Marin Homes For Sale

Price it right and they will come: Fast movers in Marin

It's true that we are in the midst of a housing slump. Everyone knows about at least one house that is up for sale and is taking forever and a day to get an offer. While that is the general trend, there are many pockets in the Bay Area that are defying the statistics, where it appears that buyer demand still exists. A Wall Street Journal story points out the few disparities that are being seen in the courtship between buyers and sellers in certain areas.

While the market up in the North Bay is generally following the mood on the housing with the rest of the country, a few houses that recently went into contract in Marin goes to show that buyer demand is out there, if the price is right.

Starting up in San Rafael, in the Terra Linda neighborhood is this 3 bedroom, 2 bath home sitting on over a third of an acre. The owner put it on the market on March 31st, asking $789,000 and it went into contract 8 days later. Records show that the owner also listed it last year, from April to August 2010, with no deal. The owner pulled the listing for the slow, winter months and then they rethought their marketing strategy. The good schools in the Terra Linda area and proximity to open space were also attractive selling points.

Think Mill Valley is expensive? It can be. While the March numbers show the median list and sale price of a house in Mill Valley around the $1 million marker, this 2000 square foot house made its debut for $579,000. The price turned heads in this usually pricey area and the house went into contract just less than two weeks later. The house is not a fixer, but has a unique wood cabin charm with a price that is almost half of what the median Mill Valley house is asking.

Marin County (San Francisco Bay Area) Real Estate April / May 2011 ...

Despite formidable world events over the past few months, the roiling volatility of the equity markets (although things seem to have settled of late), and increased gas prices, the first quarter of 2011 experienced positive trends in many San Francisco Bay Area real estate markets. Properties selling below $1 million, which are over 70% of the closings in the six counties served by Pacific Union International, are experiencing modest to very favorable increases in units sold. In many markets we are enjoying units sold up nearly double the closings in the marketplace from Q1 2009. A refreshing trend which we feel is always a precursor, albeit by twelve to eighteen months, to value/price appreciation.

Most importantly we are experiencing a recovery in our clients’ confidence. We believe this is a result of historic low interest rates, stabilized pricing in our real estate markets and a general feeling that “the worst” is behind us and that 2011 may be a better year than we expected in late 2010.

In Marin County we have begun to experience a refreshing rebound in units sold in the high end (over $1 million), this trend extends to northern Napa County, the Town of Sonoma, and San Francisco as well. This activity at the high-end will begin to motivate the “move-up” buyers throughout the San Francisco Bay Area. As a result, we expect more favorable results in our local market segment throughout 2011.

The table below illustrates the number of homes available and under contract in Marin under $1 million. The percentages of homes in escrow are high. In fact, the right homes, in the right locations with market based pricing are experiencing multiple offers. This is an indicator of pent up demand and client confidence. Pragmatic property sellers are finding that strategically wise price reductions are garnering multiple offers while homes with a 10% – 12% “pricing cushion” for which to negotiate are finding no one to negotiate with.

Opportunities exist in all our neighborhoods – please feel free to call me to explore your local market conditions and real estate opportunities you may be considering. If you desire a list of Marin County’s best deals or more specific analysis of your neighborhood, please give me a call at (415) 350-9440.

My name is Kyle Frazier. I am a J.D.