Marin Real Estate Market Report April 2009: Entry level is hot, luxury is not
We had our New Home Buyers Workshop last night, which was really fun and informative according the people who attended. In preparing for it, I ran a lot of different stats on Marin home sales.
What emerged was a an even stronger bifurcation in the market than we have been seeing. Homes under $700,000 - entry level in Southern and Central Marin - are hot. According to Bareis MLS, 38% of available homes under $700,000 are in contract. That’s a Sellers Market.
On the other hand, for homes over $1,500,000, only 9% are in contract. It is a very strong Buyers Market.
We’re working with a number of buyers in the under $700,000 range, and there are some great properties available. Not just Novato and San Rafael either - there are homes in that price range in places like Christmas Tree Hill in Corte Madera or Larkspur, Heather Gardens in Larkspur, and Madera Gardens in Corte Madera.
And with Fannie Mae announcing for the second week in a row that interest rates are at historical lows, it is a great time to be looking for a home.
