Despite the ongoing rain, the real estate market has blossomed for spring. This is evidenced by a substantial increase in activity, more listings, more sales, more closings and more traffic visiting our listings at weekend open houses and private showings. This activity is being driven by quality inventory which I define as, well-located and well-priced homes in desirable locations. Inventory as of March 1, 2010 is still running behind March 1, 2009 listings. On the other hand, closings through March 1, 2010 are 258 compared to 193 during the same time frame in 2009. The percentage in contract (number of homes under contract as a percentage of total homes available) as of March 1, 2010 is 41% versus 30% last March 1. These numbers are significant because they reflect the fact that buyers are making offers on our quality inventory this year as opposed to “waiting for prices to drop” last year. This is also an indicator that buyers believe that the market has bottomed out.

 

Frank Howard Allen, Mill Valley is doing its part to launch the spring market with several new desirable properties. Please check out www.226juliaave.com, www.81hillsideave.com and www.378woodside.com. It will be a very active spring. The lower-end of the market is most active right now. However, we are starting to gain some momentum in the $1-plus-million market and even the $2-plus-million market. Stay tuned for further updates on how spring plays out.


Posted by:Andy Gellepis