The San Francisco Chronicle reported today that Bay Area Home sales have fallen to a 20 year low. Marin County is not isolated, home sales in Marin are down substantially as well*. WHY?
Avram Goldman, chief executive officer of Pacific Union GMAC Real Estate told the San Francisco Chronicle that people are sitting out of the market because of uncertainty. SF Gates says this about Avram Goldman, “He believes there’s ample demand in the market, particularly for high-end properties, but many people are holding off in the lower and middle levels because they’re uncertain about the direction of prices. In other words, people are scared of buying a home and watching its value sink.”
Confidence. Buyers and sellers are lacking confidence. Are home prices going up? Going down?
Let’s sit on the fence and wait.
The good news for Southern Marin and parts of Central Marin? New inventory is coming on!! This weekend is President’s Weekend followed by ski week for many schools. More Marin real estate inventory is expected to pop up by the the first of March.
At that time, buyers can jump off the fence- hopefully with some good properties to be found.
*please note, the number of homes sold in Marin is down. Median home prices are still up year over year.