Bay Area Real Estate Sales.com Newsletter
July 2005
IN THIS ISSUE:
Marin
& San Francisco Home Sales Statistics**
20 Items That Could Alter the Price
of Your Home
Housing Costs Putting Pressure on
Families
FDIC Dismisses Bubble Fears
What Happens When Interest Rates Go
Up?
Home Prices Are Hot, Yet Housing
Costs Are Tame. Why?
Pending Home Sales Ease, Still
Historically High
Fast Facts
Marin & San Francisco
Home Sales Statistics**
According to
the statistics below, the Marin real estate market overall seems to be cooling
a bit, as 40% of all homes are currently in contract, as opposed to 46% last
month. However, it is very important to look at the specific city and price
range details: If you are looking for homes in Belvedere, Greenbrae, Larkspur, Novato or San Rafael, the stats show it is still a "Strong Sellers Market", with
Corte Madera, Fairfax, Mill
Valley, San Anselmo not far out of the
"Sellers Market" category. Additionally, breaking it down by price range,
homes priced under $750,000 show that 56% are in contract, showing it is an
"Extreme Sellers Market", 46% of the homes priced from $750K to $1,000,000 are
in contract, showing it is a "Strong Sellers Market" and homes priced from $1M
to $2M are in a "Balanced Market". So, although the high end homes have
definitely cooled, home prices under $1M are still flying into contract very
quickly.
San
Francisco is still a
"Strong Sellers Market" with an average of 50% of homes in contract; in fact,
all homes priced under $1.5M are still considered to be in a "Strong Sellers
Market."
|
Marin Home Sales Statistics - by city as of 7/15/05
|
|
City
|
Total
|
Active
|
Number in Contract***
|
Percent in Contract*
|
|
Belvedere
|
29
|
23
|
6
|
51%
|
|
Corte
Madera
|
28
|
16
|
12
|
43%
|
|
Fairfax
|
28
|
16
|
12
|
43%
|
|
Greenbrae
|
29
|
15
|
14
|
48%
|
|
Kentfield
|
26
|
20
|
6
|
30%
|
|
Larkspur
|
6
|
3
|
3
|
50%
|
|
Mill Valley
|
122
|
72
|
50
|
41%
|
|
Novato
|
244
|
123
|
121
|
50%
|
|
Ross
|
25
|
23
|
2
|
9%
|
|
San
Anselmo
|
73
|
43
|
30
|
41%
|
|
San Rafael
|
188
|
101
|
87
|
46%
|
|
Sausalito
|
59
|
36
|
23
|
39%
|
|
Tiburon
|
83
|
61
|
22
|
27%
|
|
Others
|
90
|
64
|
26
|
29%
|
|
Total Marin 7/15/05
|
1,030
|
616
|
414
|
40%
|
|
Total Marin 5/25/05
|
940
|
503
|
437
|
46%
|
|
Total Marin 4/10/05
|
738
|
370
|
368
|
50%
|
|
Total Marin 3/3/05
|
659
|
331
|
328
|
50%
|
|
Total Marin 2/1/05
|
460
|
265
|
195
|
42%
|
|
Total Marin 1/10/05
|
458
|
246
|
212
|
46%
|
|
Total Marin 12/6/04
|
756
|
367
|
389
|
51%
|
|
Total Marin 11/4/04
|
927
|
489
|
438
|
47%
|
|
Total Marin 10/5/04
|
968
|
564
|
404
|
42%
|
|
Marin Home Sales Statistics
- by price range as of 7/15/05
|
|
Price
|
Total
|
Active
|
Number in Contract***
|
Percent in Contract*
|
|
$500,000-$749,999
|
279
|
114
|
165
|
59%
|
|
$750,000-$999,999
|
238
|
129
|
109
|
46%
|
|
$1,000,000-$1,499,999
|
206
|
135
|
71
|
35%
|
|
$1,500,000-$1,999,999
|
105
|
70
|
35
|
33%
|
|
$2,000,000-$,2499,999
|
46
|
34
|
12
|
26%
|
|
$2,500,000-$2,999,999
|
45
|
33
|
12
|
27%
|
|
$3,000,000-$3,999,999
|
51
|
43
|
8
|
16%
|
|
Over $4,000,000
|
63
|
60
|
3
|
5%
|
|
Total Marin 7/15/05
|
1,030
|
616
|
414
|
40%
|
|
Total Marin 5/25/05
|
940
|
503
|
437
|
46%
|
|
Total Marin 4/10/05
|
770
|
390
|
380
|
49%
|
|
Total Marin 3/03/05
|
659
|
331
|
328
|
50%
|
|
Total Marin 2/01/05
|
498
|
293
|
205
|
41%
|
|
Total Marin 1/10/05
|
458
|
246
|
212
|
46%
|
|
Total Marin 12/4/04
|
756
|
367
|
389
|
51%
|
|
Total Marin 11/4/04
|
927
|
489
|
438
|
47%
|
|
Total Marin 10/5/04
|
968
|
564
|
404
|
42%
|
|
San Francisco Home Sales
