On Friday, 9/19, the IJ reported home sales down for August, with number of single family detached homes off by 10% and the price at which those homes sold off by 19% both relative to August of 2007 (see my website at www.MarinHomeProperties.com, "Resources". So, the trend of fewer single family homes selling continues. Does the data mean that the price of your home, or homes on average in Marin has now declined 19%? No. This figure reflects mostly the trend in available mortgage financing. The new jumbo conforming loan limit of $729,250 equates (at 20% down) to a purchase price of $911,562. So guess what homes are selling the most frequently? Those priced under $911,562. You'll start to see listing prices at $912,000, reflecting this reality.
But interestingly, we are still seeing signs of strength in the high end, say $2.0MM and over. A property in Corte Madera just went into contract with at least 2 offers on it--the list price? $1,999,000.
