Housing Trends for Marina
Written By Steve Hunt, Realtor and Marina Resident
Homeowners are always curious about the value of their homes and wonder how the (real estate) “market” is currently doing? Is it a buyers or sellers’ market? Is now a good time to sell my home? Or when will the Niners or Raiders win another super bowl? We can’t (and won’t attempt) to answer that last question but we can certainly shed light on the local real estate market.
How is the market currently?
Before we answer this question let me explain one of the most important tools in the real estate industry, The MLS (Multiple Listing Service). Without the MLS, consumer sites like Zillow and Realtor.com would
not exist as these companies get their data from the MLS’s of the world. The MLS is organized by County; then by City and then ultimately by Neighborhood. Marina for example has 13 MLS areas which allows
realtors to search for homes in specific neighborhoods.
I live on Messinger Dr. for example which is called in the Locke Paddon neighborhood. As of this writing there are 47 homes with for sale signs in area code 93933 (Homes in East Garrison are included) but there are only 29 properties that are still available to purchase. So of the 47 homes that are for sale 18 of them are in escrow and waiting to close which is roughly 40% of the inventory. This also means there is a 1.62 month inventory of homes available to be purchased.
Is it a Buyers’ or Sellers’ Market?
Determining market status is not always straight forward but fairly simple nonetheless. Just need to rely on a little math. The formula is: The Number of Homes with For Sale Signs that are in Escrow divided by The Number of Homes for Sale. The math for Marina is as follows: 18 homes in escrow divided by the 47 homes with for sale signs equals 38.2%.
That being said Marina is still very much a “seller’s market”. Seaside for example has 44 homes with for sale signs but only 20 homes (45%) that are still active. Seller’s market. Monterey however has 108 homes for sale but only 26% are in escrow. Buyer’s Market, since there are 80 homes available to purchase and only 28 are in escrow. CURRENTLY MARINA IS A SELLERS MARKET!!!
Is now a good time to sell my home?
Now that you know how to examine the market you are in a better position to make informed decisions. Keep in mind the Marina market may not reflect the same patterns as other MLS markets as we discovered above with Seaside & Monterey.
So if you decide to sell your Marina home it would probably be a good idea to understand the current market conditions of where it is you want to buy. It is very possible to sell in a Seller’s Market and buy in a Buyer’s Market.