Marin County Real Estate Market Report: October 2020

September is often one of our busiest months of the year, and September 2020 was no exception. While sales did decline from August by about 12%, they were still up 53% versus September of 2019. The median sold price was up 16% vs. last year at this time at $1.573 million.

In 2016 we saw the market take a bit of a pause just before the presidential election and it appears that may be happening to a lesser extent again this cycle, with months of inventory beginning to creep up to healthier levels after hitting a low of 0.8 months back in July.

Bottom line, the trend of “pricing up, inventories down” is continuing, but at a slower pace than the frantic market we saw over the summer. 

Just Listed & Coming Soon by Thomas

I have a number of exciting listings that have just hit the market or are coming soon. I just launched 53 Montecito Road in San Rafael (pictured above), a beautiful new-construction modern stunner with Mt. Tam views, a lap pool, and strikingly bold design. Also new on the market is 1932 Las Gallinas Avenue in San Rafael, a beautifully-remodeled home with a great family-friendly floorplan and a backyard that will be the envy of all the kids in the neighborhood. 

Also coming soon is a mixed residential / commercial property at 26 El Portal, Sausalito –  a prime downtown location on Viña del Mar Park. This property features a newly remodeled 3 bed/2 bath top floor residential space with stunning views of the bay and Belvedere island. The second floor space could be a residential studio or an office. The first floor currently houses a successful retail shop that enjoys active downtown foot and ferry traffic. 

I am also bringing on a beautiful home in San Rafael’s Country Club neighborhood offering resort-style living with a pool and views of Mt. Tam. Stay tuned!

I closed several sales in September and early October, including 1926 Oak Circle in Yountville, 306 Kent Avenue in Kentfield and 80 Terrace Avenue in San Rafael. 10 Magnolia in Larkspur will be closing any day now. As always, I am grateful for your support and referrals. 

COVID-19 and Election Could Drive Volatility

Golden Gate Sotheby’s just published its latest Bay Area Real Estate market report in conjunction with The Rosen Group. Here’s an excerpt:

“The COVID-19 pandemic will remain the primary driver of the housing market trajectory. With many households optimistic of a near-term solution, potential buyers may not delay decisions to enter the housing market. Should economic conditions worsen in conjunction with a winter surge in infections or failure of vaccine trials, buyer demand could decline. In the last quarter of the year, the election may drive increased volatility in the economy, stock markets and, subsequently, the regional housing market.

Additionally, several state and local ballot measures could impact real estate in general while the burden of the pandemic decimated municipal budgets which may lead to tax increases. The eviction moratoria and mortgage lender forbearance programs have kept many households in their homes despite job losses and income reductions. Though price gains have added to mortgage borrower equity and some homeowners may be able to refinance, should the recession persist into next year the number of mortgage defaults may rise substantially.

Despite the risk factors, homebuyer demand should remain positive as potential buyers move off of the sidelines, releasing some of the pent-up demand. Throughout the Bay Area, elevated demand for housing should persist as low mortgage rates improve purchasing power. Though the recession may extend longer than many had hoped, the tech industry may avoid widespread layoffs, helping to sustain demand. While a small number of households departed the region for more affordable cities during the shelter-in-place period, it remains to be seen if these families will return to the Bay Area once the pandemic subsides. If households return as expected, due to companies implementing policies around time in office or because the salary offset may be too large for some, there may be a marginal increase in demand for housing of all types.”

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.