Marin Still on a Decline

The official stats are out and like the rest of the country, Marin County home sales are still on a downward trend.  Compared with July 2007, last month’s sales were down 9.5%.  The data is from MDA DataQuick and was highlighted in the MarinIJ yesterday.  This past July, a total of 277 homes exchanged hands.  A year ago, that number was 306. 

Interestingly, other counties showed some signs of recovery.  As the MarinIJ chart shows, Contra Costa, Solano and San Francisco actually saw an increase in homes sales in July relative to last year.  Even more surprising is the huge spike in sales in Contra Costa and Solano counties – over 30% and 45% respectively.  The downtrend has affected these counties more so than other bay area locales.  Seems like bargain hunters are on the prowl.  Whiles sales have shot up, the median prices in these areas have pretty much dropped by the same amount.  Ouch.

For those of you who have read my past blogs, you know my thoughts on the median price;  it’s a good take of the tempature read in the area but I don’t believe it is a completely accurate reflection of the price trend.  In Marin, the July 2008 median was $875,000.  In June, this number was $1,000,000 while July 2007, this number came in at $950,000.  Clear evidence of my view here but still a good barometer that Marin home prices are pricey and bump up to the million dollar mark.

However, the DataQuick analyst seemed optimistic about Marin’s prospects:  “”No Bay Area county is down that little from a year ago.  That could just be a sign of the considerable average means of the buyers in Marin.”

Hmm – only time will tell.

Chart:  MarinIJ