Marin County Real Estate Market Report June 2008
Market Report: Stabilizing Trend on the Horizon?
It has been a difficult year for Marin real estate. Total unit sales are off 35% for homes, and 38% for condominiums. Condominium average sale price is down 10%. Some realtors are learning new phrases, like “Did you say one or two shots of espresso in that latte?”
We see stability creeping in, however.
First, the percent of homes in contract has consistently stayed at the 23% level for two months now. That’s almost a normal market, and that number is staying consistent even though inventory is higher than it has been in years.
Second, Novato and San Rafael are two of the strongest markets in Marin County right now, with 27% and 24% of homes in contract. That’s important because these were the first two markets to really start to have problems when the market started to decline. It’s also important because combined, these two towns represent half the inventory in Marin County.
Why the strength here? According to agents who specialize in the area, Novato sellers are adjusting expectations, and pricing accordingly. In other words, they’re further along the learning curve, and adapting to the changing market.
Finally, we’re feeling an upsurge in buyer activity. We’re suddenly getting lots of calls asking about our listings, after a very quiet May. Maybe it’s just that school is out, maybe it’s a blip, but it’s fun anyway!
As always, call if you would like to receive our weekly updated market statistics.
