There were not a lot of home sales in Greenbrae during the month of December, but the average sales price was good! Below are the homes that sold in December 2007 in Greenbrae.
| Area | Address | Selling Price |
| Greenbrae | 306 N. Almenar | $1,675,000 |
| Greenbrae | 40 Corte Ramon | $1,725,000 |
| Greenbrae | 14 Manor Road | $1,777,000 |
Many Marin County home sellers took their homes off the market over the holidays. This helped overall stats. Despite the holidays, we still saw quite a few homes go into contract. Many areas of Marin are considered seller’s markets including Corte Madera, San Anselmo, Sausalito and Mill Valley. The situation in Novato still looks dismal. Below are the stats by city. These numbers are likely to fluctuate widely after the New Year when sellers put their homes on the market.
Marin Market Update By City
| City | # for Sale | # in Contract | % in Contract |
| Belvedere | 18 | 2 | 11% |
| Corte Madera | 11 | 6 | 55% |
| Fairfax | 19 | 6 | 32% |
| Greenbrae | 8 | 2 | 25% |
| Kentfield | 14 | 2 | 14% |
| Larkspur | 12 | 3 | 25% |
| Mill Valley | 51 | 19 | 37% |
| Novato | 203 | 23 | 11% |
| Ross | 11 | 2 | 18% |
| San Anselmo | 35 | 16 | 46% |
| San Rafael | 119 | 29 | 24% |
| Sausalito | 16 | 9 | 56% |
| Tiburon | 40 | 12 | 30% |
| Total | 557 | 131 | 24% |
*Marin County Real Estate statistics pulled from BAREIS MLS on 12/29/2007.
A good reason to jump in and buy a home instead of renting…
Lawrence Yun, chief economist for the National Association of Realtors, recently pointed out some interesting research from the Federal Reserve. Between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,400.
Can you imagine what those numbers would be for Marin County and the San Francisco Bay Area?
It was a slow November for Fairfax, California real estate. The MSI (Months Supply of Inventory) jumped up to 9 months, compared to 3.3 last month. This was the highest MSI in Fairfax since it spiked in November 2006 at 23 months. Hopefully just another anomaly!
(click on chart to expand)
The number of homes for sale in Fairfax, CA was down almost 27% from the previous November. Only 3 Fairfax homes sold as compared to 7 in November 2006.
What is on the horizon? I am still optimistic for a good first quarter of 2008 but December 2007 is likely to be quiet.
The sales stats didn’t look pretty for Kentfield real estate in November. This chart says it all.
(Click on the chart to expand it)
Yes, you are seeing that right. Kentfield MSI= 19 months. This means that if no more homes come on the market, it would take 19 months to sell all homes on the market in Kentfield at the current sales rate. This is an 850% increase as compared to the 2 months supply of inventory in November 2006. Ouch, again.
We have not seen very many new listings coming on the market in Kentfield. The listings on the market are stale. 10 day old bread so to speak. Fresh blood is needed. Bring it on!
What’s happening in Mill Valley real estate? A substantial decrease in supply of homes for sale as compared to November 2006. The number of Mill Valley homes for sale decreased almost 30%, while the number of Mill Valley homes under contract decreased 27% and the number of homes closing escrow decreased almost 18%.
The Months Supply of Inventory (MSI) improved slightly over last November. Mill Valley’s MSI was 3.6- indicating a pretty healthy market. The median price for Mill Valley single family homes in November 2007 was $1,225,000.
(click on image to expand)
Tiburon sales activity increased substantially from October to November, as well as from November 2006 to November 2007. The number of Tiburon homes going under contract improved almost 62% over last November, while the number of Tiburon homes closing escrow improved by almost 40%.
In September, Tiburon had 26 months on inventory. OUCH! The sales pace picked up and the MSI was down to only 3 months in November 2007. This is a substantial improvement over November 2006, when Tiburon had 6.6 months of inventory.
Good news for Tiburon homeowners!
I get asked this question numerous times a day, but it is a tough one to answer. What information are you really looking for? Do you want number for all of Marin, or just Southern Marin? Mill Valley single family homes or Kentfield too?
For all Marin County single family homes, overall supply and demand are down compared to November 2006. The number of homes going under contract and closing escrow are down almost 25% countywide. While November is normally a slow month, this November has been particularly slow.
The MSI (Months Supply of Inventory) is up to 4.7 compared to 3.9 in November 2006. This number is still very low compared to the majority of the country. (Click on the chart to expand it)
What’s next? I anticipate a slow December with a sharp increase in activity in the early part of next year.
Stay tuned for Marin County city specific real estate updates.
What’s happening in Marin real estate?
As expected, activity was S.L.O.W. this week with the Thanksgiving holiday. Only a few brave souls put their houses on their market, while a large number went off the market. A big question for sellers right now is to stay on the market or put it back on after the holidays. For the stale, old listings that aren’t getting much activity, many may come off the market with the hopes of being “fresh” in the new year.
The numbers below reflect activity from Saturday, November 17-Saturday, November 24 for Marin residential real estate (includes condominiums).
| # of New Marin Home Listings this week | 17 |
| # of Marin Homes Back on the Market (fell out of contract) | 12 |
| # of Marin Home Listings with Price Reductions | 34 |
| # of Marin Homes that went under contract | 27 |
| # of Marin Home Listings Expired or Withdrawn (not sold) | 38 |
| # of Marin Homes Sold | 32 |
*Information pulled from BAREIS MLS.
(November 17 5:01 pm -November 24 5:00 pm)
What’s happening in Marin real estate?
The numbers below reflect activity from Saturday, November 10-Saturday, November 17 for Marin residential real estate (includes condominiums).
| # of New Marin Home Listings this week | 58 |
| # of Marin Homes Back on the Market (fell out of contract) | 22 |
| # of Marin Home Listings with Price Reductions | 68 |
| # of Marin Homes that went under contract | 52 |
| # of Marin Home Listings Expired or Withdrawn (not sold) | 53 |
| # of Marin Homes Sold | 42 |
Activity slowed substantially over the previous week. This is to be expected as we near Thanksgiving and a shortened week. The number of new listings dropped off – 58 new listings as compared to 68 in the same time period the previous week. The number of price reductions also dropped from 89 to 68. Sales were up , reflecting the activity occurring in October that is now closing escrow.
After Thanksgiving, I would expect to see more price reductions as people try to sell before the New Year. This week will be a quiet one for real estate in Marin County!
*Information pulled from BAREIS MLS.
(November 10 5:00pm -November 17 5:00pm)