02 Apr Tiburon Real Estate Q1 2010 Update
The Spring 2010 market is off to a roaring start. The momentum started late in 2009 in the lower market segments (bottom 2 price quartiles of each town) and has continued in those market segments. The health of any real estate market originates in the lower market segments and slowly ripples up the price spectrum until at the end of the cycle the top of the market peaks when the lower end has already started contractingâ€”as happened in the last cycle. While average, median & $/SQFT price trends are marginally improving, unit sales are seeing a greater bounce.
Please startÂ by reading the Marin Update: Â at right click â€œMarin Updateâ€.
When view the below Q1 data it is important to know that most of the data points below include all residential sales (SFR & Condos). I only separate these on my annual data reviews– you can see this in the SFR & CONDO data chart just below. Also please scroll down to the bottom for the 2009 year end data.
- Since 2005 on average 25% of all home sales in Tiburon are condo sales.
- In 2009 only 17% ofÂ homes sales in Tiburon were condo sales (this actually skewed average Resi price data higher and had the effect of make average price drops less than in reality)
- In 2010 so far 28% of homes sales are condo sales giving the appearance of greater weakness in Tiburon real estate than in reality. I know this is confusing please call me with questions.
The takeaway here is that buying activity in Tiburon is currently relatively weak in relation to the rest of Marin county primarily due to theÂ fact the prices have not dropped nearly as much as other locations in Marin.