March 2016 Marin Real Estate Market Report
I am pleased to present the March 2016 Marin Real Estate Market Report, courtesy of the excellent analytics team at Decker Bullock Sotheby’s International Realty. This latest market report reflects data as of month-end February 2016.
As you will see in the slide above (you may click the arrows to scroll left and right), February’s inventory of homes for sale in Marin County remained low at 215 though improved from a 10-year low in January. Inventory of homes for sale was about 66% of the number we saw a year ago in February 2015. This lack of inventory coupled with buyer demand is expected to continue raising average sales prices heading into the Marin peak spring and summer real estate season.
Home Sales in Marin By Area
February sales were about flat to January at 89 for the total month. However, Mill Valley, Sausalito, Tiburon and San Anselmo sales were half of the levels seen in January (again, inventory…) while Novato and San Rafael benefited from the relatively higher inventories in those locales.
Homes in Contract
Of the towns in Marin, Larkspur had the highest percentage of homes in contract at 75%; however, that number is a bit skewed by the exceptionally low inventory there. As I write this on March 12 there are only two homes in all of Larkspur listed on the Multiple Listing System (MLS) for sale. As you will see from the chart above, the other towns are hovering at 30-40% of homes in contract. Kentfield, Ross and Belvedere saw a lower percentage of homes in contract due to the higher end nature of those markets.
Marin Real Estate Market By Price Point
The most active segment of the Marin real estate market continues to be homes priced in the $1mm to $2mm price range with 45 homes sold. Homes below the $1mm market followed closely with 36 homes sales closed in February in that price range.
Average Sale Price
In contrast to Marin County averages in January where listing prices increased and sale prices decreased, February saw a subtle decrease in average listing price and a nearly 15% increase in average sale price, likely driven by tightening home inventories and increased demand with the spring season beginning.
Number For Sale and Sold
Inventory increased 25% from January as we moved into the traditional Marin home buying season, which typically begins just after the Super Bowl. However, even with this increase inventories are still 30% below what we saw in February of 2015.
If you are looking to buy a home in this challenging market, you might want to check out my article / infographic Buying A Home In A Sellers Market and Buying A Home in Marin County. As a member of Marin’s Top Agent Network, I am among the first to hear of homes coming on the market and would be delighted to work with you. I provide luxury service at all price points.
This is a great time to sell your home in Marin County and I would be happy to discuss the best way to prepare, present and market your home. You may also want to read my article Selling a Home in Marin County.
Please call or text me at 415-847-5584 if I may be of assistance, or complete the below contact form and I will be in touch right away. Thank you for reading the March 2016 Marin Real Estate Market Report.
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