After we hit bottom, there is nowhere to go but up!

The real estate market in Marin appears to be bottoming out.  At $862,500, the median price of a single-family home is down from the median of $965,000 in March 2007.  Sales volume is down as well.  Last March 218 homes in Marin sold, as opposed to the 110 this March.  On the bright side, March 2008 figures are up as compared to a month earlier when the median single-family home price was $830,000 with only 104 homes being sold.

The condominium market in Marin also picked up a bit in March as compared to February.  March figures indicate that the median condominium price in Marin increased to $477,500 from February’s median of $430,000, with the number of sales increasing slightly as well.

What does this mean for Marin?  If only I had a crystal ball.  I’m hoping that things are stabilizing, but we’ll need to wait and see.  The next couple of months should be telling. My open houses are busy, and I’m seeing some of the same potential buyers returning – ready to buy, but hesitant to make that final commitment.  They too seem to be wishing for that crystal ball!

What will it take to strengthen the Marin County real estate market?  Although March figures are encouraging (as compared to February’s), I believe that convincing sellers to list at the appropriate price point is key.  Many homeowners use prices set at the height of the market as their starting point.  A wise homeowner will consider their realtor’s assessment of their Marin County home’s current market value when deciding on a listing price.  The price may not be what they were hoping for, but today’s potential buyers are a bit skittish, and a realistic price will translate into more showings, which increases visibility and the potential for a sale!

The Federal move to increase conforming loan limits should also be helpful in boosting sales in Marin.  Marin real estate is expensive – and will stay so, despite the recent price drops.  With larger loans becoming more consumer friendly and interest premiums becoming more affordable we can hope that the flagging market will get the jump-start it needs.  As spring inventory hits the market, the next few months should tell the story.  I, for one, am optimistic.
 

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