We are headed towards the home stretch. With three quarters of the year in the books, predictions with respect to year end results become clearer.
The sales numbers remain encouraging for sellers and for the overall market.Unit sales and valuations are in the positive column verses last year for single family homes, and even with last year for condominiums and town homes. The details are noted below for all of Marin County. The enclosed chart notes the data by municipality.
Pressure on inventories remains, with current available inventories of residential properties -13% vs. month end September 2016, and -44% vs. month end September 2012. Despite the recent minor increase in new listings, I do not see inventory levels dramatically increasing as we close out the year. As for 2018, inventory levels will continue to be lean, hence, sellers will remain in control.
Overall,unit sales of residential properties are tracking at a rate that should end slightly above 2016, reversing three years of declining unit sales. With unit sales trending upwards, albeit slightly, and inventories remaining lean, we’ll continue to see upward pressure on prices, i.e. demand will continue to exceed the available supply.
Lastly, reviewing the Percentage of Sales by Price Category through September, compared to similar time frames in 2012 and 2106, the affordability trend continues (lack thereof)i.e. an ongoing shift to higher prices throughout Marin County. The enclosed median price chart illustrates this trend.
All data and trends continue to favor sellers. Hence, if you are considering the marketing and sale of your home, now is the time to get ready for spring 2018, Lean inventories and positive demand, throughout MarinCounty,equates to advantage sellers.Please feel free to contact me and I’ll be more than happy to come by and provide you with a comprehensive market analysis and home evaluation, coupled with a strategic marketing and sales plan, enabling you to achieve success with the sale of your home in 2018.
Luxury Property Specialist