Marin County: A Buyer’s Market
Statistics show we are now clearly in a Buyer’s Market in Marin County, as 23% of available homes are in contract. We consider it a Buyer’s Market when percent in contract dips below 25%, and it’s now been there since mid-June.
Inventory has been climbing, but shrank a bit the last two weeks, as there are 1258 homes available as of 7/15/07. Corte Madera, Larkspur, and Mill Valley are the strongest markets, and let’s just say it’s a tough time to be selling a home in San Rafael or Novato.
Anecdotally, we continue to feel the difference in the marketplace. To be sure, well priced properties sell quickly - our listing at 32 Fern in Kentfield is now contingent, after just 10 days. But in reviewing the hot sheet every morning, the number of price reductions continue to rise; by the end of the week, reductions usually outnumber the number of new listings.
Negotiations that used to take a matter of hours, with agents frantically sending faxes and emails to get signatures on counter offers, now take two or three days.
Buyers are taking their time in most cases, comparing properties to find just the one they want. And lots of properties that are in contract are falling out, as stubborn sellers refuse to negotiate, and frustrated buyers move on to the next deal.
All in all, it’s actually not bad. In fact, it’s great - we’re having a blast. Our business is very strong. My wife just went to war for two days with a title company that was incorrectly charging our client $3000 - and she won. I have clients buying a property that has been on market for a year and a half - they’re paying nearly 25% less than the original asking price. Smart buyers are getting good deals, and if history is any judge, they’ll do just fine.
Marin County - Percent in Contract 23%
Under $1 MM, Percent in Contract 24%
$1mm-$2MM, Percent in Contract 27%
$2MM+, Percent in Contract 15%
For a complete rundown, and comparisons to last year, please contact me at bravasio@fhallen.com. And remember, we’re never too busy to help with any of your real estate needs - call for information, advice, or a market analysis.
