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Frank Howard Allen Realtors Reveal Optimistic Trends For 2010

Q1 returns and historical perspective factor in analysis as the firm celebrates 100 years

Novato, CA - Now celebrating 100 years as a locally owned and operated  business in Marin County, Frank Howard Allen Realtors data predicts what 2010 will hold for North Bay real estate after first quarter returns and a 2009 retrospective report.

The firm, which maintains the largest percentage of market share in Marin County and a strong presence in Sonoma County, is not only using traditional data sets and market indicators for trend-spotting, but is also factoring a new and unique source of information: a century’s worth of industry experience recently archived into a book.

“There is something to be said about a local, family-owned business that has survived the various economic roller-coasters throughout the decades,” says Larry Brackett, owner and Chairman of Frank Howard Allen who spearheaded the archival project, which began in 2001. “The trends we are seeing today have played out before, it’s simply the context which has changed.”

An internal report generated by data from FHA’s Marin and Sonoma county offices illustrates a snapshot of the North Bay amidst the down market in 2009:

• Percentage of units closed was up 18% from 2008; average sales price was down 19%
• The Santa Rosa office showed positive signs of an even faster turnaround: a 29%
  increase in closed units and a 6% increase in sales volume.
• The largest demand remained with houses priced from $750,000 and below.
• Novato experienced a historic boom with over 50% of properties in contract over the
  year, and reaching as high as 66%.

So far, 2010 is not only showing signs of a significantly stronger marketplace, but is also reflecting a preference in the consumer market first indicated by the 2009 report. The single family home under $750,000 remains the hottest commodity, and first time buyers are lining up for opportunities.

“The spring returns traditionally set the tone for the year ahead, and so far we are seeing a hugely significant uptick in closed sales compared with last year,” says Noreen Smith, President/Chief Operating Officer of Frank Howard Allen who has been analyzing the North Bay market and trend predictors throughout her 23-year tenure with the firm. “For the month of March, the number of escrows opened at Frank Howard Allen was nearly double compared to March 2009. This is great news, and the market is continuing to show signs of strength.”

The 2010 Q1 returns hold encouraging news for homeowners, as average and median sale prices show a steady increase compared with 2009:

Marin County
Average sale price up 12%
Median sale price up 8%
Unit sales up 42%

Sonoma County
Average sale price up 12%
Median sale price up 10%
Unit sales down 7%

“An interesting takeaway is that the average DOM [days on market] in Marin is now 114, which indicates an extremely cautious consumer and the importance of pricing a property correctly from the get-go,” notes Smith. “It could be a while before we see the average DOM down to 74, which is where it was in 2006.” For Sonoma County, the average DOM for 2010 Q1 was 112; in 2006 it was 85 for the same time period.

The First Hundred Years: A historical perspective

Frank Howard Allen Realtors has been locally owned and operated by just two families since the company’s namesake first began the business in Marin County in 1910.

In order to signify this momentous centennial year, owner Larry Brackett established a separate fund to finance the research and creation of a book in order to document the trials, tribulations, and successes of one of the North Bay’s oldest businesses, which not only has been instrumental in the economic development of the region, but was also the driving force behind the initial creation and development of Marin County as we know it today.

The book, Frank Howard Allen Realtors: The First Hundred Years, offers a glimpse into the company’s beginnings and also highlights the sage advice passed down from generation to generation for the growth of the successful venture.

Local author and historian Barry Spitz was commissioned by Brackett to sift through public records and private archives and interviews, including talking with the great granddaughter of Frank Howard Allen, who happens to be Spitz’ next door neighbor.

“Our rich history affords us a perspective which goes beyond the experience of any single career in this industry,” says Brackett. “The solid foundation and passion for real estate established in the early years of the company remain part of the fabric of who we are. We have been able to face challenges, spot opportunities, survive and thrive over the years because of the determination and success of the company’s agents and staff members. Moving forward, we hope to maintain our legacy of positive community building; as for the market, we’ll take that on one year at a time and tackle it as we always have.”

The book will be published in June, 2010, and distributed to Frank Howard Allen agents, employees and friends. A copy will also be donated for the archives at the Marin History Museum.

Frank Howard Allen is the only locally owned and operated North Bay brokerage that can offer
its clients the value of a century of experience with the convenience of comprehensive, state-ofthe-
art services. With more than 20 offices and over 600 agents, Frank Howard Allen prides
itself on providing extraordinary personalized care and its commitment to giving back to the
communities it serves. In 2010, Frank Howard Allen was awarded Best Real Estate Brokerage
by the Pacific Sun. Learn more online: fhallen.com.

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