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!
