Pacific Union International, an affiliate of Christie’s International Real Estate, has just implemented the Pacific Union International Market Snapshot Video Series. Wondering what’s happening in your area? Take a look at the current Bay Area real estate trends and conditions with our snapshot videos. They offer a quick, visual summary based on data sourced directly from your local MLS. Pick your favorite city and learn more about its latest trends. Just click here and select your favorite bay area town, city or zip code. Real Estate can be quite different by location so make sure you check out a few locations to get a better perspective on the overall Bay Area Real Estate market. A preview of the Larkspur Video is posted below. Jimmy Wanninger is available to answer area specific questions via phone at 415.990.8990
Hope you have a wonderful Memorial Day, but let’s not forget the day is dedicated to those who died while serving in the United States Armed Forces. May they all rest in peace.
The Golden Gate Bridge 75th Anniversary is finally here. Most of the big events take place Sunday, from 11 AM to 11 PM. You’ll find stages with bands and live performances on the Marina Green and Crissy Field. Fireworks, launched from the Bridge, are scheduled to run from 9:30 to 9:50 PM, with KFOG radio providing a soundtrack on air. Weather forecasts indicate there won’t be any fog, so the evening should be perfect for fireworks.
See the complete schedule of events at the Anniversary’s official site, along with a link to the Golden Gate Bridge Flickr page, where you’ll find more than 3,200 images of the bridge – three of which we’ve posted here.
At Pacific Union we value teamwork, excellence, and extraordinary effort — and so does the Artemis Racing America’s Cup team. They show effortless expertise on the water, but behind the scenes there is an incredible amount of hard work to make it all come together.
I was inspired by the parallels between what they do to get results, and what we do within Pacific Union. Check out the video below and see if you get inspired, too.
The Marin Real Estate Market is HOT! Attractive new listings are flying off the shelf, often in their first week of being on the market or even before they are on the market. Some receive multiple offers– going substantially over asking price.
The current supply of housing inventory for sale is very low, only 3 months for Single Family Residences. This is more than 50% below the available inventory in April of 2011. In spite of low inventory in Marin, the number of homes sold have increased. Good news for sellers! Bay Area home sales increased last month to their highest level for an April since 2006. This may be the best opportunity to sell or buy a home in the past several years– if your home is well prepared, priced, and marketed. The high level of competition is leaving many buyers frustrated, especially those who are looking below $2 million. If you are looking for property in one of the most popular price ranges and locations, be persistent. However, if you are looking for a $2-3 million property, you may just still have a window of opportunity. Don’t wait too long though, time is of the essence.
The current real estate market in the Bay Area favors sellers.
It’s a sellers’ market across the Bay Area, with buyers in April snapping up properties in all six counties, especially Marin. In Marin County, more than 48% of homes on the market had sales contracts in place at the end of April.
Also, a full 77% of the homes priced between $100,000 and $500,000 were in contract, with 58% in contract for homes priced $500,001 to $750,000, and 49% in contract for homes priced $750,001 to $1 million.
San Francisco had 40% of its homes in contract, with 1,029 homes priced between $100,000 and $1 million, and 236 priced between $1 million and $2 million. There were 97 priced between $2 million and $4 million, and 36 priced above $4 million.
Generally, a housing market favors sellers when more than 35% of homes are in contract, and a buyers’ market is indicated when less than 25% are in contract. A market is considered balanced when 25 to 35% of the homes are in contract.
One of the Bay Area’s top brokerages ranks among the most productive in the United States.
The results are in from the annual Real Trends 500 survey, which ranks the 500 largest residential real estate brokerage firms in the U.S. Pacific Union International ranked fifth nationwide in closed sales volume for its real estate professionals— and the per-associate number was an impressive $6,372,309.
In addition, we climbed five spots from last year’s list to rank at 24 in closed sales volume overall for 2011.
Home sales in Marin County rose in February from both the previous month and a year ago. The luxury market continues to gain momentum! 44 properties sold for more than $1 million last month, up from just 29 transactions a year ago and 33 the previous month. The number of $2 million-plus sales also rose in February to 11 transactions from 7 last year.Good news for buyers, the median sale price for a luxury home in Marin did decrease to $1,322,750, down 4.1% from last year and 14% from the January median price.
Another indication of the improving housing market was homes sold in an average of 143 says, down from 205 last year and 150 days the previous month. As far as list price, sellers are receiving on average 96% of their list price, up from 93% last year. Although we have been seeing in many situations that listings are receiving multiple offers. Follow our 5 point strategy to win in a multiple offer situation and you are likely to be very successful.
The real estate market in Marin County is showing no signs of slowing down anytime soon– and we are just about to head into spring buying season. The rapid growth of tech companies, recent IPOs, low interest rates, and higher consumer confidence are all contributing to this hot hot hot market.Demand is continuing to grow, for sellers there couldn’t be a better time to think about listing their home. If your thinking about buying or selling in Marin county or worldwide, contact Jimmy at (415) 990-8990.
Residential prices in San Francisco and in 19 other US cities have dropped at a slower pace in January than in years and months past, hinting to stabilization in the real estate market.
Property values in 20 cities fell 3.8% from a year earlier, matching the median forecast of 32 economists surveyed by Bloomberg News, after decreasing 4.1% in December. Prices were little changed in January from the prior month, the best performance since July.
Property values are steadying as a strengthening labor market underpins housing demand, which will allow the industry that precipitated the recession to contribute to growth this year. Nonetheless, the recovery in sales may be restrained by short sales that are putting more properties onto the market. In Marin there are currently 298 contingent properties, of which 55% are short sales!
We are beginning to see a slightly less-negative picture, and we are starting to see some slight progress from very depressed levels. Home prices adjusted for seasonal variations were little changed in January from the prior month.
Economists’ estimates for the annual change in the home price index for December ranged from declines of 4.5 to 3.3%. The Case-Shiller index is based on a three-month average, which means the January data were influenced by transactions in November and December.
16 of the 20 cities in the index showed a decline from the prior year’s level, led by a 15% drop in Atlanta. San Francisco dropped 5.9%. Detroit showed the biggest increase, with prices rising 1.7% in January. Recovery is on its way.
The Marin Real estate market is Real Competitive. More than 44.5% of properties in Marin county are in contract, meaning 1 out of every 2 houses for sale is in contract! Buyers are motivated, and are offering great terms. Interest rates are beginning to climb once again, so don’t waste your time looking for deals. Look for properties that everyone wants now as they will appreciate better over the long term.
- Currently there are 455 active properties, of which 90% are not short sales
- Currently there are 298 contingent properties, of which 55% are short sales!
- Sales for the last two months are 75% regular sales and just 25% distressed.
The number of short sales is Marin Real Estate is declining, which is a great sign of improvement in our economy. For more information on how to win your dream property in this competitive real estate market, contact Jimmy at (415) 990-8990.