Saturday, November 12, 2005

From the Mouths of Marin Realtors

Here is what some Marin realtors have to say about today's Marin real estate market; remember, these folks have an agenda:
"Despite a growing inventory, the next 12 months will show fewer sales, and here’s why: only 11% of homeowners in Marin could afford to buy their own house today, according to the California Association of Realtors. The median price is nearly one million dollars, and with 20% down payment you would need an income of nearly $250,000. Until earnings increase, rates go down, prices decline, or some combination of these happens, appreciation will slow and sales will turn down.

Sales continued to fall due to lack of inventory. Home sales were off 16.9% compared to last year, while condo sales were off 12.5%." Source.
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"As of today, 28% of all listing are pending in Marin, indicating a slight turn from a nuetral market to a buyers market. The average list price is $1,250,000, though the median is closer to $995,000. The numbers are skewed by a few ultra high priced listings." Source.
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"Marin County is experiencing a changing market, it is showing some signs of moderation. Multiple offers are less common on homes that are reasonably priced or in "the most popular" neighborhoods. The future remains uncertain as Buyers try to understandi the impact of rising interest rates, and as seller seek to price their homes to attract Buyers in this changing market." Source.
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"While prices remain steady, changes have occurred in the average number of days on the market(up) and the number of multiple offer situations(down). Part of this trend may be seasonal, and part may reflect a more fundamental market shift. Buyers have become more contemplative, and many are no longer willing to enter into bidding wars for a property." Source.

2 Comments:

Anonymous Anonymous said...

I need to buy a house,so I'd normally be looking at open houses on a Sunday. But I've seen everything that I'm remotely interested in, and these houses cost a fortune, and they've been sitting on the market for weeks or months. My best option seems to be to wait and hope for a price decline of 10%. This is a risky stragy; no telling if and when there will be a 10% decline.

Nov 13, 2005, 2:12:00 PM  
Anonymous Anonymous said...

Just wait. Almost no one "needs" to buy a house but almost everyone "wants" to buy a house. Prices in marin are already down 15% on average and teh prices only continue downward.

http://tinyurl.com/8zuej

Nov 14, 2005, 9:34:00 AM  

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