Marin REO Stats

Marin Residential REO Sales Activity

Marin Residential REO Sales Activity

There continue to be two hot REO markets in Marin. Novato and San Rafael are where the majority of REO sales and listings continue to be offered. Mill Valley is a distant third and the rest of Marin County has only occasional REO listings and sales. That doesn’t mean you can’t find REO bargains in Sausalito or Tiburon. Twelve REO sales so far during 2011 in Sausalito and six in Tiburon testify to the fact that REO properties are available everywhere. The chart only lists the cities where there is enough volume to generate a blip. (click on any chart to see it full-sized)
One factor that is useful to look at is how quickly the market absorbs new listings. In Novato, for instance, there are currently 24 active listings compared to 12 contingent, 4 pending, and 103 sold for the year. That’s less than a two month supply of active listings indicating a very dynamic market. Mill Valley has seven active listings, but there are seven contingent listings. If you allow a month for an average escrow time frame on an REO, there is basically only one month’s supply of REO homes in Mill Valley.
Marin Residential REO Sales Price vs. Listing Price

Sales Price vs. Listing Price in Marin REO Market

As a prospective buyer of REO property you need to be aware of these numbers to understand why a listing agent might turn down a low offer. In markets with this much activity, most properties are selling near their listing price, especially if they are just coming onto the market. You need to talk to your agent (or me) about a strategy to make offers that are likely to be accepted. These charts are accurate, but drilling down into timely market details is highly useful when crafting an offer.

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