People ask all the time "How's the Market?", and for the past couple of years, the answer has been "Very active, with many buyers competing for a limited number of properties". Just to give readers an idea of what this means, I took a closer look at the San Anselmo sales statistics for the first four months of the year, and compared them to the same period in 2015.
First, the market for housing in both periods was predominantly Single Family Residences (SFR). This year, 34 SFR's sold in the 1st 4 months of the year vs. only 2 Condos. Last year the numbers were 37 SFR's and 3 Condos. Looking at the prices, I found the following:
Average List Price $1,152,222.
Average Sold Price $1,174,276 or about 1.9% over asking
Average Days on Market 44
Average Square Feet of Home 1827
Average $/SF $642
Average List Price $562,000
Average Sold Price $566,000 or about .7% over asking (7 tenths of a percent)
Average Days on Market 25
Average Square Feet of Home 1145
Average $/SF $494
Average List Price $1,181,838
Average Sold Price $1,235,824 or about 4.5% over asking
Average Days on Market 41
Average Square Feet of Home 2101
Average $/SF $588
Average List Price $374,667
Average Sold Price $393,333 or about 4.9% over asking
Average Days on Market 59
Average Square Feet of Home 817
Average $/SF $481
As of April 30, there are 45 properties on the market in San Anselmo, consisting of 42 SFR's and 3 Condos. 21 of the SFR's are in contract, or 50%. 1 of the Condos is in contract, or 33%. This is definitely still a sellers' market, and homes are still selling for over asking price, however not every home sells for over asking and the ones that do will not necessarily conform to the averages given above. Clients ask me all the time what a home will sell for. Of course, we do a market analysis, look at recent comparable sales in the area, and so forth. But the answer involves more because it depends on several additional factors: 1. Are there any other offers, and if so, how many? We have to wait until the very last minute for this information and I stay closely in touch with the listing agent for the latest developments, right up to the day the offer is due. 2. How badly do the other buyers want the home? 3. What is their ability to pay? These last two items will remain unanswered because there is no way to know. It sometimes helps the buyers to think about their offer price in terms of the highest price they would pay and not feel badly if they do not get the home because they know they would not have gone higher. At the same time, they should keep in mind how they will feel if they do get the home so they will not have "buyers' remorse", feeling they overpaid for the home. It may take several offers before finally being successful, but my experience is that there is always another house, and usually a better one. When buyers are finally successful in this market, they usually express gratitude that they did not get the earlier homes because the one they finally bought is so much better!
If you need assistance with buying or selling real estate in Marin County, please give me a call; I'm looking forward to hearing from you!
CA BRE 01336593