In a report dated June 14, La Jolla, CA-based DataQuick, a real estate news service, noted that May, 2012 Bay Area real estate sales "were the highest for a May since 2006". A chart in the article showed Marin County home sales up 41% from May of 2011.
Inventory of homes for sale continues to decrease, with only 712 Single Family Residences (3.1 month supply) and 118 Condo's (1.8 month supply) available for sale on May 31. Last year at the same time, there was a 6.5 month supply of inventory (MSI) for Single Family Residences, and 10.2 MSI for condo's. The inventory shortage has Buyers scrambling and competing with each other for available homes --- in many cases, resulting in quick sales with multiple offers, and over asking price. On average, in May, SFR's were selling at 99.2% of asking price, and condo's at 100%.
Only 309 SFR's were newly listed for sale in May, compared to 326 last May, and 370 in May of 2010. There were only 50 new condo listings during the month, compared to 96 in May of 2011, and 87 in 2010. Sellers have still not completely caught on to the opportunity in the current real estate market. Sales activity is not evenly distributed across the County. Greenbrae homes are hot, hot, hot, with 73.9% of listed properties in contract as of June 30. Novato is next, at 56.49% in contract, with San Anselmo (52.17%) and San Rafael (50.99%) close behind. Kentfield, at only 18.75% in contract, is holding down the bottom rung of the market ladder. Ross (22.22%) and Tiburon (25%) doing only slightly better, suggesting that the market for higher-end homes may still present opportunities for buyers. Don't count on that lasting though!
Sellers--- Check this market out. If you have been waiting for the right time to sell your home, this may be it!
Buyers--- The best time to buy may have been 2 or three years ago, but prices are still great right now, and interest rates are low. Conditions are unlikely to get better than this and those who don't buy now may be looking back on this in a couple of years as a missed opportunity!
More next time. Until then,
Best wishes to all,