Marin County Real Estate Market Report July 2018
My Buyers are Very Excited About Their New Home in Novato, Pictured Above
Welcome to my Marin County real estate market report for July 2018, with the latest information and charts on the home buying and selling scene here in Marin. We are entering the lazy hazy days of summer and the latest numbers reflect it, with home inventories up 2% versus last month and 9.4% vs. last year, and sales down about the same amount. Median home pricing has set another new record, at $1,595,000. Please scroll down to see all the numbers.
Everyone keeps asking when this market is going to take a breather. It is anyone’s guess, but I am hearing more and more of my esteemed real estate colleagues say we have reached a peak. “This is feeling like a pricing plateau,” one of them said to me last month. In fairness, this is the conversation among agents every year around this time, just before the fall market — our second most active after spring — takes off.
We are seeing the lowest mortgage interest rates since April, so it’s a great time to be shopping for a home in Marin County with some of the buying competition on vacation.
In my business, I helped my buyers purchase 16 Tara Lane in Novato (pictured above) for $85,000 under the asking price. They are very excited to move into their spacious new home, and I will be listing their current beautiful home in San Rafael’s Bret Harte neighborhood soon. I’m also working on several other listings, including a gorgeous home in Corte Madera with water views AND walk-to-town, a rare combination. Later this summer I will be launching a stunning Craftsman-style estate in San Anselmo with pool, and guest houses (yes, that’s plural!) in one of San Anselmo’s most-desired locations.
To those who read this report, thank you for all your support of my business. I couldn’t do it without you.
A Market Built on Strong Fundamentals
The current trends in the real estate market, unlike those that led to the financial crisis, are built on strong fundamentals. The San Francisco Bay Area continues to be one of the fastest-growing economic engines in the world, with tech companies continuing their push northward from Silicon Valley to San Francisco, where their younger employees want to live. You may want to read this recent San Francisco Chronicle article about the integration of Silicon Valley and the Bay Area. As those tech workers in San Francisco begin to have families, they are more and more attracted to the lifestyle and weather in Marin County.
Finally, this article in the SF Chronicle last week proclaims that the Bay Area economy is growing at twice the rate of the rest of the country, and if we were a country, our GDP would be greater than that of Saudi Arabia.
Meanwhile, many of my tech friends are looking for investment properties in Reno, Nevada, which is reportedly the next big market for tech.
I’m Never Too Busy For You
I have quite a few exciting listings in my pipeline coming soon. Please keep an eye on My Featured Listings page or call me for details on homes coming soon in Tiburon, Corte Madera, San Rafael and San Anselmo. Whether you are a buyer, a seller, or just want to learn more about the market for a potential future move, I am always happy to talk about the Marin real estate market.
These market reports are a great place to start — but let’s continue the conversation. Call me at 415-847-5584 and I can provide you with a personalized market overview tailored to your specific situation.
Golden Gate Sotheby’s International Realty
Q2-2018 Real Estate Market Overview
Marin County Real Estate Market Report July 2018 Dashboards
“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
What This Update Means For You
SELLERS: If you’re thinking of selling your home, don’t listen to your Uncle Fred at dinner who says it is a sellers market and buyers will pay anything. Buyers are well-educated and the majority in Marin County are working with very experienced and savvy agents who know values and comparative sales (“comps”). Keep an eye on some of the trends we are seeing — that while inventories remain tight, sellers are having a hard time pushing pricing beyond what the comps would support. Well-prepared and well-priced homes are moving very quickly in this market.
BUYERS: For home buyers, this is a very tough market. An increasing percentage of homes never appear on MLS as they are sold “off-market” as pocket listings or top agent referrals. Work with a well-connected agent and be prepared to move quickly. Chances are you are looking for the same things most other buyers are also seeking (see my list below.) Set up property alerts on my website so you can immediately see new homes on the market, and make sure you are pre-qualified so you present a compelling offer. (You may wish to read my article Buying a Home in Marin County for more tips and advice.) One other tip: Ask your agent to run aged inventory reports in and above your price range. Sometimes there are some real gems that the market has overlooked due to pricing or other factors.
If you are a buyer looking only at online portals such as Redfin or Zillow, and not working with a well-connected agent, you’re not seeing all of the homes available in Marin County.
What Are Buyers Looking For Right Now?
In speaking with buyers, they want it all right now, with the following at the top of their lists:
- Great schools
- Easy commute
- Walk to restaurants and shops
- Quiet streets
- Remodeled homes in move-in condition
Smart buyers, which is almost all of them, realize they cannot have all of those attributes and buying a home in a market like Marin County is a series of tradeoffs. For example, they may choose to give up walking to restaurants to be in the hills with a view of the bay. In any event, we are seeing buyers that are more tech-savvy than ever and who have done their homework, reading market reports such as this one and spending a lot of time online looking at homes.
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.
This handy calculator is a great place to start. Then give me a call at 415-847-5584 and let’s discuss.
Would you like to see this data for your town only?
I am also now rolling out market update charts for selected towns in Marin. Please click the below for local real estate market updates & charts:
What do YOU think? What would you like to see in this report going forward? Please leave your comments in the section below.