Last month Marin real estate continued to set record highs, with the average price per square foot breaking the $1000 mark for the first time. Median home prices in Marin reached $1.8 million, up 10.4% from the same time last year, while the number of homes for sale was down 22% vs the same period. 

We continue to see low supply and high demand pushing pricing higher and higher in Marin County. The majority of homes are going for well over the list price with multiple offers. While not the norm, there have recently been multiple homes throughout Marin selling for $1M and even as high as $1.7M over the list price! 

Contingent offers are becoming a thing of the past as buyers realize they can not compete with contingencies for desirable homes. Those buyers who are financing their purchase are looking for ways to compete with cash offers which includes bridge loans and getting fully underwritten with their lender so they do not need a loan contingency and they are waiving the appraisal contingency. It is important to discuss the risks as well as the pros and cons of these strategies with your lender.  

Mortgage Interest Rates Reach Two-Year Highs

According to this recent Bloomberg article, mortgage rates are now climbing at the fastest rate in three decades.The average rate on a 30-year conforming mortgage is now 5.09%. As homes become more expensive to finance, this is expected to have a cooling effect on the national housing market. However here in Marin, so much of our market seems to be fueled by the booming stock / tech market so it remains to be seen what will happen here. There are many cash buyers here.

What’s Happening in My World

I am pleased to announce that my Eichler at 684 Blackberry Lane in San Rafael closed for $101,000 over asking last month, selling in just one week. It was a pleasure working with my sellers on this home and I am very happy for the new owners. It is truly a lovely neighborhood.

COMING SOON:, I have an off-market listing at 1009 San Anselmo Avenue in San Anselmo that will be launching this week. This property will not be on MLS. It is a beautiful 4 bed/2 bath vintage home on a level lot with walk to town convenience.  More information will be coming later this week. 

I also have a great remodeled 3 bed/3 bath home with a pool  in Novato just next to the Country Club area that will be coming on the market in May. 

In addition, I’m working on a stunning mid-century modern home with a pool and views in San Rafael that is being completely remodeled. This co-listing will also be coming in May. Watch this space or call me at 415-847-5584 for details.

How Can I Help?

These market 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.