Turnaround in the Marin County Real Estate Market?

The first quarter of 2010 may mark the turnaround in the Marin County real estate market. This is the first quarter since Q2-2007 when both single family homes and condos registered price increases, both over the previous quarter and when compared to the same quarter in the previous year. The turnaround has not been uniform, though. Single family homes in Novato declined further, as did homes in Belvedere/Tiburon. The price of condos surged in San Rafael, up 69% from a year ago, when they hit bottom at a median price of just $198,000. The volume of sales appears to be picking up as well, with 451 sales in Q1 compared to only 314 in the first quarter of 2009. Inventory has risen from a 3-month supply to a 6 month supply, reflecting a typical post-holiday seasonal increase. It remains a "Sellers Market" at the low end, ‘Balanced' in the mid-range and a "Buyers Market" at the high end. Homes are selling at an average of 97% of the list price.

This is an excerpt from my Q1-2010 Marin Real Estate Market Update. You can read the entire report on my website at www.MarinRealtyExperts.com/Current_Market_Report.

Peter Nielsen, Peter@MarinRealtyExperts.com