Sunday, November 27, 2005

October 2005 Results for Marin

Well, West Bay Real Estate has the October results out for Marin. They can be viewed here. It might be premature to report it now as they sometimes revise their numbers weeks later. But as there has been a dearth of data shown on this blog of late...

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!


Anonymous Anonymous said...

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.

Nov 28, 2005, 8:46:00 PM  
Anonymous Anonymous said...

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.

Nov 29, 2005, 9:35:00 AM  
Blogger marine_explorer said...

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.

Nov 29, 2005, 1:10:00 PM  
Anonymous Anonymous said...

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.

Nov 29, 2005, 1:23:00 PM  
Anonymous Anonymous said...

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...

Nov 30, 2005, 4:42:00 PM  
Anonymous Anonymous said...

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 ;-)

Dec 6, 2005, 11:53:00 AM  

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