Welcome to the July 2016 Marin County Real Estate Market Report, with data compiled by the excellent analytics team at Decker Bullock Sotheby’s International Realty. Thank you for all the positive feedback on prior months’ reports — it’s great to know that you find the information useful and informative.
This month I am going to try a new format with key takeaways at the top of the report, followed by the graphs and charts for those who want to see more detail. Please let me know what you think.
Key Takeaways in the July 2016 Marin County Real Estate Market Report:
- June saw a slight decrease in average sale price in Marin County for single family homes at $1,583,114, down $78,682 from the May average. The average price of homes sold has outpaced the previous 10 years, eclipsing the peak price of $1.22 million.
- Average price per square foot decreased from last month to $613 vs. $543 in 2015 and $601 during the 2007 peak.
- Sales in the second quarter of 2016 were brisk. The number of single family homes sold rivaled previous quarters over the last 10 years, despite the fact that inventory is currently about one-third of past levels.
- Homes in contract continue to average around 50% of homes on the market. This is holding steady month to month.
- June inventory in Marin County decreased for the first time in a four-month upward trend, with 356 single family homes for sale, compared to 378 in May. This is normal for this time of year now that the peak spring season is over and people are starting to go on summer vacation.
My Market Commentary:
2016 is shaping up to be my busiest year since I became a real estate agent. I am currently working with a number of buyers and sellers. Last month one of my buyers closed on 33 Harte in San Rafael (see photo on my Homes Sold page) successfully winning in a multiple offer situation. My listing at 20 Loma Linda Road in San Rafael sold in one week for $135,000 over asking with multiple offers. Both of these homes were appropriately priced for the market and well-prepared for showings (excellent staging, disclosures, etc.)
While not located in Marin, my Bodega Bay coastal listing went into escrow in three days — something very rare in that market. The video is a stunner, check it out here: 106 Calle del Sol Bodega Bay.
There is lots of talk of a slowdown, but homes that are priced appropriately and show well are selling. There is a great deal of pent-up demand. Buyers frustrated with the city real estate market continue to see the value in Marin, where prices are lower, parking is easier and crime is virtually non-existent compared to city living.
This month I have a number of listings coming online, including 78 Southern Heights Blvd in San Rafael, 239 1/2 Cleveland Avenue in Mill Valley and 65 Los Ranchitos in San Rafael. I am also working with the sellers on a home designed and built by a Frank Lloyd Wright apprentice in San Rafael. We plan to launch this fall — it’s a stunner!
There are others in the pipeline that I can’t yet reveal — including a pocket listing in Mill Valley. Please call me for details if you’re interested.
Here are the rest of the charts and graphs for this month:
If you have any questions about the July 2016 Marin County Real Estate Market Report, please call or text me at 415.847.5584.