Stephan, Home Buyer in San Francisco, CA

There is a lot of talk of a softening real estate market. How would you describe the real estate market in Larkspur?

Asked by Stephan, San Francisco, CA Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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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.
0 votes Thank Flag Link Tue Apr 29, 2008
While the market is soft across the nation, Marin County is an exception. Soft means the prices are simply edging up slowly. This is due to supply and demand. There is limited land and people want to live here. There is no room to build new homes except in north Marin. If you want a new home in central and southern Marin, you have to tear down an old one. Days on Market? Between 30 and 60, but if a house is priced well, it will sell in 7-14 days.
0 votes Thank Flag Link Mon Apr 23, 2007
Unlike other areas of Marin and the country, Larkspur has retained a balanced market, because of its desireability. The housing market is eclectic with varying size, condition and age of homes. If priced correctly, a Larkspur property will sell quickly and quite possibly with more than one offer.
0 votes Thank Flag Link Mon Apr 23, 2007
The real estate market in Larkspur is quite different from many other areas. Because of its uniqueness of the town, great schools and being so close to the city, it is a much sought after area. The climate is wonderful, having the barrier of the mountains - it is much warmer in the summer with less fog. The homes are unique too, so many being individual. Views are incredible from many mountain and hill areas. Prices are a little higher than its twin city sister - Corte Madera. Homes usually are sold quite quickly - often not being on the market for more than a month. Larkspur is not really feeling a softness in the market.
0 votes Thank Flag Link Mon Apr 23, 2007
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