Statistics - by price range as of 7/15/05
|
|
Price
|
Total
|
Active
|
Number in Contract***
|
Percent in Contract*
|
|
$100,000-$499,000
|
251
|
125
|
126
|
50%
|
|
$500,000-$749,000
|
786
|
362
|
424
|
54%
|
|
$750,000-$999,000
|
426
|
220
|
206
|
48%
|
|
$1,000,000-$1,499,000
|
181
|
95
|
86
|
48%
|
|
$1,500,000-$1,999,000
|
70
|
45
|
25
|
36%
|
|
$2,000,000-$2,499,000
|
38
|
22
|
16
|
42%
|
|
$2,500,000-$2,999,000
|
17
|
11
|
6
|
35%
|
|
$3,000,000-$3,999,000
|
13
|
12
|
1
|
8%
|
|
Over $4,000,000
|
25
|
90
|
5
|
20%
|
|
Total SF 7/15/05
|
1,807
|
912
|
895
|
50%
|
|
Total SF 5/25/05
|
1,576
|
678
|
898
|
57%
|
|
Total SF 4/20/05
|
1,403
|
625
|
778
|
55%
|
|
Total SF 1/10/05
|
1,323
|
523
|
800
|
60%
|
|
Total SF 2/16/05
|
1,113
|
501
|
612
|
55%
|
|
Total SF 1/10/05
|
984
|
360
|
624
|
63%
|
|
Total SF 12/4/04
|
1,402
|
556
|
846
|
60%
|
|
Total SF 11/4/04
|
1,530
|
746
|
924
|
60%
|
*Key:
0% - 10% of Homes in Escrow: Extreme Buyer's Market 36%
- 45% of Homes in Escrow: Seller's market
11% - 20% of Homes in Escrow: Strong Buyer's Market 46%
- 55% of Homes in Escrow: Strong Seller's market
21% - 30% of Homes in Escrow: Buyer's Market
56% - 100% of Homes in Escrow: Extreme Seller's market
31% - 35% of Homes in Escrow: Balanced Market
**Charts
represent information gathered from BAREIS and SFMLS at a specific point in
time.
***Includes
all: Sale Pending & Contingent properties
Back to top
20
Items That Could Alter the Price of Your Home
By Liz McCarthy
Are you in the market to buy a home
or to remodel your current home? Here are things that you should look for to
increase or decrease your home's value when you decide to sell your home in the
future.
Assets: Here are10 things that can
increase the value of your home.
1.
An updated
kitchen
2.
Modern bathroom
3.
A well-appointed
master suite
4.
Natural materials
5.
Curb appeal
6.
A light, airy
spacious feel
7.
Good windows
8.
Landscaping
9.
Lots of storage
10.
Basement
Liabilities: On the flip side, here are 10 items
that typically decrease the value of your home:
1.
A Pool
2.
No garage or
small garage
3.
Garbled floor
plan
4.
Outmoded
appliances or systems (ie: electrical or plumbing)
5.
Stale or overly
personal décor
6.
A bad roof
7.
Bad location
8.
Poor maintenance
9.
Environmental
hazards
10.
A laundry list of
improvements
Back to top
Housing Costs Putting
Pressure on Families
July 12, 2005 - The increasing costs of housing
are creating a stressful situation for families. A poll by the Homeownership Alliance (of which NAR is a member) found
that 46% of respondents would consider moving to another area in order to
afford a better home, while 50% are concerned that high housing costs will
prevent their children from attending good schools. Another 33% said the high
cost of housing had forced members of the family to commute one hour or more to
work. A news
release and full
results of the poll
are on the Alliance's website. NAR
FDIC Dismisses Bubble Fears
July 6, 2005 - In its latest quarterly state banking profiles, the FDIC finds that worries about a
housing bubble are mostly unfounded. In the 55 "boom" markets
identified by the FDIC, housing prices are being sustained by strong growth in
new jobs. Interest rates and mortgage delinquency rates are also both at
historic lows, both of which are good signs. But the optimistic outlook also
comes with some concerns: interest rates won't stay low forever, and affordability is becoming a
problem as the gap between wages and home prices widens. NAR
What Happens When
Interest Rates Go Up?
