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Southern Marin real estate continues to defy national averages. The high
end of the market finished strong in 2007, logging 17 home sales in Q4 07
(price under $3mm) compared with just 4 in Q4 06. 2008 is starting off even
better in the same market segment, with 11 home sales so far compared
with just 10 in same time period in 2007.
The other segments of Southern Marin real estate aren’t experiencing the
same support as the high end. Less homes are selling in all other market
segments, in most cases off 30%+ the equivalent period (Q1) in both 2006
and 2007. However, pricing power is currently stable.
Bay area unemployment data, which averaged 4.0% in 2007, experienced a
slight uptick to about 4.2% for the first quarter of 2008. That said, tech hiring
remains strong anecdotally, with Web 2.0 software companies having
difficulty locating quality new hires – this bodes well for the broad market.
In our last newsletter, we forecasted an increase in activity for Spring 2008.
This was primarily due to a very slow 2nd half of 2007 caused primarily by
two market factors: first, very low inventories of quality homes for sale; and
second—buyers responding to media coverage and waiting for prices to
drop. The demand is still there as witnessed by the brisk sale of well priced,
updated homes. The supply of homes for sale is still a problem—we still
hearing from buyers that they wished there were more homes to see.
Conversations with stagers in late April reveals a block of inventory coming
in May. Whether that will bring inventories of homes for sale back to more
normal levels remains to be seen.
Quality homes are still selling quickly. Two of our listings in Mill Valley in
the first quarter sold within 3 days—one in less than 24 hours. Buyers continue
to look for quality homes in good neighborhoods that are turnkey. If
you are considering listing your home in the next few months, buyer trends
indicate that you may want to call the contractor and do some deferred
maintenance prior to listing your home.
Download this document - Q1-08-Final-2.pdf
Q1 2008 Market Analysis
Southern Marin real estate continues to defy national averages. The high
end of the market finished strong in 2007, logging 17 home sales in Q4 07
(price under $3mm) compared with just 4 in Q4 06. 2008 is starting off even
better in the same market segment, with 11 home sales so far compared
with just 10 in same time period in 2007.
The other segments of Southern Marin real estate aren’t experiencing the
same support as the high end. Less homes are selling in all other market
segments, in most cases off 30%+ the equivalent period (Q1) in both 2006
and 2007. However, pricing power is currently stable.
Bay area unemployment data, which averaged 4.0% in 2007, experienced a
slight uptick to about 4.2% for the first quarter of 2008. That said, tech hiring
remains strong anecdotally, with Web 2.0 software companies having
difficulty locating quality new hires – this bodes well for the broad market.
In our last newsletter, we forecasted an increase in activity for Spring 2008.
This was primarily due to a very slow 2nd half of 2007 caused primarily by
two market factors: first, very low inventories of quality homes for sale; and
second—buyers responding to media coverage and waiting for prices to
drop. The demand is still there as witnessed by the brisk sale of well priced,
updated homes. The supply of homes for sale is still a problem—we still
hearing from buyers that they wished there were more homes to see.
Conversations with stagers in late April reveals a block of inventory coming
in May. Whether that will bring inventories of homes for sale back to more
normal levels remains to be seen.
Quality homes are still selling quickly. Two of our listings in Mill Valley in
the first quarter sold within 3 days—one in less than 24 hours. Buyers continue
to look for quality homes in good neighborhoods that are turnkey. If
you are considering listing your home in the next few months, buyer trends
indicate that you may want to call the contractor and do some deferred
maintenance prior to listing your home.
Download this document - Q1-08-Final-2.pdf