In April we continued to see strong demand and low inventories push pricing up despite slightly elevated mortgage rates. The median home price in Marin County was up 31% vs. the same time last year while the number of homes for sale on the market was down 17%. The months of supply, which measures how many months of home inventory there are at the current sales rate, was holding at just about a half a month, down from 2.1 months of supply at this time last year. As one would expect, days on market were down 29% indicating a market that’s turning much more quickly than prior year.
My Current Listings and Coming Soon
I had a very busy April and every single one of my listings carrying over from March either sold or went into escrow last month. My “coming soon” listing from last month’s report at 212 Pacheco in Novato sold in one week with multiple offers at $155,000 over asking. Novato has become a Marin “hot spot” with competitive bidding much more common than in years past. We are also seeing homes achieving sales prices never before reached in Novato. My 1100 Cabro Ridge property listed for $4,375,000 closes this month and will be the highest residential sale price ever in Novato.
I was also happy to help one of my buyers purchase 30 Sunny Oaks in San Rafael, an off-market listing. Increasingly homes are selling without ever hitting MLS which is why it is important for buyers to work with agents who are members of Top Agent Network and have a strong relationship with the other top agents in Marin.
If you know someone who dreams of having their own producing vineyard in central Marin, call me for more information on a beautiful San Anselmo home coming soon to market, featuring panoramic views and a beautiful swimming pool on more than an acre of land.
What Are The Current Restrictions on Marin Real Estate?
The restrictions on real estate in Marin County have been reduced but there are still some restrictions for everyone’s safety:
No open houses or broker’s opens are permitted
Homes (both occupied and vacant) may now be shown after prospective buyers review disclosures and sign COVID-19 affidavits
Seller may not be at home when it is shown
All involved in showings must wear personal protective equipment (masks, gloves, etc) and avoid touching anything (railings, doorknobs, etc)
Only two buyers plus one agent may attend showings
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.
Homebuyer demand remained strong, with sales activity held in check by limited inventory. During the first quarter, regional sales totaled 11,628 homes, an increase of 42% from the same quarter in 2020. Sales activity in March rebounded substantially from the modest slowdown in February, despite an increase in mortgage rates, with nearly 5,000 homes selling throughout the region in March.
Compare with one year ago, the greatest increases in the pace of sales occurred in Alameda, Marin, Napa and San Francisco counties. Sales volume increased by more than 50% in each of the counties. Just behind this pace, sales activity increased by 45% in Santa Clara County.
The rebound in sales activity in March bodes well for the spring buying season. Despite a slight uptick in mortgage rates, demand remained strong and should persist through the near term. Gains in home values combined with vaccine optimism and a full reopening of the regional economy should lead to more homes placed on the market, which will help release some of the pent-up buyer demand.
As businesses reopen offices to workers, there may be some households that return to the SF Bay Area, adding to the residential demand. The surge in pricing in recent months will hamper affordability for some potential buyers as mortgage rates remain low relative to historical norms. Overall, the recovering economy combined with elevated demand for housing should continue to drive home values through the remainder of the year.
“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.