In an October 14 report, Core Logic Data Quick, a real estate information service notes that September Bay Area residential real estate sales reached 7443 units, up 4.2 percent from 7,141 in September of last year, the highest number for any September since 2009, when 7,879 units sold.The article also noted that "Sales for the month of September have varied from 5,014 in 2007 to 13,343 in 2003. The average since 1988, when CoreLogic DataQuick’s statistics begin, is 8,479." A chart included with the article showed Marin County sales of 270 units this September, down 10% from last September's 300 sold homes. At the same time, the article points out that the median price of a Marin County sold home in September was $880,000, 17.3% higher than September 2013's median of $750,000.
This information is useful and interesting, but averages and medians homogenize data and obscure significant differences among individual markets. In reality, the 13 towns and cities we follow in Marin County represented the entire spectrum from Strong Buyers' to Very Strong Sellers" markets in September. Without this specific information, buyers and sellers could be at a disadvantage in transactions. Let's take a look at where the opportunities are for each side.
In the top position as of October 27 is Larkspur, with 14 of 22, or 63% of listed properties in contract. Assessment: Very Strong Sellers' Market
In 2nd place, San Anselmo, a Strong Sellers' Market, with 51% or 23 of 45 listed properties in contract.
There are 5 Sellers' Markets:
Corte Madera, 8 of 18 properties in contract. 44%
San Rafael, 70 of 168 properties in contract. 41%
Novato, 67 of 162 properties in contract. 41%
Fairfax, 7 of 18 properties in contract. 39%
Greenbrae, 5 of 13 properties in contract. 38%
Mill Valley, 34 of 95 properties in contract. 36%
Sausalito, 15 of 46 properties in contract. 33%
Tiburon, 21 of 66 properties in contract. 32%
Buyers' Market: Kentfield, with 6 of 24 listed homes in contract. 25%
Strong Buyers' Markets:
Belvedere, 3 of 16 properties in contract. 19%.
Ross, 3 of 17 properties in contract. 18%
Sellers' Opportunities in Larkspur, San Anselmo, Corte Madera, San Rafael, Novato, Fairfax, and Greenbrae.
Buyers' Opportunities in Kentfield, Belvedere, and Ross
Equal Opportunity markets in Mill Valley, Sausalito, and Tiburon.
Of course, these are still averages and trends. Demand for individual homes varies due to location, condition, and other factors, but it is a good bet that potential sellers in San Anselmo and Larkspur may want to consider calling their local REALTOR and getting ready to move!
More next time. Until then, best wishes to all
Marin Modern Real Estate
Broker Associate Lic#01336593