Marin Market Heating Up!
Market Update: 11/15/06
Strange, the weather is getting colder, but the real estate market in Marin is actually heating up! Someone tell the IJ, quick!
Percent in contract is rising, and inventory is falling. This time of year, we usually see things in general declining, so this is a change. First the numbers:
Total Homes on Market:Â Â Â Â Â Â Â Â Â Â Â 1,231
Percent in Contract:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 24%
Under $1MM, Percent in Contract:Â Â Â 26%
$1MM-$2mm, Percent in Contract:Â Â Â 25%
$2MM-$3MM, Percent in Contract:Â Â Â Â 17%
We consider it a Buyers Market when less than 25% of the homes are in contract, and a Balanced Market when percent in contract is from 25% -35%.
What’s notable here is that the total percent in contract just two weeks ago was 21%, where it had been hovering for several months, and now it is creeping up. Part of that is attributable to homes coming off the market, but part of it is also that more homes are being purchased.
We’ve been hearing anecdotal stories about increased activity for a couple of weeks, and this starts to bear those stories out.
Larkspur continues to be one of the strongest markets, with Corte Madera and San Anselmo not far behind.
As I’ve said before, this is a rare time in Marin, where there is both high inventory and low interest rates. There’s plenty to pick from, and getting a 30 year fixed at 6.25% is a great deal.
How good? I’ll post tomorrow about a crazy multiple offer situation I was in Monday night.
Lots of pundits are predicting that if interest rates come down in the spring, we could be off on another tear. I’m not betting on that by any means, but I continue to believe this is a good opportunity for buyers.
