Health & Fitness
Do We Have A Seller's Real Estate Market? Not quite...
Real estate inventory is at historic lows and sellers are selling. Here are some examples.
The crux of this Marin real estate update is that the lack of inventory has
created price stabilization and would have us believe this is a seller’s market.
That isn’t fully the case but then two Realtorrs, Rocky Vannucci and Mac Pourtabib, think statistics are god’s gift from the heavens … or so you’d think as they bandy them about, sensibly and nonsensibly trying to make sense.
Historically a sellers’ market occurred when more than 40% of the inventory
is in escrow. In December 32% of Marin homes were in escrow. That's huge.
In escrow rates (thank you Rocky) for few towns: Greenbrae 57% , Larkspur and
San Anselmo 44%, San Rafael 41% and in Novato 40%. West Marin reflects a
different picture, primarily because of the lack of inventory so we won’t go
there.
Find out what's happening in Larkspur-Corte Maderawith free, real-time updates from Patch.
Two observations about the lack of inventory … a year ago there were 986
homes available. Today there are 759. You do the math … the result of the lack
is that prices have stabilized. That is good news.
Here are some of examples:
Find out what's happening in Larkspur-Corte Maderawith free, real-time updates from Patch.
2431 Fifth Avenue in San Rafael came on the market in December with Mary and
Linda. There were seven offers, five at asking and two above. The property
closed at $715,000.
In Corte Madera I was involved with two homes on Lakeside. 137 Lakeside,
listed by Peter Pickrel at $1,095,000 had three offers and sold for $1,160,000
(this was, according to Mike & Karen, who wanted to live there, one wonderful home); 97 Lakeside, with water views, listed by Suzanne Shelhart for $1,299,000, sold for $1,299,000.
In Larkspur there were 33 sales in the last six months, half of them (OK, 16
of 33) were over $1M. Average list price was $1,531,000, average sales price was
$1,542,000. Price stabilization is one element, another is the speed of the
market … average days on the market was 44. Wow!
On Thursday my business partner Michele Barton and I closed one short sale, got lender approval on a second (three loans) and listed a gentle upslope view lot at the end of Alta Way in Mill Valley. This lot is approximately 70x100, abutts open space at the end of Alta (newest listing there is $1,350,000) — if you want information (plans, EIR, Herzog geotech report, etc.), they're available — this is a real beauty. Want to see? Call and let’s go!
The crux of the Marin real estate update is the lack of inventory: This lack
has created price stabilization. Will it produce price creep? Stay tuned!
