Larkspur Real Estate Market Report

Posted on February 16, 2009 by Ginger Wilcox

This market profile is a snapshot of what is happening in Larkspur. Larkspur home prices have continued to trend down in recent weeks.  While the listing inventory in Larskpur has been decreasing, days-on-market has been increasing.  The Market Action Index has been basically flat, not providing a strong indication of the direction of the Larkspur real estate market.

Larkspur-Real-Estate-Report

Larkspur Real Estate Market Update

There are currently 23 homes for sale in Larkspur, California.  There are 4 Larkspur homes under contract.

Median List Price $1,289,000
Highest Priced Larkspur Home
(single family)		 $2,750,000
95 Elm, Larkspur
Lowest Priced Larkspur Home
(single family)		 $719,000
195 Marina Vista, Larkspur
Asking Price per Square Foot $665
Average Days on Market 134
Percent of Properties with Price Decrease 61%
Percent Relisted 17%
Median House Size (sq ft) 2,257
Median Lot Size 6,501-8,000 Sq. Feet
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.6
Market Action Index 13 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Larkspur Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Larkspur Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Kentfield-Greenbrae Real Estate Market Report

Posted on by Ginger Wilcox

This market profile is a snapshot of what is happening in Greenbrae & Kentfield. Home prices have trended down in recent weeks.  While the days-on-market has been increasing, listing inventory has been decreasing and the Kentfield-Greenbrae Market Action Index has been on the rise, signally positive indications for the Kentfield-Greenbrae real estate market.

Kentfield-Greenbrae-Real-Estate-Market-Report

Kentfield-Greenbrae Real Estate Market Update

There are currently 33 homes for sale in Kentfield & Greenbrae, California.  There are 7 homes under contract.

Median List Price $2,675,000
Highest Priced Home
in Kentfield-Greenbrae
(single family)		 $6,950,000
30 Toussin Ave, Kentfield
Lowest Priced Home
in Kentfield-Greenbrae
(single family)		 $899,000
44 Corte Morada, Greenbrae
Asking Price per Square Foot $732
Average Days on Market 139
Percent of Properties with Price Decrease 13%
Percent Relisted 9%
Median House Size (sq ft) 3,579
Median Lot Size 0.25-0.50 acre
Median Number of Bedrooms 4.0
Median Number of Bathrooms 3.2
Market Action Index 14 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Kentfield-Greenbrae Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Kentfield-Greenbrae Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Fairfax Real Estate Market Report

Posted on by Ginger Wilcox

This market profile is a snapshot of what is happening in Fairfax. Fairfax home prices are down slightly this week but have trended up in recent weeks.  While the listing inventory has been decreasing, the days-on-market has been increasing and the Fairfax Market Action Index has declined, signally a downward trend for the Fairfax real estate market.

Fairfax-Real-Estate-Report

Fairfax Real Estate Market Update

There are currently 30 homes for sale in Fairfax, California.  There are 3 Fairfax homes under contract.

Median List Price $749,000
Highest Priced Fairfax Home
(single family)		 $2,295,000
21 Ellsworth Lane, Fairfax
Lowest Priced Fairfax Home
(single family)		 $299,000
305 Scenic, Fairfax (yellow tagged & uninhabitable)
Asking Price per Square Foot $466
Average Days on Market 115
Percent of Properties with Price Decrease 39%
Percent Relisted 3%
Median House Size (sq ft) 1,728
Median Lot Size 8,001-10,000 Sq. Feet
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.0
Market Action Index 11 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Fairfax Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Fairfax Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Corte Madera Real Estate Market Report

Posted on by Ginger Wilcox

This market profile is a snapshot of what is happening in Corte Madera. Corte Madera home prices are down slightly this week but have trended up in recent weeks.  While the days-on-market has been increasing, the listing inventory and the Corte Madera Market Action Index have been essentially flat.

Corte-Madera-Real-Estate-Report 

Corte Madera Real Estate Market Update

There are currently 25 homes for sale in Corte Madera, California.  There are 3 Corte Madera homes under contract.

