Marin County Real Estate Home Sales Summer 2011

Posted by Alex Narodny on Friday, June 17th, 2011 at 10:29am

Marin County Real Estate Market NewsFrom torrential rain and chilly temperatures to clear skies and hot days, Marin just jumped directly from winter to summer and seems to have by-passed the spring. There also has been an encouraging jump in home sales.

While only 169 homes sold in May, which was a drop of 12% from the same time last year, we are half way through June and 125 homes have sold and there are another 464 in escrow. The inventory has jumped from our last report in March from 1000 homes to currently over 1500 homes on the market. Yes, the weather had something to do with it but now schools are out and families are making the transition and buyers are realizing that the time is right to buy while prices and interest rates are down.   The increase in new contracts is a sign that the market could be improving, especially compared to last year.

We are also seeing an increase in the sales of higher end homes. There are 195 homes on the market over $2 million of which 22 are in escrow and 80 have sold since January. Even more interesting is the number of all cash deals in this price range.

Despite the reserved optimism, we see sellers coming to grips with the reality of the value of their homes, and if the motivation is strong to move sooner rather than later, they are jumping into the market. If they get some honest advice from a professional agent who doesn't tell them what they want to hear just to get a listing, they will price it right and it will sell right away.

A recent seller said they wanted to wait for prices to go back up before they sold and I asked him three questions: Are you willing to wait five years for values to go up? would you rather be here or in the next home you buy when prices do go up? and where do you think interest rates will be when prices go up? We listed and sold the home right away and the sellers have since bought a new home at an incredible price and they are thrilled.

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