The Marin County housing Market for May 2007

The Marin County real estate market right now is not one market. It is a lot of different markets. One property in Kentfield reportedly had as many as 9 offers and allegedly went into contract about $1million over asking price. Earlier this year, we characterized Kentfield as a buyers' market with bargains to be had by savvy buyers. Right now, Novato is a great area with opportunities for buyers who recognize value when they see it. I have attached the April 30 city-by-city report again for reference.

Inventory for SFR's increased again this week and broke the 1000 mark for the first time this year. There were 92 new listings, 63 listings went contingent, 50 pending, 47 sold. There were 61 price reductions, 6 expired, and 17 withdrawn or temporarily off the market. Average days on the market for sold listings on SFR's at 74 vs 65 at this time last year. Average list price $1,381,968 avg. sold price $1,354,866. Last year, average list $1,261,527 and average sold $1,238,879.

Units sold still 3.8% above last year at 776 but losing ground each week for the last several weeks. Now only 29 units ahead of 2006 SFR market healthy.

Overall, a sellers market at 28-plus percent in contract, but with 61 price reductions, no time to test the market with prices that push the envelope. Pricing and preparation still the keys to success. The $3million plus end of the market has picked up steam, going from 13% in contract to over 18% in contract. People with that kind of money to spend usually don't get it by making a lot of big financial mistakes. They know opportunity when they see it and are voting with their dollars!

Condo inventory remained stable last week, increasing by only 3 units. 12 units were sold vs. 5 in 2006, so a comparatively good week, narrowing the gap to only a minus 16.4% vs. the minus 19.5% we had last week. All price points still a buyers' market, and showing good opportunity for buyers. Figures for the last 7 days: new listings 21; contingent 14; pending 9; sold 12; price reductions 21; expired 3; withdrawn/temp off mkt. 6. Average days on market 77 vs. 64 in 2006. Average list price for YTD sold properties $632,519 and average sold price $623,248 vs. 2006 average list $623,989 and average sold $619,810. Advice for buyers--- make an offer on that condo you liked. They are not going to give it away, but there is a good chance you can negotiate, especially with properties remaining on the market for a while.

Marin County - Single Family Residences as of May 22, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 1001 284 28.37% Seller's

0-$999K 421 130 30.88% Seller's

1MIL-$1,999K 377 113 29.97% Seller's

2MIL-$2,999K 106 23 21.70% Buyer's

$3MIL + 97 18 18.56% Buyer's

Marin County - Single Family Residences as of May 15, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 977 278 28.45% Seller's

0-$999K 416 134 32.21% Seller's

1MIL-$1,999K 362 108 29.83% Seller's

2MIL-$2,999K 101 23 22.77% Buyer's

$3MIL + 98 13 13.27% Strong Buyer's

Marin County - Single Family Residences as of May 8, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 923 257 27.84% Seller's

0-$999K 393 128 32.57% Seller's

1MIL-$1,999K 344 97 28.20% Seller's

2MIL-$2,999K 89 21 23.60% Buyer's

$3MIL + 97 11 11.34% Strong Buyer's

Marin County - Single Family Residences as of May 1, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 900 260 28.89% Seller's

0-$999K 383 138 36.03% Strong Seller's

1MIL-$1,999K 331 87 26.28% Seller's

2MIL-$2,999K 82 16 19.51% Buyer's

$3MIL + 101 17 16.83% Buyer's

Marin County - Single Family Residences as of April 24, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 877 247 28.16% Seller's

0-$999K 369 127 34.42% Seller's

1MIL-$1,999K 326 82 25.15% Balanced

2MIL-$2,999K 85 21 24.71% Buyer's

$3MIL + 97 17 17.53% Buyer's

Marin County - Single Family Residences as of April 17, 2007

Total Active In Contract % In Contract Type of Market

ALL PRICES 850 253 29.76% Seller's

0-$999K 352 122 34.66% Strong Seller's

1MIL-$1,999K 318 91 28.62% Seller's

2MIL-$2,999K 83 19 22.89% Buyer's

$3MIL + 96 20 20.83% Buyer's

Total Units Sold 2005:2594 (SFR)

Total Units Sold 2006: 2195 - Down 18.4% from 2005

YTD Sold 2006: 747 (Jan 1 to May 22)

YTD Sold 2007: 776 (Jan 1 to May 22) Up 3.8% from 2006

Market Type:

Less than 15% In Contract = Strong Buyer's Market,15-25% In Contract = Buyer's Market

25% In Contract = BALANCED MARKET

25-35% In Contract = Seller's Market, 35-45% In Contract = Strong Seller's Market, 45%+ = Very Strong