Buyers jumping off the fence
October sales charts are in! The months supply of inventory (MSI) for all residential Marin real estate was down to five months as compared to eight months county-wide in September . This means that if no more homes go on the market, it would take 5 months to sell the existing listings at the current sales pace.
In October 2006, the county-wide MSI was 4.9, so very little change over last year. Sort of surprising- based on what we are hearing, you would think it would be higher.
So why the change? Buyers uncertain about the market in August jumped off the fence where they have been waiting and starting writing offers again. The number of listings was higher in October than in September, but we saw significantly more Marin County homes go into contract and sell. 207 homes went into contract in October as compared to only 143 in September. Lots more activity happening!
| September | October | ||
| Homes for Sale | 1428 | Homes for Sale | 1452 |
| Under Contract | 143 | Under Contract | 207 |
| Sold | 132 | Sold | 166 |
Despite the improvement from September to October, overall demand was down as compared to October 2006. Marin saw a 34% decrease in the number of units sold in October 2007 as compared to 2006. The median price was up 8.43% over October last year.
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Pat Kitano
Love your Marin stats… it reinforces the big red line of limited in-demand housing stock that runs from San Rafael to Cupertino.
Todd at Rembex introduced me to you although I did notice your MBL pic… thanks much for your compliments, I had no idea you’re only 30 minutes from where I live (in the City).I’m also testing this comment to see if it will embed a Google Map (I’m going to assume it won’t but I’ll try anyway). -
I notice the google map embed didn’t work… would you mind editing the script out? thanks! great blog Ginger!
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Margaret Woda
Great headline! Really takes the “boring” out of real estate market studies. Can I borrow it, if our monthly stats look good?
Glad to see things turning around for you in Marin County, even if they’re not at last year’s levels.
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GingerWilcox
Pat –thanks for stopping by! I love Transparent RE! I am not surprised the google embed didn’t work. HTML doesn’t seem to work in my comments but I don’t know why. Something I need to work on! So much to learn!
Margaret- borrow away!! I hope your stats look good.
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Ashley Drake Gephart - Albuquerque NM Real Estate
Ginger – good to see buyers getting into the market again! Hopefully next month will be just as good for Marin.
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Ashley- I hope so too!
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Stephen Wolfe
Ginger,
It looks like good things are happening there. It is good to see some areas bucking the “national market” we hear so much about.
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