Marin Real Estate Update - Q3 2011

At the end of Q3 (July-Sept) the supply of homes for sale in Marin County was down by 24% from the same quarter a year ago, reducing the inventory from 6 months to 4 months. This drop in supply should result in an increase in prices, but that is not yet the case, with prices for single family homes down 2% from a year ago and the price of condos down 13%. When compared with the previous quarter, though, it appears that prices may be stabilizing with single family homes down just 1% and condos unchanged. The median price of a single family home in Marin in Q3 was $773,500. The median price for a condo was $303,500.

The time it takes to sell a home has increased from 52 days in Q2 to 65 days in Q3, There are 178 distressed properties for sale in the county – bank-owned, short sales or in some stage of foreclosure – representing 19% of all listed, down by 1% from Q2.

Ø It remains a Sellers Market for homes priced less than $500,000, with 50% of the for-sale homes in escrow.

Ø It remains a Balanced Market for homes priced between $500,000 - $1,000,000 (35% are in escrow).

Ø And it remains a Buyers Market for homes priced more than $1,000,000 (only 16% are in escrow).

For the complete report and to see the price levels and trends for Belvedere/Tiburon, Corte Madera/Greenbrae/Larkspur, Fairfax/San Geronimo Valley, Kentfield/Ross, Mill Valley, Novato, San Anselmo, San Rafael and Sausalito, click here.