Marin County Real Estate Update
In the last 44 years, there have been only two years (excluding 2008 & 2009) when average home prices in Marin County have decreased from one year to the next: -1.2% in 1991 and -1.4% in 1992â€“ after the S&L crisis.
Marin County average residential home prices fell -12.7% in 2008 and -21% in 2009.Â Â
Â A unit-sale weighted average of Southern, Central & Northern Marin show Southern Marin prices are down -17.4%, Central Marin down -13.1%, and Northern Marin down -18.4% from 2008 levels.
For much more more information from a mile high perspective please see right nav bar, click & read â€œMarin Updateâ€.
45% of the homeÂ on the market inÂ San AnselmoÂ are currentlyÂ in contract– any number over 20% indicates a healthy market and any number over 30% indicates a sellers market. The current number of 45% of the homes currently on the market in contract is improbably high given the fragile state of the economy, and the state budget crisis among other reasons. In the book “Extraordinary Popular Delsions & The Madness of Crowds” the author documents many historical instances,Â such as the Tulip Mania,Â where humans act in unison– the demand hitting various towns in Marin is another instance of this and the patient buyer is advised to sit tight for a few months unless they find the absolutely perfect house.
Notice that 65% of homes in bottom quartile are currently in contract. Due to the tightening of lending standards, buyer employment insecurity, and the general skeptical bent of home buyer sentiment, demand that was once spread thru the middle market is now clustered in the bottom 2 quartiles.Â The marcro state of the national housing market combined withÂ the large numbers of under or unemployed,Â may indicate that the bottom of the housing market may still be a ways off. San Anselmo is in better shape moving forward than other markets in Marin due to the steep price declines of 2009.Â Â The currentÂ numbers are very good right now:
In 2008 and 2009, Dave and the DuPont Group areÂ leading agents in Marin County Real Estate. Since the recession began in earnest in 2008, Dave personally closed over 36 sales and $47m in real estate sales, and his group has closed over $60m.Â For 2 years running Dave has sold more homes than any other agentÂ at DB Sotheby’s Intl Realty.Â The data in these pages represents the extra mile we go for clients and is our competitive advantage over other agents in all parts of Marin. Now is not the time to select an agent to represent you because they are a friend or even because they may have represented you in the past. The work habits most realtors has evolved over the past 20 years are not translating well into selling homes in todayâ€™s real estate environment where home buyers make decisions because of financial considerations as opposed to emotional ones.
Dave is a Certified Financial Planner (CFP), Certified Financial Manager (CFM), received his MBA from Pepperdine University, a CA real estate broker and worked for approximately 10 years in the San Francisco financial district. This Blog works in conjunction with The DuPont Groups primary web site.
Please call me to discuss this information in more detail 415-867-6611 â€“ Dave