So, what’s happening? August is here and the Marin real estate market is definitely feeling a little sluggish. With the stock market sliding and lenders closing doors left and right (or so it seems) , many people are feeling pretty dismal when it comes to the real estate market. What’s happening?
The median price for single family homes in Marin County fell to $970,000 in July, down 16% from a median high of $1,160,000 in June. The average days on the market stayed relatively consistent at 63 days, up 1 from 62 days in June. This drop is consistent with the drop we saw in the same time period last year. In June 2006, the median was $1,075,000. In July 2006, the median was $940,000.
From July 2006 to July 2007:
- Median sales price increased 3.19% ($30,000) to $970,000
- Number of units for sale decreased by 14%
- Units under contract had a small decrease of %3
- Units sold increased 4.42%
Despite the subprime disaster, the Marin real estate market has not plummeted like other areas in the country. I heard that subprime loans made up 44% of the loans in Phoenix last year. It is no surprise their market is in shambles. In Marin, the subprime made up a significantly smaller percentage. The subprime market impacts the lower end of the market, so Marin’s high prices have protected it from a lot of the subprime problems. I will be posting later with more information about subprime and how impacts Marin county buyers and sellers.