02.25.12 Marin Real Estate
What to expect for the rest of this year? Well, there will be more distressed properties as banks release foreclosures.
However, these properties will begin to taper off towards the end of the year and we will likely see an increase in sales during the second half of the year at all price ranges as money comes into the county from new SF and San Mateo employees seeking housing in Central and Southern Marin. Further, newly made millionaires from Facebook will be looking for larger homes. Some will undoubtedly begin to look in Southern Marin.
Will this activity drive prices up? In other eras, probably. But, there are two competing forces at work: the distressed properties and the bouyant tech economy. Together, these forces will create a rather flat pricing landscape for this year.
What could change that?
Inventory is very low. As of this writing, there are only 532 total homes and condo.s for sale in Marin compared to this time last year when that number was hovering around 950. Buyers are active and plentiful. They are bidding homes up. If sellers refuse to enter the game, then the few homes out there may push median prices higher than last year.
Other Factors Affecting Prices
If the European debt crisis stays contained, prices may come up. If not, then, it is possible that trade orders for tech goods could cause a change in our local workforce which would downgrade pressure on housing and drive prices down. Town by Town Values Click here to see
While the amount of homes that sold in 2011 rose significantly, prices fell in most towns with notable exceptions in Sausalito and Greenbrae (think: SF commuters).
Short sales and foreclosed properties rose from 388 total homes in 2010 to 495 in 2011 which represents around 30% of the market, up from 25% in 2010.