In June, we saw a continuation of our multi-year trend in the Marin real estate market: pricing up and home inventories down compared to the prior year. The median price sold in June was up 27% vs. June of 2020, and the number of homes were down 36%. The supply of homes for sale did increase slightly in June vs. May.
The Impact of Pent-Up Vacation Demand
Now that 84.3% of eligible Marin County residents are vaccinated, many are choosing to go on vacation. It seems like everyone I know is headed to Hawaii, Mexico or the beautiful central coast of California. Some agents are telling me they are seeing a slower summer more consistent with pre-pandemic seasons, unlike last summer when the spring market pushed into summer due to the shelter-in-place orders. While there is still buyer activity, there will likely be less buyer traffic while people take advantage of being able to travel again.
I am also pleased to announce the launch of 52 Skyview Terrace in San Rafael, a beautiful 5 BR / 3 BA contemporary home in the desirable Mont Marin neighborhood, featuring high ceilings, an open floor plan and a large, fenced backyard. Many of the rooms in the home as well as the backyard enjoy views of the surrounding countryside.
Calling all winemakers! 390 Fawn Drive in San Anselmo will also be launching this month and is truly a special home. Situated on one of the few lots in Marin County suitable for growing wine grapes, this 4 BR / 3 BA home features an award-winning vineyard, a large pool and hot tub area worth of a boutique resort, and panoramic hill views from almost every room.
I will also be listing 257 Mountain View Drive in the Dominican area of San Rafael. This is a lovely 3 bed/2 bath home with an updated kitchen and a beautiful, private back garden.
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.
With remaining business restrictions lifted in June and a higher vaccination rate than most of the country, optimism for a strong summer spread throughout the SF Bay Area. The robust housing market conditions persisted, with homebuyer demand strong throughout most price segments. As many leading employers, including some of the largest tech companies, began the process of reopening offices, some households that worked remotely from outside of the region are returning to the SF Bay Area.
The housing market closed the second quarter with a strong surge, signaling that market conditions will remain positive through the summer. The strong rebound in June following a brief pause in May of what had become the typical monthly acceleration underscored the depth of pent up demand. Additionally, the June recovery highlighted the potential for buyer demand to accelerate as the economic restrictions were lifted and migration to the region resumed. The record-shattering surge in home values may drive households to list homes for sale, yet the large pool of active buyers combined with sidelined buyers will almost assuredly absorb the new listings.
While potential buyers will continue to prioritize amenity preferences developed during the pandemic, namely additional rooms for home offices or learning centers and access to outdoor space, reopening the economy and returning to the workplace for many will enhance the attractiveness of some urban neighborhoods. With expectations for mortgage rates to remain steady through the next several months, the low cost of capital will help some buyers to afford a home in the SF Bay Area even as prices reach new records in the coming months.
“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.