2009) 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 |
$2,400,000 |
23% |
30% |
Novato |
$582,000 |
3% |
-3% |
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CM/Grnbrae/Larkspur |
1,027,500 |
-1% |
4% |
San Anselmo |
792,500 |
-7% |
7% |
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Fairfax/San Geronimo |
575,000 |
-15% |
-10% |
San Rafael |
690,000 |
-12% |
1% |
|
Kentfield/Ross |
1,627,500 |
9% |
-9% |
Sausalito* |
1,300,000 |
-7% |
30% |
|
Mill Valley |
885,000 |
-25% |
-2% |
All Marin |
$753,000 |
-6% |
-6% |
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Condos/Townhomes |
|
Year
Change |
Qtr
Change |
|
|
Year
Change |
Qtr
Change |
|
Tiburon/Mill Valley* |
$475,000 |
-37% |
-14% |
San Rafael |
$285,000 |
10% |
-15% |
|
CM/Greenbrae/Larkspur* |
468,750 |
5% |
7% |
Sausalito* |
465,000 |
-16% |
-21% |
|
Novato |
268,000 |
-1% |
3% |
All Marin |
$355,000 |
8% |
-4% |
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 Jan 10, 2010, there were only 601 residential properties on the market in Marin, down from the same quarter last year when there were 783 homes on the market. The median time it takes to sell has gone up to 76 days on market. With 657 homes having sold this quarter, the time it would take to sell the current inventory has dropped from 5 months to 3 months, which is a good sign for sellers.
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 Sellers Market for homes priced less than $750,000 (51% are in escrow).
Ø It has shifted to a Balanced Market for homes priced between $750,000 - $1,750,000 (27% are in escrow).
Ø And it remains a Buyers Market for homes priced more than $1,750,000 (only 15% are in escrow).
For more information, visit our web site at www.MarinRealtyExperts.com.
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Area Pro Realty |
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Peter R. Nielsen 415-472-6243 |
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