Marin County Real Estate Market Report June 2018
I Sold 16 Chaparral Lane in Two Days for $2,200,000
Welcome to my June 2018 Marin County Real Estate Market Report! The days are getting longer and the busy spring market that began later than usual is continuing into summer. The median sold price crept up another 2.8% from the prior month, up 7.5% from the prior year. We saw the highest price per square foot sold in 14 months at $732 a square foot. The upward pricing trend continues!
We did see an increase in inventory versus the prior year in June, up 4.8%. However, I believe this is more indicative of a season that got off to a slow start than any fundamental shift in the market dynamics here. Homes are also selling even faster than last year, with the average days on market down to 35 days versus 39 days for May 2017.
In my business, I launched and sold 16 Chaparral in San Geronimo in just a matter of days. The seller joked when it went into escrow that “I just met you a week ago and you’ve already marketed and sold my house.”
65 Corte Amado in Greenbrae also sold in the last month. This beautifully-remodeled and presented home sold for $205,000 over asking in just six days. Greenbrae real estate continues to be very hot, with buyers attracted to the schools, the central Marin weather, and the proximity to 101/the ferry.
Will This Market Ever Take a Breather?
The short answer is, yes. However, barring some sort of international calamity, it is hard to see it happening any time soon. Unemployment is at record lows and interest rates, while steadily creeping up, are still at historically-low levels. Consumer sentiment is up and the fundamentals of the historically-strong Marin County real estate market are still there: great weather, close proximity to the booming tech-fueled economy of San Francisco, and almost no new homes being built.
We are seeing more and more tech offices open in San Francisco because tech workers want to live in the city. Marin is becoming more attractive to those buyers who realize that housing prices are a bargain here compared to the peninsula.
Real estate is traditionally a “boom and bust” cycle, and we are clearly in the boom part of that cycle now. The good news for buyers is the long-term trend since the 1950s has been positive in Marin County, with the housing market quickly recovering from pauses along the way. It reminds me of the quote…
“The best time to buy a home is always five years ago.” — Ray Brown
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.
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.
Marin County Real Estate Market Report June 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.