June 29,
2005 - Continuing the
theme of housing prices vs. housing costs what
might happen when mortgages rates inevitably go up? In a new report, Richard Rosen, senior economist
with the Federal Reserve Bank of Chicago, takes a look at the numbers and finds
that housing prices would probably decline if interest rates go up: "Even
if mortgage rates rise to 7.5%, well above their 5.8% average for 2004, housing
prices in most markets are likely to remain at or above their 2000
levels." But as Rosen explains, there are many factors that could change
the potential impact of an increase in rates.
Home Prices Are Hot, Yet
Housing Costs Are Tame. Why?
June 27,
2005 - Housing prices
continue to rise, yet the Bureau of Labor Statistics' inflation index shows that housing costs have only
gone up 3 percent in the past 12 months. "When housing is the biggest
single expenditure for most Americans, and when half of the nation is fretting
about a housing bubble," asks Daniel Gross in the New York Times, "how
can inflation remain tame?" The answer, Gross finds, lies in the BLS's use of a measure
called owners' equivalent rent and the changing dynamics of owning and renting.
Back to top
Pending Home Sales Ease,
Still Historically High
(July 6, 2005) -- The Pending Home
Sales Index, the leading indicator for the housing market, slipped from
near-record levels but remains historically high, according to the NATIONAL
ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, based on data collected for May, stands at 124.9,
which is 2.0 percent below April but 3.7 percent above May 2004. April's
downwardly revised reading of 127.5 was second only to a record of 128.1 in
October 2004.
The index is based on pending sales of existing homes, including single-family
and condos. A sale is pending when the contract has been signed but the
transaction has not closed. Pending home sales typically close within one or
two months of signing.
David Lereah, NAR's chief economist, says the index shows robust home sales can
be expected for June and July. "Pending home sales are at the third highest on
record, so we're looking at a banner year for the housing market," he says. "To
put the index in perspective, we're running about 25 percentage points higher
than what is considered to be historically strong."
April and May were the highest months on record for existing-home sales. An
index of 100 is equal to the average level of contract activity during 2001,
the first year to be analyzed. Coincidentally, 2001 was the first of four
consecutive record years for existing-home sales.
Sales from 2001 are fairly close to the higher level of home sales expected in
the coming decade, relative to the norms experienced in the mid-1990s. As such,
an index of 100 coincides with a historically high level of home sales
activity.
Regionally, the Pending Home Sales Index in the West rose 1.6 percent to 122.7
in May and was 2.8 percent above the level of a year ago. In the South, the
index slipped 1.2 percent to 137.2, but was 7.9 percent higher than May 2004.
The Northeast index declined 3.3 percent to a reading of 116.6 in May, but was
4.9 percent higher than a year earlier. The index in the Midwest fell 5.7 percent to 115.0 in May,
and was 2.9 below a year ago.
For more on pending home sales and other housing market statistics, visit REALTOR.org's
Research page.
-NAR
Back to
top
Fast Facts
Calif. median home price - May 05: $522,590
(Source: C.A.R.)
Calif. affordability index - May 05: 16 percent (Source: C.A.R.)
Calif. highest median home price by C.A.R.
region May 05: Santa Barbara So. Coast $1,247,500 (Source: C.A.R.)
Calif. lowest median home price by C.A.R.
region May 05: High Desert $282,510 (Source: C.A.R.)
Mortgage
rates - week ending 7/7: (Source: Freddie Mac)
·
30-yr. fixed:
5.62%; Fees/points: 0.6%
·
15-yr. fixed:
5.20%; Fees/points: 0.7%
·
1-yr. adjustable:
4.33%; Fees/points: 0.7%
FREE...You can search for Marin listings directly on BayAreaRealEstateSales.com:
Search for Homes
If you are
thinking of selling your home, I would be more than happy to give you a free
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listings: visit: www.50Milland.com
for an example
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check out all the other great content & features of my website: www.BayAreaRealEstateSales.com
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newsletter archives
The Bay Area Real Estate Newsletter is provided
to you by:
Liz McCarthy
Real Estate Broker, e-PRO certified
Liz@BayAreaRealEstateSales.com
415-250-4929 (office)
415-250-4929 (cell)
60 Belvedere Drive
Mill Valley, CA 94941
