The Marin County Real Estate Market is Hot, Hot, Hot! Attractive new listings are flying off the shelf, often in their first week on the market, and, not infrequently, with multiple offers --sometimes going substantially over asking price. Sellers----can you count on this? Not necessarily. But if your listing is well prepared, priced, presented, and marketed, don't be surprised if it does happen.
What is going on here?
The current supply of housing inventory for sale is extremely low--- only 3.1 months for Single Family Residences (SFR) and 2.9 months for Condo's. In both cases, this is more than 50% below the available inventory in April of 2011. Year-to-date numbers of homes sold are up as well, in spite of low inventory---running nearly 16% ahead of April '11 for SFR's and more than 19% for condo's.
Of 1222 SFR and Condo properties listed for sale on the MLS on May 20, 564 were in contract, or 46%.In Novato, the number is even higher, with 165 of 266, or 62%. But in Belvedere, only 8 of 25 listed properties, 32%, were in contract on May 20.
What this tells us is not necessarily that buyers prefer Novato over Belvedere. Looking County-wide at SFR's and condo's under $1million, we find 58% in contract, while only 15.8% of over-$3million listings are in contract.
There is a message here for Sellers. A large portion of the market has turned.For would-be sellers, this may be the best opportunity in several years, with ultra-low interest rates and frustrated buyers out in droves snapping up everything in sight, especially in the "lower" end of the market. DataQuick, the La Jolla, California-based real estate news service, said, in an article dated May 17 "Bay Area home sales increased last month to their highest level for an April since 2006---".
Buyers: If you are looking for property in one of the most popular price ranges and locations, keep working on it---success is possible and may be just around the corner! Remember, your REALTOR is a great resource. If, however, you are looking for a $2 or $3million property, you may just still have a window of opportunity. Don't wait too long though!
More next time.
Until then, best wishes to all and drop me a line if I can assist you with your Marin County real estate needs!