Marin County Real Estate 2008 Year End Results vs. 2005, 2006, and 2007, Straignt from MLS

The Bay Areas Real Estate Information Systems (BAREIS) Multiple Listing Service (MLS) for Marin County, CA, just released 2008 Year-End Statistics with comparison to those of 2005, 2006 and 2007

A Reminder and/or Refresher – 2005 and 2006 were full blown Sellers Market in Marin County where houses wentin a blink of eye and multiple offers abound, while 2007 saw the tail end of the frenzy sellers market, and the start of slight downturn. 

By 2008, everything changed.  2008 was a very difficult year for sellers – starting with the bubble deflating, and lending industry collasping where there was virtually no money to lend for a while and interest rate, oil price increased in response, stock market crashing, etc, etc……. 

We started to see Distressed Homes for Sale – starting with Loan Modification, Short Sales with Notice of Default filed, Notice of Trustee Sale sent and finally, Foreclosures (Bank Owned, REO)  These events all push prices down and making buyers wait – for the lowest (bottom) of the market- BTW, is there such a thing call the Bottom of the Market while you are in the thick of it?  (Good thing is things started to stabilized some)

So, with that introduction..  here are the charts released by BAREIS MLS just today (01/30/09).

Marin County 2008 Year-End

In Comparison to 2007, 2006, and 2005

The numbers provided are based on the number of Single Family Residential, Condo/Co-Op, Farms and Ranches sold in Marin County, CA (BAREIS)

marunits3NUMBER OF HOME UNITS SOLD in MARIN COUNTY  – number of homes sold saw a stead decline from 2005 to 2008. 

3407 in 2005 

2844 in 2006     83.5% of 2005

2507 in 2007     88.2% of 2006

2081 in 2008     83% of 2007

2008 figures is 61.1% of 2005 – Sales volume is definely down

maraveragesellingprice3AVERAGE SELLING PRICE for MARIN COUNTY HOMES (Average Selling Price means adding up all Marin Real Estate sales and divide that by number of units for that year) At the end of 2008, we are back to 2005 figure

$1,078,819 in 2005 

$1,091,526 in 2006  101.18% of 2005

$1,223,678 in 2007  112.11% of 2006

$1,075,,500 in 2008 87.89% of 2007

2008 figure is 99.69% of 2005 – back to 2005 level 

 

marmediansellingprice2MEDIAN PRICE FOR ALL HOMES SOLD IN MARIN COUNTY (Median Price is the middle price for all Marin Homes Sales)

$850,000 in 2005

$864,500 in 2006  101.71% of 2005

$900,000 in 2007  104.11% of 2006

$790,000 in 2008  87.78% of 2007

Median Price stayed stable over thru 2007, with a big dip in 2008 – many homes sold are Short Sales, REOs (Bank Owned/Foreclosures).

2008 is 92.94% of 2005 – not that bad! 

 

maraveragedomAVERAGE DAYS ON MARKET FOR MARIN COUNTY HOMES SOLD

Number of Days on Market saw steady climb.    

47 in 2005

67 in 2006    142.55% over 2005

73 in 2007    108.96% over 2006

83 IN 2008   1.137% over 2007

2008 is 176.60% (Almost 3/4 additional) DOM compare to 2005  

 

 

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