Market Update Q3 – 2015: Pausing for Breath
Overall Marin activity for Q3 ’15 shows little change from last year at this time. Units sold were up less than 1% and prices were up less than 1/2%, confirming what real estate professionals have been feeling for the past 4 months, a moderating market. One of the key metrics that agents track is the proportion of MLS listed properties that are under contract. In April 2015, 50% of the 776 MLS listed properties were under contract. Now, 6 months later, 40% of the 759 MLS listed properties were under contract—a 10% decline in this important metric. Out in the field, we are still seeing multiple offers, but instead of 10, we may be seeing 3-5. And properties are taking longer to get into contract. This moderating trend is giving exhausted Buyers new energy and opportunities for accepted offers.
