The market in Marin for the month of May for Single Family Homes has seen mostly downward trends. The Marin median sales price decreased from April 09. The median sales price in April 09 was $800,000 and the median sales price in May 09 was $720,000, a 10% decrease. This is the first decrease after a small median sales price increase since March 2008

The month of may 09 compared to May 08 show the following:

The important statistics are below:

I believe the market will still show signs of sluggishness and volatility in units sold and sales price. I think we will be seeing the median sales price continue to fluctuate without any clear roadmap for improvements for the remainder of the quarter and into the third quarter.

I have included some statistics which I think are interesting and which tell a story of Marin Real Estate activities. I plan on updating these monthly along with other narratives and charts so you can get a flavor for the state of the Marin Real Estate market.

The following chart shows the number of single family homes for sale, in contract, and sold by month from April 2008 to April 2009. A positive trend to watch is the percentage move for homes “UC” under contract.

The next graph shows median price changes by month. We see the median price is down from April 2008 to April 2009 by almost 20%. We do see a slight increase in the median price from March 2009 to April 2009.

May is almost over and we have not seen an increase in the market as predicted by some of the local Marin real estate professionals. The majority of buyers are making offers on homes below $700,000 and that is the reason you see the average sales price and medical Marin sales price staying low. The average and median means nothing related to your individual home value so don’t be alarmed by the decline. It is similar to thinking of the average mortality rate in the U.S. Just because the average mortality rate for a woman is 76 years of age in no way means that “YOU” will live above or below that age. Same goes for house in Marin. They have a certain genetic make-up related to the location and amenities of the home.

A great deal of the low end price homes is being purchased by investors but don’t be fooled. Many buyers who plan to occupy the house are also buying. They see that prices have come down in those areas by 30-40% and they are compelled to make a move. Two years ago these buyers could not afford those homes.

The market is in the doldrums for Marin County homes over $2 million. The high end buyers are not yet compelled to make moves on those properties unless they need a home. Money itself is not the issue but the realization that there could be another decline in the high end home values are keeping them away. If you are in the market for a home over $2 Million you have a great buying opportunity as those sellers who have listed their homes need to sell otherwise they would be waiting for the market to stabilize. There is a population of those sellers that have a low basis in the house so selling now is also a good idea.

Below is the most recent data for Marin home sales.

I have this data available for every city in Marin and also for all of San Francisco. If you are interested just drop me a note or a phone call.

Marin Real Estate sales have seen a brief increase from the dismal Marin statistics that I have been sending in the past months.

Homes priced under $850,000 are selling with at times multiple offers. Homes above the $2,500,000 range are also selling in selected markets. The mid-market in Marin is not moving. Marin Real Estate has intrinsic value in down markets but since we have had price declines in some areas of 20% and more it is hard to imagine that recession conscious buyers will jump in all at once until there is evidence that prices have stabilized. Buyers who think the bottom in Marin real estate prices have come and gone are plunging in but the majority of mid-range buyers are taking their time.

In speaking with many Marin County mortgage brokers and other Marin real estate agents getting a loan is not an easy task. The approval guidelines have been strengthened in the benefit of the banks and 20-25% cash down is almost the norm.

The most important advice I can give you is to look at all of the statistics on my website and speak with the most knowledgeable Marin real estate broker you can find. If you want specific data on homes in your neighborhood please feel free to call me at 415-297-9000 or email me at rparks@visionrealtors.com.

Click here to see a comparison of first quarter 2008 and 2009 Marin County sales (pdf).