12 Feb Larkspur CA Real Estate 2009 Review
MarinÂ County Update
In the last 44 years, there have been only two years (excluding 2008 & 2009) when average home prices in Marin County have decreased from one year to the next: -1.2% in 1991 and -1.4% in 1992â€“ after the S&L crisis.
Marin County average residential home prices fell -12.7% in 2008 and -21% in 2009.Â Â
Â A unit-sale weighted average of Southern, Central & Northern Marin show Southern Marin prices are down -17.4%, Central Marin down -13.1%, and Northern Marin down -18.4% from 2008 levels.
For much more more information from a mile high perspective please see right nav bar, click & read â€œMarin Updateâ€.
Larkspur Real Estate
Currently 32% of the homes on the market in Larkspur are in contract– any number over 20% indicates a healthy market and any number over 30% indicates a sellers market. As many of the quarterly graphs below indicate (and what you likely already know) is Marin real estate is very seasonal. This year it seems to have started quite early. The low end of Homes in Larkspur CAÂ are especially active:
Average prices for Larkspur homes and have held up remarkably well. Average prices for all residential are down about 15% from the peak. SFR prices are down -27% and Larkspur condos are flat- absolutely counter to the larger trend in Marin where condo prices have gotten crushed more son than SFR prices. Notice that Larkspur condo pricesÂ contracted during the bubble years of 2006 & 2007 see below:
Curently about 30% of the SFR homes in larkspur are in contract.This is a very positve number and is a great example of the surge in demand that has hit the market inÂ November and continued in January. In a typical year most sellers pull their unsold listings off the market around Thanksgiving and keep them off thru Super Bowl Sunday.Â Â This is the most demand we seen in the market since Summer of 2008. Sellers are advised to list their homes as soon as possbile.
I have plenty of data onÂ Larkspur condos, but the only charts I am going to put in this blog / market update are the below two charts. Larkspur condo prices areÂ very steady which means, just to be clear– that buyers should avoid them as in most other towns Condo price has crashed. Part of this has toÂ do with the condo housing stock in Larkspur ralative to other towns.Â Some of the best real estate investments in Marin right now are condominiums, but probably not in Larkspur. Call me and I will tell you whyâ€¦ Dave 415-867-6611.
Please notice how the median price has increased relative to average prices for Larkspur condos. Also– the location value has decresed while prices have remained steady. This means that larger units sold in 2009, and more in the higher end ofÂ the condo stock…Â so even though both average and median prices are stead / rising, people are paying less for the relative proximity to SF. Call Dave for futher elaboration 415-867-6611.
The average home buyer inÂ Larkspur needs almost $420,000 cash in the bankÂ to afford a downpayment onÂ an average home with a 70% mortgage, while alsoÂ retaining a rainy day fund of cash left over in the bank should anything go wrong.
Census dataâ€¦ the next census due out within the year will help clarify incomes in Larkspur.
In 2008 and 2009, Dave and the DuPont Group areÂ leading agents in Marin County Real Estate. Since the recession began in earnest in 2008, Dave personally closed over 36 sales and $47m in real estate sales, and his group has closed over $60m.Â For 2 years running Dave has sold more homes than any other agentÂ at DB Sotheby’s Intl Realty.Â The data in these pages represents the extra mile we go for clients and is our competitive advantage over other agents in all parts of Marin. Now is not the time to select an agent to represent you because they are a friend or even because they may have represented you in the past. The work habits most realtors has evolved over the past 20 years are not translating well into selling homes in todayâ€™s real estate environment where home buyers make decisions because of financial considerations as opposed to emotional ones.
Dave is a Certified Financial Planner (CFP), Certified Financial Manager (CFM), received his MBA from Pepperdine University, a CA real estate broker and worked for approximately 10 years in the San Francisco financial district. This Blog works in conjunction with The DuPont Groups primary web site.
Please call me to discuss this information in more detail 415-867-6611 â€“ Dave