Sales Slow in August; Marin Judged Best County in State
Two items of note today. First, the rate of sales in the area for the month of August. Every year August seems to slow down as fewer sales are closed. There are a number of reasons for this, and they seem to be consistent from year to year. However, every year someone takes note of it and tries to imply that the market is slowing down overall. That is NOT the case.
Lest you think this is just a Marin phenomenon, it covers the whole Bay Area.
BAY AREA HOME SALES DOWN MORE THAN 10 PERCENT ANNUALLY
A slim supply of available homes, high prices, and abnormalities in the mortgage market combined to constrict sales volume in August across the nine-county Bay Area, according to a recent CoreLogic DataQuick report.
The company’s data shows that 7,578 Bay Area homes and condominiums sold in August, a year-over-year decline of 12 percent. Sales volume was down in every Bay Area county last month, ranging from 20.3 percent in San Francisco to 1.3 percent in San Mateo.
On an annual basis, the Bay Area median sales price rose just about as much as volume decreased: 12.4 percent, according to CoreLogic DataQuick. All local counties showed year-over-year price increases, from 19.1 percent in Alameda to 1.6 percent in Napa.
The median sales price across the nine-county region reached $607,000 in August, about $60,000 shy of its summer 2007 peak as measured by the company.
An additional reason for this yearly slowdown that the folks at DataQuick don't mention is the effects of summer vacations. August seems to always be the month to suffer most from people being away on vacation. Usually, this effect disappears with the advent of the post-Labor Day return to normalcy in many parts of local lifestyles. Folks finish vacations; kids go back to school; everyone's back to business and they can all start to refocus on the major things in life--like buying and selling homes.
Those of us who live here in Marin know this fact, and have probably done so for as long as they have lived here. It's a great place to live! Good schools, great natural beauty, great median income level; excellent shopping--the list goes on and on. This is why people in the business of telling the world where the best places to live like looking at Marin.
A recent study by online real estate portal Movoto underscores what we here in the Bay Area have always believed: Our region is the best place to live in California.
Using a combination of statistics – including low unemployment and poverty levels and high income and median home sales price – Movoto ranked Marin County as the state’s best. Beyond the numbers, the company pointed to Marin’s lifestyle perks, including its spectacular scenery and varied cultural offerings.
What more can I say? Enjoy!
And if you have any questions on your home--or anything else about real estate here, call us! Peter: (415) 279-6466; Jane: (415) 531-4091.