Marin County Real Estate Market Report: November 2020

October was another busy month in the Marin real estate market, with sales up 19% and the median sold price up 6% vs. the same time last year. The number of homes on the market for sale was down about 15% vs. October of 2019. Towards the end of the month we began to see people take a “wait and see” approach as the election approached, with my website receiving a noticeable drop in traffic. I think everyone was busy watching the election news on TV!

With the election over I am again seeing activity increase, though if this year is like others — and so far it’s not — we will see the market slow down in December as buyers and sellers celebrate the holidays.

Secondary Home Markets See Big Pandemic Boost

According to this article just published by the National Association of Realtors, vacation home sales are outperforming total existing-home sales. Sales of homes intended for vacation use rose to 109,100 in the past three months of July-September, a 44% gain from the level of 75,600 sales during the same period last year, according to NAR estimates based on information gathered from the monthly REALTORS® Confidence Index Survey1 and NAR’s existing-home sales estimates. In comparison, total existing-home sales during July-September rose 13% year-over-year (1.72 million in July-Sept 2020 vs. 1.52 million in July-Sept 2019).  

The pandemic and low mortgage rates have increased the desirability and affordability of owning a vacation home. Buyers may be desiring a vacation home as a weekend getaway as urban-based leisure activities are still constrained by social distancing. The ability to work from home also means buyers who can work from home can spend more time at and enjoy their vacation home. Historically low mortgage rates have also made a home purchase more affordable, while rising prices in past years have yielded larger home equity gains that can be tapped (through say a home equity loan) to use for a down payment.”

In our area, we are seeing Tahoe, Sonoma and Napa post significant price and sales gains versus 2019. Friends and clients in Tahoe are seeing significant price increases in sales prices from what they paid just a few years ago. Similarly, in Napa we are seeing double-digit increases in Yountville, where I own a second home. I believe real estate is a great investment and am always happy to be your guide on first AND second home buying decisions!

Just Listed & Coming Soon by Thomas

I just listed 94 Deer Park (pictured above) in San Rafael’s Country Club neighborhood. It is a beautiful resort-like gated estate with a stunning swimming pool and jaw-dropping Mt. Tam Views. Click here for more information on this lovely property.

I closed several sales last month, including 1932 Las Gallinas Avenue in San Rafael, which sold quickly with multiple offers for $120,000 over the asking price. You may remember my listing 125 Bayview Drive in Mill Valley, which launched at the beginning of the pandemic. It went into contract quickly with a lease-purchase agreement and is slated to close this month. It was win-win for the buyer and seller, who were both able to mitigate some of the then-unknown real estate risk of the pandemic.

As always, I am grateful for your support and referrals. I have built an extensive network across the United States and can help you find property locally as well as around the world. Wishing you a happy and healthy November!

What Are The Current Restrictions on Marin Real Estate?

The restrictions on real estate in Marin County were 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.