Median List Price $1,009,000
Highest Priced Corte Madera Home
(single family)		 $2,799,000
241 Willow Ave, Corte Madera
Lowest Priced Corte Madera Home
(single family)		 $525,000
208 Summit Ave, Corte Madera
Asking Price per Square Foot $564
Average Days on Market 81
Percent of Properties with Price Decrease 50%
Percent Relisted 10%
Median House Size (sq ft) 1,723
Median Lot Size 4,501-6,500 Sq. Feet
Median Number of Bedrooms 3.1
Median Number of Bathrooms 2.1
Market Action Index 12 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Corte Madera Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Corte Madera Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Marin Months Supply of Inventory at Record Levels

Posted on February 9, 2009 by Ginger Wilcox

In my last post about the $15,000 Home Buyer Tax Credit, I mentioned that the one of the goals behind the bill is to generate home sales that will reduce the large backlog of home inventory across the country and thus help stabilize the economy.  Even Marin has been hit hard by the economic downturn.  The months supply of inventory for homes and condos in Marin is at 10.4 months, meaning at the current rate of sales, it would take 10.4 months to sell the existing home inventory if no new listings came on the market.  The challenge with these numbers is that it only reflects homes listed for sale on the multiple listing service.

As I mentioned recently, there are a large quantity of homes for sale in Marin County that are off the Marin MLS system.  The numbers you see in the chart below are artificially low due to the large quantity of homes being marketed outside the MLS system.

If passed, the economic stimulus package could help lower end buyers in Marin get off the fence and start purchasing again.  Stay tuned!

Marin-Real-Estate-MSI-Jan2009

$15,000 Home Buyer Tax Credit Proposal Goes to Senate

Posted on by Ginger Wilcox

The Senate will vote tomorrow on the Economic Stimulus Bill which includes a provision giving home buyers a $15,000 tax credit.  The provision is designed to get qualified home buyers off the fence, start purchasing homes and reduce the large quantity of home inventory across the country.

The Senate bill has significant differences from the House bill, which will have to be addressed if the Senate bill passes. 

The Home Buyer Tax Credit theory:  by reducing the backlog of home inventory, home prices will stop their free fall and the number of foreclosures will be reduced, thus reducing losses for banks holding mortgage backed securities, improving the credit markets and stabilizing the economy.

The Basics:  The bill provides a tax credit for 10% of the purchase price of a primary residence up to $15,000.  Unlike the House bill, the Senate bill is available to all buyers of primary residences. It does not have an income limit.  The credit is non-refundable, meaning home buyers can only benefit from the credit if they owe Federal income tax in the year of purchase.

More Information:

  • Senate Economic Stimulus Bill
  • Home Buyer Tax Credit Q & A

    • Will Luxury Real Estate Market Be Hardest Hit?

    Posted on January 28, 2009 by Ginger Wilcox

    I was reading an article by Robert Frank (The Wealth Report) of the Wall Street Journal discussing Why Luxury Housing Could Be Hit Hardest.  Many people have said the market crisis hasn’t impacted the wealthy, but has absolutely impacted Marin County. 

    While previous market swings (such as around the .com bust) have not made a huge impact on wealthy Marin County and the Marin real estate market, this one definitely has.  Marin has a large number of residents who work in financial services and they are losing their jobs.  The wealthy have lost huge percentages of their wealth in their portfolios.  While many of the wealthy may not lose their homes, they are definitely holding tight to what they do have.  The charts below show the dramatic difference in the lower end Marin real estate market vs. the upper end. The number of Marin homes sold under one million dollars is actually up.  The over a million stats?  Down 63.3%! 

    Marin Real Estate Sales Stats for homes under $1,000,0000

    Marin-Real-Estate-Under1M

    Marin Real Estate Sales Stats for homes over $1,000,0000

    Marin-Real-Estate-Over1M

    Clearly the luxury real estate market in Marin County is hurting, and I anticipate this trend to continue in 2009.

    Trying to Time Market CAN hurt!

