Marin County Real Estate Market Report
Pictured: 501 Alameda de la Loma in Novato (Just Listed!)
Marin County Real Estate Market Report
The Marin County median home sold price shot past the $2.5 million mark for the first time ever last month, hitting a record $2,665,000, which was up 30% from the same time last year. The average days on market also set a record – a record low of just 17 days on market, down from 25 days on average in April of 2021. The number of homes for sale in April 2022 was down 48% versus last April.
This is in the midst of a war in Ukraine, rising mortgage interest rates and a stock market that is not for the faint of heart. According to this Forbes article, the Dow Jones is down nearly 15% in 2022, while the Nasdaq has dropped 29%. Every day we hear stories about a potential looming recession, skyrocketing prices, and now even baby formula shortages.
Yet, the real estate market marches onward and continues to be a great place to invest, driven by years of pent-up demand and a chronic shortage of inventory. I am not going to even try to predict what is next, but as far as the current environment here are my thoughts: some sellers have been waiting on the sidelines wanting to “sell at the top” (often a dangerous strategy) while other home sellers are concerned about their ability to buy something else in the area in such a tough market.
In any event, let’s hope that the Federal Reserve’s attempted “soft landing” is successful and they can cool off the economy without sending us into a recession.
What’s Happening in My World
I have been working with a record number of buyers this year and have been able to successfully place them in their dream homes in most cases. For others, I continue to work on helping them achieve their goals. My clients were recently successful in purchasing 95 Irving Drive in San Anselmo which is a beautiful home on one of the most spectacular lots I have ever seen in Marin. The home sits on 3 pristine acres surrounded by open space with 360 degree views. The property closed for $4,750,000. It was a pleasure working with Allison Salzar on this transaction.
I also just sold my gorgeous off-market listing at 1009 San Anselmo Avenue for $1,750,000 the first day I showed it. The walk-to-town location and vintage charm were big selling points.
I am in for a busy summer with several exciting listings coming soon. The first is 501 Alameda de la Loma in Novato, launching this weekend for $1,695,000. It is a beautifully updated 3 BR/3BA home with a large, fenced backyard that includes a sparkling swimming pool.
Other upcoming listings include a stunning, recently-constructed Ross estate, a beautiful Kentfield gated compound reminiscent of Provence and Montecito and the ideal family home in Corte Madera with 4 bedrooms and a level back yard.
I’m also working on an incredible mid-century modern home in San Rafael with a pool and bay views that I will be co-listing with Nick Svenson at Sotheby’s International.
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…
MARKET LIFTED BY LOW UNEMPLOYMENT, HIGH DEMAND
The housing market accelerated further in April with strong buyer demand overcoming the rise in mortgage rates and reduced affordability. Household income gains as well as opportunities to capitalize on stock options despite drops in the equity markets also added to the pent-up demand for housing in the SF Bay Area. The regional economy strengthened further, with the unemployment rate decreasing to 3.5%, underscoring the tight labor market contributing to wage growth across most industries. The potential for mortgage rates to rise further drove some potential buyers to accelerate their home search, boosting competition in many neighborhoods.
CONTINUED PRICE GAINS DESPITE INCREASE IN INVENTORY
The seemingly endless buyer demand combined with desire for more homeowners to take advantage of built-up equity helped to increase the number of homes for sale throughout the region. In April, available listings increased to roughly 4,400 homes, an increase of more than 20% from the previous month. Despite this large increase, homes were listed at higher prices and remained available for shorter lengths of time. The median price per square foot of active listings increased to roughly $763 per square foot, an increase of 7% from one year ago.
Overall, the SF Bay Area housing market will remain one of the most competitive in the nation. Though the loss of purchasing power from higher mortgage rates may constrain some buyers, the deep pool of pent-up demand should absorb much of the inventory coming to market in the next few months even as more existing homeowners take advantage of the greater equity in their homes.
Sales volume should rise through the spring buying season, leading to continued price gains, solidifying the SF Bay Area as the most expensive housing market. The elevated competition for homes will mean that multiple bidding situations will remain common; however, the potential for buyer fatigue to accelerate is a modest risk to cool the pace of sales. While headwinds, including high inflation and rising mortgage rates, may impact some buyers, the SF Bay Area housing sector should produce additional record results this year.
What My Clients Are Saying…
1009 San Anselmo Avenue | San Anselmo
Remodeled Vintage Charmer Offering Modern-Day Living with Walk-to-Town Convenience!
Sold in One Day for $1,750,000 (Off Market Listing)
95 Irving Drive | San Anselmo
Closed Off Market for $4,750,000
501 Alameda de la Loma | Novato
Beautifully Remodeled Contemporary Home Offering California Outdoor Living at Its Finest
Exclusively Offered for $1,695,000
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.
Wondering If You Should Buy or Rent?
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:
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.
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