4th quarter newsletter
DESCRIPTION
Here is my 4th Quarter Newsletter for 2010.TRANSCRIPT
Pacific Union International Luxury Real Estate ReportPacific Union International Luxury Real Estate Report Q4. 2010
MARIN COUNTYA Member Of Real Living
Dear Client,
The three most dynamic economic drivers of residential real estate in Marin County are jobs, interest rates and the equity markets. Marin County’s employment rate of 91.4% continues to outperform the San Francisco Bay Area, state of California and USA averages. As a result, we remain confident that as our clients feel more secure about their businesses, incomes and investments, our real estate markets will continue to respond in a favorable way. For at least the first half of 2011, we also expect to benefit from historic low interest rates and the current momentum of the equity markets.
One element that seems to have frustrated the growth of our local markets in 2010 was the equity markets. This volatility created some pockets of buyer hesitation throughout the year. Our real estate markets had a healthy spring and early summer and a slower than expected late summer and early fall season. These trends have trailed the volatility in the equity markets, and we are now experiencing the related benefits of an appreciating market. Activity in late fall picked up distinctively in all price points.
The Dow Jones Industrial Average experienced four separate drops of over 600 points each in 2010 before finishing the year with momentum at nearly 1,000 points above the beginning of the year stats. We look at this momentum into 2011 as positive and expect employment to respond accordingly in Marin and the San Francisco Bay Area.
Translating the above volatility in Marin residential real estate, we find the 2010 results to represent an encouraging sign that our volume ($ of closings) and units (# of closing) have formed a stable “bottom”. Volume and units over $1 million are up a healthy 20% - 26% while average and median prices are relatively flat. For the first time in three years nearly all of our meaningful real estate trends are well off the lows of 2009 which were, on average, 35% below 2008.
In 2011, we will look for further increases in volume/units sold and modest appreciation over 2010. This positive market activity will likely be driven by two strong phenomena. First, a return of move up buyers looking to combine the price stability on the sale of their existing home with historic low interest rates to assist in the purchase of a new home. Second, the stability of the equity markets will have a positive impact on high net worth individuals and in turn, will drive further activity in the “high-end” (over $3 million) of the market. Both of these occurances will have positive impacts on our market.
Our 2011 outlook is positive. We anticipate an increase in inventory through the first quarter and the buyers already seem to be active and looking for the right opportunity. Please feel free to call me to discuss your specific real estate or mortgage needs.
Sincerely,
Marilyn RichMarilyn RichLuxury Property Specialist
Marilyn RichLuxury Property Specialist
27 Ross Common, Suite 2ARoss, CA 94957
415.461.8608www.finelivingmarin.com
DRE#01156159
Pacific Union International Luxury Real Estate Report Q4. 2010
HOME COMPARISONA Member Of Real Living
Marin County $3 Million & Higher - Sfh
Source: BAREIS, December 31, 2010
2009
$214,291,988
50
122
$3,737,500
$4,285,840
$9,800,000
2010
$269,944,655
61
131
$3,650,000
$4,425,322
$14,000,000
'09 - '10% CHANGE
26%
22%
7%
-2%
3%
43%
TIME PERIOD
VOLUME
HOMES SOLD
AVG. DAYS ON MKT
MEDIAN PRICE
AVERAGE PRICE
MAX PRICE SOLD
Marin County $1 - $3 Million - Sfh
Source: BAREIS, December 31, 2010
2009
$673,438,928
435
96
$1,395,000
$1,548,135
$3,000,000
2010
$814,336,796
523
97
$1,390,000
$1,557,049
$3,000,000
'09 - '10% CHANGE
21%
20%
1%
0%
1%
0%
TIME PERIOD
VOLUME
HOMES SOLD
AVG. DAYS ON MKT
MEDIAN PRICE
AVERAGE PRICE
MAX PRICE SOLD
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Q4. 2010
A Member Of Real Living
Pacific Union International Luxury Real Estate Report
MARILYN RICH
Plan AheadThis newsletter provides insight on our market from the 4th Quarter of 2010, including graphs for your review. But already, 2011 has started out with an increase in activity. The most common complaint we are hearing from Buyers is about the lack of good inventory available. Currently, approximately 33.5% of homes on the market are in contract. Consequently, Sellers are considering putting their homes on the market earlier than usual, and they are doing so by staging, painting and making a plan for their future. Whether you are preparing your home for sale or just wanting to redecorate or remodel, you may be interested in attending our February 9th workshop that features Robert Federighi, designer and stager extraordinaire. Please see below for more details.
If you would like to discuss the current real estate market and how it pertains to your home, I welcome your call or email. I can be reached on my cell at 516.5300 or by email at [email protected].
Spring Is Right Around The Corner
Find me on the internet and keep up with your local real estate news, tips, and trends:
Facebook: Facebook.com/MarilynRichRE
Twitter: Twitter.com/MarilynRichRE
Download “myAgent” from your app store and enter my code(7417) to searchfor MLS listings fromyour smart phone:
Have a QR Reader? Visit mywebsite from your phone.If not, download a QR Readerfrom your app store and hoveryour phone over this QR:
Please join us...Robert Federighi will be showing before and
after slides offereing home improvement ideas, tips on doing things on a tight
budget, and more. Bring your questions and he’ll give you the answers. Seating limited.
R O B E RT F E D E R I G H IDESIGN • CONSTRUCTION • STAGING
Date: February 9th
Time: 12pm (lunch to be served)Location: 27 Ross Common Suite 2A
Ross CA 94957Located to the right of Marche Aux Fleurs;
parking is available in the rear of the building.
To RSVP: 415.461.8608
Stay Connected With Me
Q4. 2010
A Member Of Real Living
Pacific Union International Luxury Real Estate Report Q4. 2010
MARIN COUNTY
Pacific Union International Luxury Real Estate Report
Positive Market Activity Returns To Marin CountyAs illustrated in the table below, for the first time in three years nearly all of our meaningful real estate trends are well off the lows of 2009 which were, on average, 35% below 2008. In 2011, we will look for further increases in volume/units sold and modest appreciation over 2010.
Source: BAREIS December 31, 2010
Under $1M
6%
6%
-5%
Unchanged
Unchanged
Over $1M
23%
21%
2%
2%
2%
$1 - $3 Million
21%
20%
0%
Unchanged
Unchanged
$3 Million +
26%
22%
7%
3%
-2%
Jan – Mar
Volume
Units Sold
DOM
Average Price
Median Price
2009 v 2010
Marilyn RichLuxury Property Specialist27 Ross Common, Suite 2ARoss, CA 94957415.461.8608www.finelivingmarin.comDRE#01156159
MARIN COUNTY