    Posted on January 24, 2009 by StaceyFleece

    Unless you’ve been living in a cave as of late, you are probably well aware that the financial and lending climate has changed dramatically…and it continues to be very dynamic. Every week, we have lender changes, investor changes, market changes, etc. that can affect how borrowers can structure both purchase and refinance loans. Rates have been and continue to be extremely attractive…are they the absolutely lowest we’ve seen in the past month? No, not today. But sometimes waiting for that lowest point can hurt your ability to get your financing completed. Here’s a real life example…

    I have a client who wants to refinance her condominium. She currently has a 30-year fixed loan at 6.625%…way above the market. A few weeks ago, I quoted her a new 30-year fixed at 5.25% with no points which would save her $520 per month! The client, in listening to the misguided media and well-meaning but misinformed parents, decided to wait until rates dropped to 5.125% as she did not feel they were “low enough”. I counseled her about the possibility that rates could worsen while she waited for that 0.125% and that the current option would save her over $6,200 per year but agreed to monitor the market for her.

    While she was waiting to pick the bottom, rates moved up as we saw selling in the mortgage-backed securities market. Then, to add insult to injury, Fannie Mae and Freddie Mac rolled out a new set of risk-based pricing “add-ons” that are MANDATED by Fannie and Freddie for all lenders. Factor in these “add-ons” to her refinancing pricing and now she’s even FURTHER away from that 5.125% she wanted…and not even in the 5.25% mix right now, either.

    Moral of the story…a bird in the hand CAN be worth two in the bush. While waiting to save another $46 per month, she missed the opportunity to capture an additional $520 in her pocket! Will rates come back down to where she can even get the 5.25% again? No one knows for certain…but it will definitely be harder to get there for her particular file given the changes.

    If you have a loan opportunity in front of you at a competitive rate which saves you money and/or satisfies what you’re looking to accomplish, jump on it while you can! You don’t know what changes lie in wait from the lenders in terms of structure and pricing or, even worse, if your company is about to go through layoffs, paycuts, etc. where your personal finances may no longer qualify you for a loan. Don’t miss the boat as opportunities may be fleeting.

    Stacey Fleece is a Mortgage Loan Consultant with Countrywide Home Loans in Mill Valley in Marin County, California.

    Fairfax Real Estate Market Update-Jan 20

    Posted on January 20, 2009 by Ginger Wilcox

    This market profile is a snapshot of what is happening in Fairfax. Fairfax home prices are down slightly this week but have basically settled at a plateau.  Listing inventory has been tightening and days-on-market has been increasing.  The Market Action Index has been essentially flat.

    Fairfax-Real-Estate-Jan20

    Fairfax Real Estate Market Update
    Median List Price $704,500
    Asking Price per Square Foot $505
    Average Days on Market 144
    Percent of Properties with Price Decrease 46%
    Percent Relisted 0%
    Median House Size (sq ft) 1,808
    Median Lot Size 8,001-10,000 Sq. Feet
    Median Number of Bedrooms 3.0
    Median Number of Bathrooms 2.5
    Market Action Index 14 – Cold! Buyer’s Market

    The Market Action Index answers the question “How’s the Fairfax Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

    Fairfax Real Estate Market Data effective as of January 20, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

    San Anselmo Real Estate Market Update-Jan 20

    Posted on by Ginger Wilcox

    This market profile is a snapshot of what is happening in San Anselmo. San Anselmo home prices have seen a downward trend in prices again this week.  Listing inventory has been tightening and days-on-market has been increasing. The Market Action Index has been essentially flat.

    San-Anselmo-Real-Estate-Jan20

    San Anselmo Real Estate Market Update
    Median List Price $839,000
    Asking Price per Square Foot $548
    Average Days on Market 135
    Percent of Properties with Price Decrease 47%
    Percent Relisted 12%
    Median House Size (sq ft) 2,239
    Median Lot Size 8,001-10,000 Sq. Feet
    Median Number of Bedrooms 3.5
    Median Number of Bathrooms 2.6
    Market Action Index 16 – Cold! Buyer’s Market

    The Market Action Index answers the question “How’s the San Anselmo Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

    San Anselmo Real Estate Market Data effective as ofJanuary 20, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.