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Home Sales, Median Prices On the Rise in Marin
Home sales in Marin jumped from 171 in May to 207 in June, while the median sales price climbed from $712k to $800k. Sales were just higher than last June, though the median price was still 20% lower.
A Marin Association of Realtors official said that though the median sales price has risen, it is primarily because of increased sales in the $1 to $3 million price range. It's also evident that the median would be even higher without the large number of foreclosures in the area. He went on to say that analyzing sales data in the area can be tricky as the sale of one mansion in Belvedere, or Mill Valley can skew the numbers. The recent boost in activity of high-end homes, a sector that has been relatively stagnant this year, has driven the median sales price upward.
A local analyst said that Marin's numbers belie the fact that the area has seen fewer foreclosures and short sales than other communities in the region, mainly because Marin is much less of an entry-level market.
The 62 condos sold in the Marin real estate market in June had a median of $311k, down almost 25% from last year's median of $410 in the condo sector. Condo sales are a good barometer for the overall market, as the sector is usually the first to fall and the last to recover. Analysts are encouraged by the recent trend in the median condo price for condos, especially compared with the counties of Contra Costa and Alameda, both of whose median sales price in the condo sector was down more than 40%.
For sales across the county, the median was $710k, down 16% from last year, when 271 homes were sold at a median of $846k. It is still very much a buyer's market. Deals are being negotiated more, and buyers are making significantly lower initial offers than in the past.
Foreclosures do, however still represent a hindrance to the local housing market. June saw 242 reports of default notices and foreclosure sales. In the first half of 2009, there were 1,030 defaults and foreclosures, almost one percent of the homes in the county.
Nationwide, foreclosures were up 15% in the first half of the year. Foreclosures will continue to have a significant impact on median sales prices through the end of the year, as there are numerous properties that have been foreclosed but have yet to be put up for sale.
Across the Bay Area, there were 8,643 homes sold in June, a 16% jump from 7,446 in May, and 20% more than June of last year.
Marin Real Estate Blog
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