Sausalito CA Real Estate Update

20 May Sausalito CA Real Estate Update

 Updated 6/3/10

Sausalito Real Estate continues to struggle. The area has been hit severely by the real estate meltdown– worst in Southern Marin by several different metrics: Average & Median price declines, average $/sqft declines, and unit sale declines. There are currently 60 SFR homes (not condos) for sale and only 8 of them are in contract, or 13%. This representsd very difficult conditions and foreshadows additional price contraction ahead as value buyers strong arm sellers.

Every person, buyer, seller, bystander, & non-local Realtor asks the same thing: why is Sausalito down so much more than other areas in Southern Marin? The answer is as follows: Sausalito is as impacted by San Francisco real estate buyers trends as much as it is by Marin County buyer trends. The buyer trends in Marin are: the only real buyers in the marketplace are families with kids. All other buyers are really just kicking tires right now, even though they may think they are serious about buying.

The only people with any urgency to buy right now are families with kids looking for schools. In San Francisco– schools are a real problem: public schools are mediocre, and the good private schools are almost impossible to get your kids into. The same is true for public schools in Sausalito– so families with their offspring are staying on 101 for another exit or two to find a better public school district, larger back yards and warmer afternoons.

SO…. the are very few real buyers in the Sausalito market. Plenty of tire kickers, but almost no real buyers. This likely won’t change until there is clear indication of an improving economic situation.

The Sausalito SFR market is still in a Moderate active decline at -5% over the last 3 months

The condo market in Sausalito is doing better at +1$ over the last 3 months.

SFR & CONDO % in contract as off 6/3/10: