Marin County Real Estate Market Report
Marin County home prices reached record heights last month, with the median home price at $1.8 million, up 16% compared to February 2021. The average price per square foot is closing in on $1000 per square foot – just $9 short, and up a whopping 22% vs. the same time last year. The number of new listings was down 57% compared to the same time last year.
A National Phenomenon – Sellers on the Sidelines
The theory I stated last month – that the market is frozen because sellers don’t want to sell because they are concerned they won’t find a home to buy – is now appearing in more real estate articles as pundits try to explain this very unusual market.
As I network with agents they are all saying the same thing. Agents are getting creative with longer rent-backs and other methods to reassure sellers they will have a place to live while they find their next home.
Finally, Some Good News for Buyers
The Federal Housing Finance Agency announced a record jump in conforming loan limits. The conforming loan limit for Marin County is now $970,800. I can remember when it was half of that not too long ago. This is good news for home buyers because conforming loans feature lower rates and fees.
My Fabulous Listings Coming Soon
I have a great home in San Anselmo coming soon as an off-market listing. This home offers 3 beds, 2 baths, a level yard and walk-to-town convenience. Stay tuned for more information soon. I also have a lovely home coming soon in Novato located near the highly sought after Country Club area of Novato.
Sale Pending – Stunning Eichler in Lucas Valley
In last month’s Marin real estate market report I mentioned that I was about to launch a stunning Eichler home in Lucas Valley. Given the beautiful presentation of the home and the strong market conditions, there was a great deal of interest. 689 Blackberry Lane went into escrow pending status the same day offers were accepted. Once it closes I will share with you the selling price.
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.
Check Out My 2022 Sizzle Reel!
From the Golden Gate Sotheby’s Market Report…
INVENTORY AND AFFORDABILITY IMPACT SALES
In February, SF Bay Area home sales rebounded modestly from the previous month, reaching nearly 2,900 houses sold. This was an increase of roughly 5% from January. When compared with one year ago, volume was down by 13%, with the lack of inventory and affordability still the primary constraints on greater sales activity. With affordability severely stretched for buyers in the lower price tiers, volume slowed in February. The number of homes sold for less than $1.25 million decreased by nearly 8%, a result of some entry level buyers unable to qualify for a mortgage at the rising prices.
Homes in the higher-priced tiers fared much better, with volume increasing. In particular, sales activity accelerated by roughly 21% for homes priced between $1.25 million and $3.5 million.
COMPETITION HEATS UP
Despite rising prices and mortgage rates, buyer competition accelerated in recent months. Not only are homes selling quickly, but sellers often receive multiple offers. By February, 79% of homes sold for more than the list price, the third-highest share to date. On average, these sales closed at nearly 17% greater than the asking price, a hefty sum considering the $1.35 million median list price last month. The share of homes sold over the asking price exceeded 80% in several counties, including Santa Clara County at just under 90%, Alameda County at 89% and San Francisco County at 87%. While the share of homes sold below the asking price improved from the previous month, Napa, Santa Cruz and Sonoma counties led this category as buyer demand softened for some vacation home segments.
What My Clients Are Saying…
684 Blackberry Lane | San Rafael
Beautifully Remodeled Eichler with Stunning Lucas Valley Views
Marin Real Estate Market Stats
Marin County Real Estate Market Report Charts
(click any slide to enlarge & launch slideshow)
“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.
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 excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:
These are all accessible from the “Market Reports” menu item here on my website at any time.