October sales charts are in! The months supply of inventory (MSI) for all residential Marin real estate was down to five months as compared to eight months county-wide in September . This means that if no more homes go on the market, it would take 5 months to sell the existing listings at the current sales pace.
In October 2006, the county-wide MSI was 4.9, so very little change over last year. Sort of surprising- based on what we are hearing, you would think it would be higher.
So why the change? Buyers uncertain about the market in August jumped off the fence where they have been waiting and starting writing offers again. The number of listings was higher in October than in September, but we saw significantly more Marin County homes go into contract and sell. 207 homes went into contract in October as compared to only 143 in September. Lots more activity happening!
| September | October | ||
| Homes for Sale | 1428 | Homes for Sale | 1452 |
| Under Contract | 143 | Under Contract | 207 |
| Sold | 132 | Sold | 166 |
Despite the improvement from September to October, overall demand was down as compared to October 2006. Marin saw a 34% decrease in the number of units sold in October 2007 as compared to 2006. The median price was up 8.43% over October last year.