Marin County Real Estate Market Report May 2018
I Sold 134 Madrone Avenue in San Anselmo in One Day for $50,000 Over Asking
Welcome to my May 2018 Marin County Real Estate Market Report! The market is in full-swing and it is the most exciting time of year for those of us who live and breathe real estate. Home buyers are out in full force, and sellers are seeing well-priced and well-presented homes go quickly. Pictured above is my listing 134 Madrone in San Anselmo, which I sold in one day off market for $50,000 over asking. I am seeing more pocket listing activity on Top Agent network than this time last year. While it’s impossible to know the percentage of off-market sales to the total, I believe it is a healthy number.
I repeat what I said last month: 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.
April Was a Good Month in Marin County Real Estate
After a slow start to the season, we made up a lot of time in April and set a new record for the median home price in Marin County. The median for April was $1.516 million, up almost 9% from $1.429 million in 2017. It doesn’t seem that long ago that we were excited about it passing the million dollar mark. Marin real estate continues to be a very, very good investment.
We also saw inventory levels improve, with 34% more homes for sale than the prior month, and 5.6% more homes on the market than the prior year. The latter number should be placed in context, however, as we saw a 44% decline versus prior year last month. As a result of this lower inventory on the market, sales were down almost 3% versus the same time last year.
I’m Never Too Busy For You
In addition to the above-mentioned sale of 134 Madrone, I also had my listing at 65 Corte Amado in Greenbrae sell within a week, significantly over asking. It has not yet closed so I cannot yet discuss the numbers, but my sellers were very happy. The buyers were also excited to get such a beautiful home, and to win the competitive bidding war that broke out.
I just listed my largest-ever listing in Tiburon with Abby Kagan. Le Chateau Tiburon (pictured below), located at 190 Gilmartin Drive and listed for $9,995,000, is a stunning property with jaw-dropping views. I am very excited to offer this listing with Abby.
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.
Presenting 190 Gilmartin Drive
“Le Château Tiburon”
Marin County Real Estate Market Report May 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.
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.
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:
The Golden Gate Sotheby’s International Realty Annual Market Report covering the entire bay area is now out. Please click here to read the report.
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.
What do YOU think? What would you like to see in this report going forward? Please leave your comments in the section below.