It’s time for another review of neighborhood real estate sales! How are the Marina and Cow Hollow doing right now? Looking at both neighborhoods, the numbers, as derived from the San Francisco Multiple Listing Service, are reflected in the table below.

In comparing the first quarter of 2010 (1Q10) with the first quarter of 2011 (1Q11), properties have stayed on the market longer, an indication of prices being too high and buyers being more patient in their approach to a purchase.

The key indicator for the timeframe that properties are listed is the average “days on market” (DOM). For single-family homes in the Marina, DOM went from 50 to 89; in Cow Hollow from 45 to 75. For condos in the Marina, DOM went from 60 to 80; in Cow Hollow, from 46 to 58. There were a few anomalies, but overall, if a property is accurately priced, it is selling within a 30–45 day timeframe in our great neighborhoods.

Mortgage rates have continued to remain at historical lows. Banks are offering adjustable rate mortgages (ARMs) at great rates presently. The pundits of last year believed that interest rates would decrease in 2011 and they’ve been correct thus far. With 20 percent down, loans are available at 4.375 percent on a 10-year ARM for a loan amount of less than $417,000. With 25 percent down, loans are available at 3.5 percent on a 5-year ARM for a loan amount between $417,000 and $729,950. Even jumbo loans (loans over $729,950), with 25 percent down, are offering 5-year ARMs at 3.875 percent. These ARMs would not have any origination fees either, so money remains historically inexpensive.

I’ve been noting over the last couple of years that opportunities continue to abound in the Marina and Cow Hollow. The table below, comparing single-family and condo sales during the first quarter year-over-year, reflects this. With the exception of Cow Hollow single-family homes, all categories have experienced price decreases. With an increase in the days on market, buyers are being more conservative regarding submitting offers on homes. Overall, the market remains healthy and there are plenty of buyers looking to purchase in the Marina and Cow Hollow.

Jim O’Neil is a Realtor for Better Homes and Gardens Mason-McDuffie Real Estate at 2200 Union Street and has lived in Cow Hollow for the past 21 years. E-mail: [email protected]