The following data was taken from the BAREIS MLS as of 9/20/24. It’s not verified or guaranteed, and it’s subject to change but it beats trying to figure this stuff out on other websites!
A quick search of single family homes in the 94903 zip codes shows the following:
42 houses available on the market, 2 coming soon
10 more have accepted offers
These are legitimate buyer’s market conditions. Even better news for buyers, if you’ve got good credit, you can score an interest rate in the mid 5’s. It wasn’t long ago that we were looking at the grim reality of 7-8% interest rates, which was brutal.
Every year in September we see a build up of inventory. As we move into the fall, fewer homes come on the market and more that are already on attract accepted offers. It’s the fall inventory burn. For homes that do not have accepted offers currently, the average days on the market is 43, and the median is 20. This tells me something: price reductions are coming if they aren’t already here. If you are a seller and your home has been sitting on the market for the past three weeks without an acceptable offer, it’s time to re-evaluate your pricing strategy.
It's not automatic that you should reduce the price after 3 or 4 weeks if you don’t have an acceptable offer. Listing agents should always keep tabs on the agents with buyers who are most likely to write an offer. Maybe there is somebody in the wings getting their ducks in a row and ready to make an offer in the coming days? In that case you might want to wait on that price reduction, as price reductions are most effective in the 5-10% range.
A quick search of single family homes in the 94901 zip codes shows the following:
62 houses available on the market, 3 coming soon
18 more have accepted offers
These selling conditions are better in the southern part of San Rafael, tending more towards neutral conditions. But there’s still a lot of inventory to choose from for today’s buyers. Average and median days on the market are almost identical to the 94903 at 40 and 21 respectively.
The non-senior condo and townhouse figures are a little more grim for prospective sellers. A quick search of all such properties in both the 94901 and 94903 zip codes shows the following:
36 available on the market
8 more have accepted offers
That means only 18% overall are in contract. That percentage definitely favors buyers. Average days on the market for available homes is 31, and the median is 29.
Fall is here! We’ve got about 6 weeks until November when things really start to slow down. Sellers are up against the Thanksgiving clock. If you don’t have an accepted offer by then, you might as well take your house off the market and wait until sometime in 2025. Is it time for a price reduction? How are the showings going and what kind of feedback are you getting from agents and their buyers? If you’ve been trying to sell your house and you haven’t been getting meaningful showings or interest the answer is clear. It’s time to bite the bullet reduce the price in a way that will stimulate interest and get you a good offer.
*** Thank you for reading my blog! If you or any of your friends and family ever have any real estate questions, please feel free to contact me at andyfalk2112@yahoo.com or 415-250-8025. I’m always happy to help!