Marin Real Estate Pulse

Marin really is different, especially when it comes to housing.  We are lucky enough to live in one of the most beautiful places on earth with vast open space which is available for the public to use. Our weather is great and we are close to both the ocean and a reasonable drive to Tahoe.

These numbers show the median price of single family homes have increased in 2007 compared with 2006.  This increase in median price does not reflect the downward trend in Novato or other details which would show that homes in more expensive neighborhoods are selling faster than in less desirable areas.  Prices are down in many Marin neighborhoods, however, Marin is holding up better than most the county and state.  There are some great deals to be found, especially for starter homes.

                                                            2007                       2006

Median Price                                     $1,049,000           $955,000

Median Square Footage                   1,990                     1,882

Number of Sales                               1,990                     2,204

Information provided from sales listed in BARIES Marin MLS as of January 2, 2008

The statics shown below indicate the percentage of homes on the market that are in escrow (the higher the percentage in escrow, the stronger the market).  It is interesting to see how the market shows downs as the mortgage mess hits but have since started to turn around.  Because it usually takes a month or so for a home to sell once it goes in escrow the numbers tend to follow, rather than lead, what the market is doing.

 Considering how badly real estate is in many parts of the state and country we are lucky the Marin real estate market is doing as well as it is.  Historically Marin prices have not taken the wild swings down so this is not surprising to see this again.  If you bought your home within the past couple of years and are trying to sell it now be prepared, you may be taking a loss.  Marin real estate, like all real estate is a long term investment.  Don’t look at real estate as day-trading or you may be taking the same financial hits day-traders do.

Warren Carreiro
warren@realtyofmarin.com
http://www.realtyofmarin.com/

First time buyers may be having a tough time getting into Marin real estate (and they have some great deals to choose from) but that doesn’t seem to be the case for the exceptional luxury homes.  Just look at the number of sales for homes five million and higher (these figures are for January 1^st thru September 25^th of each year. 

Year           Number of Sales

2007                  24

2006         12

2005         12

2004         10

2003         10 

Warren Carreiro

warren@RealtyOfMarin

www.RealtyOfMarin.com

415-846-7286

I’ve had the sales stats prepared for publishing on my Blog but I kept holding off on releasing them.  The numbers don’t look bad, sales are down, but that is not the issue.  When the market is rapidly changing the stats lag and don’t tell the real story. As a Marin REALTOR, I can tell you what you already know; Marin real estate sales are slow. 

In some areas prices are taking a hit.  Novato entry level homes are sitting on the market.  The banks actually require buyers to qualify for loans, what a novel idea.  If you have a good down payment and credit, loans are available at decent rates.  The most expensive loans are fixed rate, 30 year Jumbo (over $417,000).  If you go with a five or seven year fixed rate loan rates are very competitive.

Where are home prices going in Marin?  Like everyone else I don’t have a crystal ball but I can say that in the past forty years the average sales price in Marin (based on MLS) has increased in all but two years, 1991 and 1992.  That drop in average sales prices was less than 3%.  What other California counties have that type of stable price history?

August 2007

Marin Median Price                       $940,000

Median Days on Market                56

Number of Sales                            223

August 2006

Marin Median Price                       $890,000

Median Days on Market                50

Number of Sales                           300

A few things about these numbers; one month is too short a time period to see the whole picture and they also don’t take into account the sales (which have not closed yet) since the mortgage mess hit the fan.  It is a buyer’s market, and buyers are finding some good deals. 

Warren Carreiro, Broker

warren@RealtyOfMarin.com

Marin County Real Estate

Marin REALTOR 

What if you do not want a condo and don’t have a few million to buy your Marin County Home?  Let’s say you have somewhere between $700,000 and $1,000,000 to find your dream home (for most parts of the country this is your dream mansion).  Maybe you want to move from San Francisco for the weather, better schools or just a street where your kids can ride their bikes.  You can get a nice three bedroom, two bath homes in Marin for under $700,000, like the one shown above.

If your job requires you to commute to The City during rush hour(s) you may find you need to spend more to get closer to San Francisco. Marin currently has 340 single family homes in this price range and 253 don’t have anyone’s name on them. If you are interested information on this or other Marin homes and Condos.

Warren Carreiro, Broker

warren@TheMarinRealtor.com

May 29, 2007

Both sales and prices are up for single family homes in Marin County year-to-date compared to the same period last year.

For 2007:
Median Price: $1,025,000
Median Days on Market: 40
Total number of sales: 822

For 2006:
Median Price: $960,000
Median Days on Market: 38
Total number of sales: 790

The median days on market are up by a couple of days but not really enough to make any difference.

Warren Carreiro
415-846-7286

May 29, 2007

Okay, you want to move to a new home in Marin County. The question is should you sell you home first or buy the new home contingent on yours selling? There is a third option of buying the new home without a contingency which is great if you have the cash or can handle double payments until your home sells.
The contingent offer is not that common, usually representing 3% of the homes in escrow. If your current home is in escrow and the contingency is just waiting for the close of escrow you are generally in a good position. However, if you plan on writing contingent offers and your home is NOT in escrow most sellers will not accept the offer unless you price is great or the home you want to buy has been on the market a long time. Don’t expect a good deal on a newly listed home.
One way around this problem is to sell your home asking for a rent-back for a couple of months. With an escrow typically 30 days long you would have 90 days (including the rent-back) to find and get into your new home.

Warren Carreiro

415-846-7286