I am a little late for March Marin real estate closed stats, but here they are! The median price for Marin single family homes was $922,500- down slightly from February’s median price of $935,000. The average days on the market for single family residences in Marin County dropped to 69 in March from 86 in February.
The number of Marin home listings has increased by 17% over last month. The number of listings has also increased by 5% over last year. While the number of listings increased, the number of Marin homes sold and also homes going under contract is still down substantially from March 2007.
| March 2007 | March 2008 | ∆ | % ∆ | |
| For Sale | 919 | 989 | 70 | 7.62 |
| Under Contract | 231 | 149 | -82 | -35.50 |
| Sold | 173 | 102 | -71 | -41.04 |
Buyer confidence remains low. In his recent Goldman Report, Pacific Union President and CEO Avram Goldman says,
We don’t have a real estate problem here—we have a financial and consumer confidence challenge. Whether the economy is in a recession is not the question. Most consumers today believe we are in one. That is why consumer confidence is at its lowest point since the early 80’s. Add that to the continuing liquidity issues in the banking community and you have little, if any growth.
Buyers want and need to buy. The concern is when will the economy bottom out. Until they feel that it is, there will be a reluctance to move forward.
Home buyers are nervous and their lack of confidence is obvious looking at the 35% reduction in homes going under contract over last year.