Marin County Real Estate Market Report
Wishing you a very happy Thanksgiving!
Marin County Real Estate Market Report
October brought us continued home price appreciation in Marin County with the median home price up 16% vs. the same month last year to $1.7 million. The number of homes for sale in the county was down 35% to just 204 homes on the market.
Normally in Marin we see the market slow down for the holidays in November and December, then re-awaken in late February or early March. Last year however the pandemic delayed the start of the spring season. It was my busiest year ever and I was closing deals through New Year’s Eve. We also saw an extraordinary number of buyers moving from the city. All of this contributed to a market that did not take a holiday breather. Based on what I am seeing, I believe this year will be more like other typical holiday seasons.
Interest Rates Forecast to Climb
The Federal Reserve signaled last month that interest rates may be allowed to rise in 2022. Already we have seen mortgage rates climb from their all-time nadir but they are still at historical lows. I believe my first mortgage years ago was at 8% and now rates continue to be less than half of that. Read more here from CBS Marketwatch.
What’s Happening In My World
I just launched a beautifully remodeled duplex in San Rafael’s “walk-to-everything” Sun Valley neighborhood. Located just a few blocks from Sun Valley Elementary School, Sun Valley Park and Andy’s Market, 2002-2004 Fifth Avenue features two 2 BR/1BA units in a great location. Exclusively offered for $1,749,000. Click here for more information.
I was also pleased to close on my listing at 2102 Feliz Drive in Novato, which sold in 4 days for $115,000 over asking. We have seen significant price appreciation in central and northern Marin, and Novato has become a new real estate hotspot. Buyers are attracted to its charming downtown and small-town feel.
I also helped buyers close on 120 Coronet Avenue in Mill Valley — a lovely home with a stunning view. It was a competitive bidding situation but we prevailed and they are very excited spend the holidays in their new home.
Believe it or not, it’s not too early to begin thinking of the spring market. Whether you are buying or selling, let’s discuss the best strategies to set you up for success in what promises to be another competitive year in Marin county real estate.
Prices Surge Across the Country
According to this New York Times article from November 13th, median home prices have surged across the country, up 24.8 percent since March of 2020. Sixty-three percent of buyers made an offer on a home in 2020 that they had not yet seen in person. Furthermore, multiple bids are no longer confined to the country’s large metropolitan areas: “…the cutthroat competitiveness that once defined only a few U.S. markets (San Francisco, New York, Los Angeles) had now become standard across the country, as the median home price in small- and medium-size metropolitan areas rose by jaw-dropping levels: Boise, Idaho, 46 percent; Phoenix, 36 percent; Austin, 35 percent; Salt Lake City, 33 percent; Sacramento, 28 percent.”
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.
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From the Golden Gate Sotheby’s Market Report…
INVENTORY CONSTRAINTS MAKE A STRONG SELLERS’ MARKET
Following the slight increase last month, inventory plummeted once again in October, a combination of an increase in sales and fewer newly listed homes. For-sale inventory fell to roughly 4,200 homes, 17% lower than September and 13% lower than August. While inventory decreased in all counties, more substantial drops occurred in Alameda and Sonoma counties, where listings fell by more than 20% from the previous month.
In Alameda, Contra Costa and Santa Clara counties, the largest single family home markets in the region, the current pace of sales would absorb existing inventory in less than three weeks. With strong buyer demand, sellers continue to hold leverage in many neighborhoods. While inventory remains limited, homeowners willing to list their homes have been able to take advantage of the strong market conditions. In October, the median list price increased in nearly all counties, with substantial gains in Napa, Santa Cruz and Sonoma counties, where the median price of a newly-listed home increased by double-digits.
The combination of limited homes available for purchase and economic growth throughout the region will continue to drive home values higher. While pricing gains in recent years created selling opportunities for existing homeowners, many households are unable to find suitable alternatives should they sell, leading to few homes coming on the market. The supply of homes will likely remain limited for some time, concentrating buyer competition and leading to price gains. The average mortgage rate may increase into next year, diluting some buying power, but pent-up demand for housing should overshadow higher rates and lead to another strong year of sales activity.
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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.