As is the case in most areas of Marin County, the market in Larkspur has been changing in the past three months. It has evolved from a strong buyer's market (less than 15% of listings in contract) in February with only 3 out of 21 listings in contract, to a buyer's market in March (15-25% in contract) with 6 out 28 listings in contract to finally a seller's market in April (25-35% in contract) with 9 out of 32 listings in contract. While inventory has been growing steadily, the number of homes in contract has grown proportionately. Days on market have increased since last year with 71% of homes selling last year in 0-60 days compared to only 42% this year and in April we averaged 58 days on market. The median price of homes has softened a bit since last year, dropping from $1,352,500 in 2007 to $1,189,000 in 2008 at the end of the first quarter 08.
With interest rates still at historic lows, smart buyers with strong credit reports and cash for downpayments are snapping up great deals. Open houses are well attended, buyers are writing offers, sometimes multiple offers when the house is in a great location, is well priced and well presented.... more