The numbers for May are in and we continue to see a market where supply and demand are much more in balance than in prior years. The number of homes on the market is up 37% vs. the same time last year and average sale prices have decreased almost 8%. However the median pricing number, which is more relevant than the average because it is not skewed by very expensive sales, was up close to 1%, reversing a multi-month decline that began late last year.

In my business, I am seeing the same trends, with homes that would have sold in days a year or two ago now taking longer to sell. My listing at 466 Bret Harte in San Rafael sold last month, and closed slightly over the asking price in a competitive bidding situation. In this case, the highest bid was not the winning bid but it was the most attractive to the sellers.

If you’ve read some of the recent news articles, you know that I recently represented the sale of four-time Olympic Gold Medalist  Michael Johnson’s townhome in Corte Madera at 3 Creekside Ct after selling his San Rafael estate last year. I worked with my team to do a significant remodel and it came out beautifully. Watch my Marin real estate blog for a “before and after” article coming soon.

329 Greenfield Avenue Coming Soon

Pictured at the top of the page is my new listing in San Anselmo, launching next week. The professional photography is not yet completed, so forgive my iPhone photo above, but I wanted to share it with you in this update. It’s a gorgeous classic San Anselmo bungalow, with 2 BR / 1 BA in the main home and 1 BR / 1 BA situated in the park-like backyard. Beautifully remodeled, great schools. It is owned by a lovely family that I just helped to purchase their new dream home this week.  Please watch my website for more information or call me at 415-847-5584 to be one of the first to see it.

Mortgage Interest Rates Hit 21 Month Lows

After briefly flirting with the 5% mark, mortgage rates have reduced significantly over the last month or two. I have seen clients lock in jumbo mortgages as low as 3.5% recently. I have a great array of mortgage professionals that I work with and am happy to help you find one that can meet your needs, whether it is home purchase or refinance.

You may want to read this Washington Post article for further reading on some of the drivers of the recent plunge in rates. The Marin County market is more sensitive to rate swings than I would have expected. It will be interesting to see what our fall real estate season looks like here in Marin.

New Format in the Dashboards Below

You will see I am adopting a simpler, more streamlined look for the monthly dashboards below, which summarize the charts at the end of the report. I used to compare current month to prior month AND to the same month prior year. I believe comparing month-to-month does not provide a clear enough picture of the market due to the seasonal nature of the market here.

The new dashboard compares last month to the same month in the prior year, which is an apples to apples comparison. Hope you like it! Please feel free to leave your comments and suggestions in the comments section at the end of this article.

New Real Estate Market Reports by Town

I am also excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:

Belvedere Real Estate Market Report

Corte Madera Real Estate Market Report

Fairfax Real Estate Market Report

Kentfield Real Estate Market Report

Larkspur Real Estate Market Report

Mill Valley Real Estate Market Report

Novato Real Estate Market Report

San Anselmo Real Estate Market Report

San Rafael Real Estate Market Report

Tiburon Real Estate Market Report

These are all accessible from the “Market Reports” menu item here on my website at any time.

Let’s Talk!

These monthly Marin County real estate market reports are a great place to start as you learn more about the market. Let’s continue the conversation — I am always happy to discuss the market, and the best way to approach it whether you are a buyer or a seller.

Interestingly, I have had several sellers talk to me this spring about selling next spring. That is very, very smart — it gives them the dry summer months to prepare their homes for sale next spring. I cannot tell you how many times I have walked into a newly remodeled home where the seller did not consult with me and thought to myself “If only they had chosen a different paint color…”

To those who read this report, thank you for all your support of my business. I couldn’t do it without you. Call or text me at 415-847-5584 anytime. Let’s talk real estate!