Marin real estate agents stayed busy this summer keeping up with brisk home sales in June and July. An increase in sales in Marin and across the Bay Area drove prices up to 2008 levels, and real estate professionals could not be more optimistic.
“As of Feb. 1, it’s almost as if the buyers collectively heard a starting bell somewhere and took off like a pack of long-distance runners, pens in hand, ready to start writing offers,” said Ted Strodder, real estate broker for Decker Bullock Sotheby’s International Realty in Greenbrae.
According to a recent DataQuick report, Bay Area home and condominium prices hit a four-year high in July at $421,000, up one percent from a year ago at $417,000. In Marin County, the median single-family home price was $820,000, compared to $790,000 in July 2011.
Median sale prices in Marin, Sonoma, Napa, San Francisco, San Mateo, Alameda, Contra Costa, Santa Clara and Solano counties all increased in the past year, with Napa County seeing the biggest price increase at 32.6 percent. In Napa the median price for homes and condominiums rose from $281,000 in July 2011 to $372,000 in July 2012.
The most affordable cities in Marin County are Novato, which had a median single-family home price of $572,000 for the month of June, and San Rafael at $680,000 for the same period. Belvedere and Ross median prices were more than $2 million.
The number of home sales in the Bay Area is up as well, with 8,461 homes sold in July ? a 22.9 increase from the same time last year. Of that number, 246 were in Marin County. According to DataQuick, the average figure for Bay Area homes sold in July, based on data recorded since 1988, is 9,371.
“There’s no question that the data is accurate,” Strodder said. “The market has switched in the last six months to a strong seller’s market in most areas and price ranges.”
According to Strodder, some areas in Marin currently have a shortage of houses on the market, with more than half of available properties in escrow. “Considering a ‘neutral’ market favoring neither buyer nor seller is 33 percent of the homes in escrow, it’s fair to say these areas are in a very strong seller’s market,” Strodder said.
With prices continuing to rise, the real estate broker said it’s still a good time to buy.
Even in Marin County, the increase in home prices was not across the board. “Those numbers are accurate for some areas, but a survey like that is a little bit like a national weather report,” said Susan Coleman, an agent for Frank Howard Allen. “Often you can’t discern much information from data if there is not much to report.” In smaller communities with fewer home sales, patterns can be harder to identify.
According to Coleman, Sausalito and Fairfax did not experience the same price increases other areas did. “It’s really community by community,” Coleman said. “Some are doing well and others not so well. But by and large, prices are firmly up.”
“It is a great time to be a seller,” Coleman said. “Houses have been selling quicker and for higher prices.” Coleman said that the properties that did well were priced right for their area.
“What we are seeing is increased demand due to lower mortgage prices,” Coleman said. “Buyers are seeing it as the time to make a decision.”
Contact Christopher Laddish at scope@marinscope.com.
Article source: http://marinscope.com/articles/2012/08/22/novato_advance/news/doc503535dfbc158425370085.txt