Each quarter we send to our neighbors a newsletter on real estate market news in Marin County and Sleepy Hollow, San Anselmo. It is going out next week. For all our blogger friends you get a sneak peak. What are your thoughts?July and August are typically slower months than September and October and yet home prices inched up in August, and so far, September has seen only a slight jump in inventory. The current inventory of 1395 is slightly higher than this time last year. 32% of homes currently in escrow is also an increase over this time last year. In the high end, over $2 million, there are only 170 homes, of which 19% have already sold. Some sellers have taken their homes off the market and are able to refinance or they are just unwilling to sell at what the market is dictating. They are willing to take the chance and carry the home for a longer period, hoping that the market improves.
So what is the prognosis? The state of the national and international economies are obvious factors contributing to an overall slowdown of the housing market. The "wait and see" attitude and the never ending gloomy reports of pending foreclosures is also affecting us. On the encouraging side, we are seeing some robust activity in the San Francisco market. This is a very positive sign since that market typically moves north to Marin as buyers look for alternative living. We are also seeing buyers coming forward with an understanding of the opportunity before them in acquiring homes in good neighborhoods and school districts that will appreciate in the long run. In addition, we are getting an international contingent of buyers from our website, inquiring about Marin real estate and coming up with cash to purchase some very expensive homes.
So the jury is still out on what lies ahead but we must give thanks that we live in a county that is somewhat immune to what is going on elsewhere. From a seller's standpoint, we see prices stabilizing, especially if inventory stays low. From a buyer's perspective, not only are there great buys out there but the rates are at an all time low. The time is ripe to take action in the next 2 months before the winter months roll in and the politics of the economy increases.
Since our last report in July there has been an expected jump in inventory from 9 to 14 homes in The Hollow; 2 are currently in escrow. 5 of those homes were on in July and 4 homes have sold since then. We now have quite a range of homes for sale from the least expensive home to come up in years on Stuyvesant (short sale) to 3 homes over $2 million! The next 2 months should be very active as we see buyers exploring and realizing all that the Hollow has to offer.
We just sold 2 homes on Fawn Drive and now have one of the most unique homes ever to come on the market at 710 Butterfield Road. This is a classic Spanish style California home with 5+ bedrooms, pool, pool house, vegetable garden, sport court and some of the most beautiful landscaping in an unbelievably magical setting. Gated and private, this is an exceptional home. It’s on for $2,150,000. It’s a stunning tribute to all that the Hollow has to offer. Call us if you know someone who might be interested.
We are hoping this newsletter comes out before the Hofbrau night October 1st at the Sleepy Hollow Clubhouse. From 6-10pm there will be excellent beer, food and a live rock and roll band. Great way to spend a relaxing night close to home and support your community. Come join us!
Tickets available for $25.00 - Call 415-258-9889.