The thing is, most of the information we receive is macroeconomic in nature. So, for those of us interested in the local Marin County housing markets, I'll will continue to produce relevant sales data and, on occasion, even some predictions - as I have for the last several years.
Following are a few charts which help tell the story of the Marin County housing market through October 2008.
Single Family Home sales in Marin County:
* Year-to-date units sold 22% lower than 2007.
* Average sales price in 2008 5% lower than 2007.
* Year-to-date units sold 22% lower than 2007.
* Average sales price in 2008 5% lower than 2007.
Condo/Townhome sales in Marin County:
* Year-to-date units sold 3% lower than 2007 (and on fire in the 3rd-4th quarter).
* Average sales price in 2008 19% lower than 2007.
TOTAL property sales in Marin County:
* Year-to-date units sold 30% lower than 2007.
Predictions for Q4/08 and Q1/09:
* Condo/Townhome sales will continue to outpace the market as the foreclosed and short inventory continues to be snatched up by 1st time homebuyers and investors. Look for approx. 55 units sold per month through Dec. 08 in Marin. Depending upon the Fed's move to slow the foreclosure rate, we may see a leveling off in this market's unit sales in early 2009. Prices to continue to fall until this leveling off occurs.
* Single Family Home sales will remain weak through the end of 2008. In 2009, expect something of a bump in activity in homes under $1M as 1st time home buyers move in to take advantage of the weakened market. This bump will be in volume, not pricetag. Higher priced homes which have maintained their value better than average, may see a weakening in 2009 as demand is stymied by the activities on Wall Street and the banking industries.
* Condo/Townhome sales will continue to outpace the market as the foreclosed and short inventory continues to be snatched up by 1st time homebuyers and investors. Look for approx. 55 units sold per month through Dec. 08 in Marin. Depending upon the Fed's move to slow the foreclosure rate, we may see a leveling off in this market's unit sales in early 2009. Prices to continue to fall until this leveling off occurs.
* Single Family Home sales will remain weak through the end of 2008. In 2009, expect something of a bump in activity in homes under $1M as 1st time home buyers move in to take advantage of the weakened market. This bump will be in volume, not pricetag. Higher priced homes which have maintained their value better than average, may see a weakening in 2009 as demand is stymied by the activities on Wall Street and the banking industries.
If you want to know what your home is worth in this market, or if you are considering taking advantage of some pretty well priced homes on the market today, please contact me.
Mitch Todd/Realtor
owner, Tam Realty
founder, GreenerMarin
415-259-7082
mitch@TamRealty.com
Mitch Todd/Realtor
owner, Tam Realty
founder, GreenerMarin
415-259-7082
mitch@TamRealty.com
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