Market Update: May Sales Cool Down A Bit
Lots of conflicting data out there right now. The Marin IJ today had the headline “$1,000,000″, because the median sales price exceeded $1,000,000 for the first time ever in Marin, and Marin is the first county in California to hit this level.
On the other hand, we’ve been looking at slowing sales and increasing days on market for the last four weeks, so what’s really happening?
Things have definitely cooled off from a month ago, when percent of homes in contract was 30%. It fell to 26% two weeks ago as inventory spiked, but has seemingly leveled a bit, now at 27%. That’s still a balanced market in our book, although getting close to the 25% level that delineates a buyer’s market.
We put a great house on the market three weeks ago, priced to sell, and waited for offers. Nothing happened. We had another open house. Still nothing. Then, in the third week, we received three offers in one day! The house went for well over the asking price of $1,049,000.
Our sales office had 31 sales this week, which is a very big number, and nine of those sales had multiple offers. One, a $4MM house in Kentfield, had nine offers!
So what does all of this mean?
Great homes, in great neighborhoods, that are priced well, will sell quickly, in any price range. If not, it’s more of a struggle. There are plenty of expired listings out there. Inventory is high and there is, by Marin standards, a lot to choose from.
Sellers: if you’re motivated and ready, you can sell your home. If you’re not, get ready for a long slog.
Buyers: the 30 year fixed is still around 6 1/4 %; inventory is out there. If you see something that’s really great, get ready for multiple offer time. No one likes it, including the agents by the way - but it is a reality.
Here are the numbers:
Total Available    In Contract    %In Contract
Total            1,287              337           27%
Under $1MMÂ Â Â Â Â Â 695Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 184Â Â Â Â Â Â Â Â Â Â 27%
$1MM-$2MM Â Â Â Â Â Â 390Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 114Â Â Â Â Â Â Â Â Â 30%
$2MM+ Â Â Â Â Â Â Â Â Â Â Â 203Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â Â Â Â Â Â Â Â Â Â 20%
Average Days on Market: 67
