It’s kind of quiet out there right now. We are at what is normally the low point for inventory in the entire year, and that is indeed the case: there are only 341 homes available right now in all of Marin County, and 35% of those are in contract.
Expect that number to increase dramatically in the next 30 days, and even more sharply after that. A number of homes that had not sold in December were withdrawn from the market, and they should return beginning in February, perhaps at a reduced price, or maybe with fresh staging or paint.
Typically, by June, we should see more like 700 to 800 homes available for sale.
Price segments continue their historical pattern as well. Under $1 Million, 46% of homes are already in contract. From $1 Million to $2 Million, 26% are in contract. And over $2 Million, only 12% are in contract. This indicates the trend we saw beginning in the fourth quarter to market normalization will continue. This actually puts us into Buyers Market territory, especially in the over $2 Million range.
Next month we’ll analyze sale for 2016 and pricing changes.We expect pricing this year to return to historical levels, with increases in the four to seven percent range.