As of 8/31/11, there are currently 1394 active homes and condos for sale in Marin County. 433 of these homes (31%) are currently under contract, which equates to a “Balanced Market”.
Single Family Homes: The current ACTIVE/Pending/Contingent average active/contingent home price for Single Family homes in Marin as of 8/31/11 is $1,441,172 and the median is $845,800. In August it took 85 average days for Single Family Homes to go into contract. The overall Marin average asking price per square foot is $575/sf; the median is: $403/sf
Condos: The current ACTIVE/Pending/Contingent average active/contingent home price for Condos in Marin is: $396,552 and the median is: $323,000. The average sold price for Condos in Marin County for the month of August was: $395,686 and the median: $295,000. It is taking an average of 119 days for condos to go pending. The overall Marin average asking price per square foot for condos is: $307/square foot; the median asking price is: $253/sf.
Liz’s Opinion on the Marin County Real Estate Market
Here is some VERY interesting news about the recent home market in Marin County. The number of pending properties in July 2011 was 291. This is the number of homes that have gone into contract meaning they are basically no longer for sale. This is approx equal to the highest number of pending properties since May of 2007. (See chart below): This is BIG news. Here’s why: Normally pending sales in July and August are some of the lowest of the year (besides the holiday months). May is usually one of the most active months for pended homes. This means as the number of listed homes has decreased and the number of pending homes has increased, we have a very short supply of homes for sale. Basically we have approx. 3.5 months of inventory available for home buyers to purchase.
Although the National and State newspaper headlines continue to explode with news about the declining real estate market, here in Marin county, we are having a supply issue, which can lead to an increase in home prices.
For Sellers: as the number of home buyers looking to purchase homes is at record highs at the moment (due to historically low interest rates) the probability of finding the right buyer to match your home is greatly increased. If interest rates start increasing, the purchasing power of home buyers will be more limiting, essentially taking them from the market. This is the time to seriously consider selling your home if you do need to sell.
So home sellers take note, if you want to sell in this market, your home needs to be competitively priced, well staged and finished and be in a move-in condition. The more family-friendly features the house has, the price can go up $/sf. The more the house is located up windy roads, with no flat yard, the $/sf needs to be decreased.
For Buyers: As inventory continues to decrease, you have to be ready to go when you find the right home. If you Realtor calls to say I’ve found a home that seems like a great match for you, it’s important to go to see the home as soon as it hits the market. Don’t’ wait until the Sunday open home, as it may already be too late at that point. As sellers are wary, they are often taking the first offer that comes in with very aggressive time-lines. If you are looking for that “Deal” in Marin County, you really need to be looking in Northern Marin (Novato), where the inventory is bigger than it is in Southern Marin.