Marin County Real Estate Market Report: April 2021
This is the first Market report of 2021 with figures compared to the pandemic lockdown period of 2020. If you will recall, we went under lockdown during the “longest month” as many referred to it — March 2020. The real estate market completely shut down that month, and as a result this is the first month in a long time where home inventories are up 11% vs. that time period but still at record lows. Pricing continued its upward march, with the median sold price up 17.3% and average active price up 18% vs. the same time last year.
My Current Listings and Coming Soon
Home inventory continues to be a great challenge nationally and here in Marin. If you know anyone who is thinking of selling – this is a GREAT time to sell. Some agents say this all the time, I know, but in this case the low interest rates combined with record low inventories are a recipe for a strong sellers’ market.
This week I have the photoshoot for a beautiful 5 BR/5.5 BA, 6500 sq ft grand estate in Novato which I plan to launch next week in conjunction with my very good friends at Global Estates. I am also working with my stagers on a single-level 3 BR/1 BA single-level home in the Forbes neighborhood of San Rafael. I have others in the pipeline — give me a call for details.
What Are The Current Restrictions on Marin Real Estate?
The restrictions on real estate in Marin County were reduced but there are still some restrictions for everyone’s safety:
No open houses or broker’s opens are permitted
Homes (both occupied and vacant) may now be shown after prospective buyers review disclosures and sign COVID-19 affidavits
Seller may not be at home when it is shown
All involved in showings must wear personal protective equipment (masks, gloves, etc) and avoid touching anything (railings, doorknobs, etc)
Only two buyers plus one agent may attend showings
How Can I Help?
These reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area. Call or text me anytime at 415-847-5584.
Real Estate Market is Robust, In Spite of Everything
As we come to the end of the first full year under the pandemic, while the hardships faced by many are immense, the region has persevered. The housing market is relatively robust despite the effects of the COVID-19 pandemic. The Bay Area economy stabilized after weakening modestly at the end of 2021 and early in 2021. With a loosening of restrictions, some businesses were able to rehire staff and reopen locations.
People Returning to the Area
As counties throughout the Bay Area relax business restrictions further, consumer activity should improve and spending rebound. Reopening workplaces, restaurants and cultural and entertainment amenities will drive some households to return to the region. In the past few months, though there is still a net outflow of households, a growing number of individuals that relocated early in the pandemic have returned to the Bay Area.
High Demand / Low Supply
Buyer demand remained elevated even as mortgage rates increased slightly and potential buyers faced limited inventory. In February, 3,276 homes sold throughout the region, an increase of roughly 30% from the previous year. While sales for the month were slightly lower than January, as is typical of seasonal patterns, transaction volume remained constrained by the few available homes.
As the vaccine rollout continues and counties move into tiers with fewer business restrictions, the recovery should accelerate for a broader portion of the economy… mortgage rates should remain low in the near term, prompting some buyers to move off the sidelines in 2021. While much still hinges on the vaccines bringing the pandemic under control, the for-sale market in the Bay Area should continue to improve with elevated demand for housing.
“For Sale” vs. Sold Home Prices vs. Median Home Prices
Marin Home Prices List Price vs. Sold
Marin County Months of Inventory Based on Closed Sales
Average Price Per Square Foot
Marin County Number of Homes on the Market
I hope you have found my Marin County Real Estate Market Report informative. Please feel free to add your comments, questions or suggestions in the comments section below. If I may be of any assistance in helping you attain your real estate goals, please call or text me at 415-847-5584 and I will be in touch right away.