June 21, 2008

Picking It Up in Marin

May has been the best month in Marin so far in 2008 - in terms of sales activity and median home price.  As told by the Marin IJ, Dataquick statistics show Marin bucking the trend that is statewide. 

While significantly down from a year ago, home sales were up compared with April 2008.  In April, 165 single family homes sold and May saw an uptick of 13 homes to 178.  A year ago, that number was 287, an near 40% drop. 

While the small increase brings a ray of hope to home sellers, the news they will probably like more is May median home price.  Clocking in at $1,102,000, it was a whopping 19% higher than the $925,000 median figure of a year ago and also a big jump from the $935,000 median price of the prior month.

However, if you have read my other postings, you’ll know that I think this figure is quite misleading and volatile on a month to month basis since it takes into account only those homes that sold and finds the number right smack in the middle. 

With the current credit conditions, it’s no surprise to me that those who can still buy in this market are those who are relying heavily on bank financing - hence the media hovers around the higher end.

With summer now here, there may be an interest by families to make the move while kids are out of school.  We’ll see what the action is like for June.