The median sales price of a SFH in Marin went up 5.3% in October from the previous month but is still down -8.3% from its peak in June. On the other hand, the average sales price in October dropped -3.4% from the previous month and is down -14% from its peak in July. So a rather mixed bag of results here in Marin, pretty much like the nation as a whole.
The following plot might be of interest. It shows the number of houses sold in September and October, 2005 in Marin grouped into bins of $200,000 intervals (e.g., $0 - $200,000, $200,001 - $400,000, etc.).
The real story is condos: October condo sales dropped -50.6% from the previous month and are off -39.1% from a year ago. Wow!
6 comments:
Anyone out there know what type of people "buy" condos in marin?
I probably know 30 people that live in marin. Most own their own homes. Several are renters. I can't think of any that are condo owners.
I know some people who purchased condos as investments. One bought with no money down, NEG AM, a $1.5mill condo on DeSilva isnald and wants to sell it in a year or two.
Anyone out there know what type of people "buy" condos in marin?
I know both retirees, professionals, and investors who own condos in Marin. There's quite a range of condos in the county, from $300K units in Novato to $1M+ waterfront complexes.
Personally, I think condo prices are the most inflated, and will be hit the hardest on a downturn, due to level of speculation.
I bought and lived in a condo for 11 years in Corte Madera. I'm just an average person. I sold the condo 5 years ago when I needed a house for the family.
One bought with no money down, NEG AM, a $1.5mill condo on DeSilva isnald and wants to sell it in a year or two.
Hmmm, I feel sorry for that guy. I work for the biggest mge company and there are tough times ahead...
Condos are considered first homes here in Marin. They are attractive to investors and first-time buyers as I have been both. In my case, I bought my first Novato condo 8 years ago as single 20 something for $198k (I know, this is laughable now) which I recently sold for $540k. My current home is also a Novato condo purchased in 2002 for $450k and currently worth around $640k and I believe that larger condos like mine (2040SF 4bed 2bath with garage) have actually underperformed the market over the past year as they compete with smaller tract homes here in Novato. I still consider condos a bargain still relative to houses, as a house in my area with similar square footage and amenities would probably cost close to, of not more than, $800k. Most people will pay a premium for a smaller, crappier house just to have a yard and no adoining walls. Myself included, probably, if I could afford it ;-)
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