Marin Real Estate (October 2009)

January 19, 2010 by  

Marin County, California real estate held steady, for the most part, through Summer 2009. While year over year prices are down across the board no matter how you slice it, many feel as though absent further crisis, we may be nearing the end of the downward cycle — after a full 3 years. Certainly, well priced, updated homes in great locations are selling promptly.

In Northern Marin (a.k.a Novato), 81% of homes priced under $500,000 are in escrow (that’s 39 out of 48 homes!). In San Rafael, 64% of homes priced at or below $600,000 are in escrow. These astonishing sales numbers are propelled by value / affordability, the $8,000 tax credit, and the increased FHA loan limits which went into effect in April 2009.

Meanwhile, the higher price bands look a little different. As noted last month, some sellers still suffer from pricing strategies that prevent them from realistically engaging with qualified buyers. Nonetheless, we have well over a dozen $2 million and up properties in escrow and have seen a few BIG sales over the Summer. Should the stock market recover further in coming months, I predict more Winter sales as affluent buyers step into the market with renewed confidence. Social proof is a powerful force.

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