In September we saw the median sold home price in Marin County increase by 11% vs the same month last year to $1,723,000. The number of homes for sale decreased by 26% vs. September of 2020. We continue to see a very active market in Marin, but there are great opportunities for those who are prepared for it. Smart buyers are pre-qualified, well-educated on the market and can move quickly. Pre-emptive offers have become more common as buyers try to “lock up” a house before it is fully exposed to the market. Smart sellers prepare their homes for sale with staging, painting and in some cases remodeling. Just because it is a sellers’ market doesn’t mean that a poorly-prepared or marketed home will command top dollar.
What’s Happening In My World
I mentioned in last month’s update that I had just launched 104 Hawthorne Avenue in Larkspur and that the response had been great. Listed for $1,995,000, it sold in 5 days for $405,000 over the asking price. Last week, long-time clients and friends asked me to sell their home at 5 Norwood Avenue in Ross. They called me in the morning and we had a photo shoot set up for 2 pm the same day and had the property website and MLS listing up the next day. The home sold in one day for $4,200,000 – $505,000 over the asking price.
I also just closed on 25 Alpine Road in Novato, which I co-listed with the Sarkissian-Bullock team. It just sold for 4,195,000. We continue to see Novato high-end properties achieve prices that would have been unheard of a few years ago. As you may recall, I sold the most expensive home in Novato in 2020 and again in 2021.
70 Miwok in Novato which I also co-listed with the Sarkissian-Bullock team for $2,495,000 is now pending after going into contract within 10 days going on the market
I have a listing in my pocket — aka a “pocket listing” — that’s not on MLS. 15 Milano Place in San Rafael is a spectacular gated estate offering resort-style living on 1+ private acres. Exclusively offered for $3,495,000.
2102 Feliz Drive in Novato just launched this week. This beautifully-remodeled single-level home is in the San Marin neighborhood of Novato and just listed for $1,085,000. Great location and ready to move in and enjoy with new kitchen and bathrooms.
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.
The housing market continued to outperform the broader economy in the SF Bay Area as the spreading Delta variant dampened consumer and business optimism. A growing number of corporate entities delayed reopening offices in the region and extended business travel restrictions. With remote working options extended for many SF Bay Area workers, the heightened demand for houses with extra rooms for home offices as well as access to outdoor space should persist into next year.
SALES DIP BUT LOW INVENTORY AFFECTS PENT-UP DEMAND
Closed sales decreased for the second-consecutive month from the June peak. In August, 5,828 homes sold throughout the region, 2.4% lower than July. While the modest slowdown in sales tallies does not indicate a drop-off in buyer demand, record-high pricing in many cities continued to weigh on some potential buyers. The increasing cost of ownership and size of down payments deterred some first-time homebuyers, adding to the pent-up demand for homes.
Additionally, lack of suitable inventory curtailed potential trade-up households. Sales activity in the most affordable segments increased in August, bucking the overall trend of slowing transactions and highlighting continued elevated demand for affordable single family homes in the region. Sales of homes priced less than $1.25 million increased by 2.5% in August. Listed homes in this price range also sold quickly, spending less than 24 days on the market on average. Within this price tier, counties with the strongest rebound in August included Marin, Napa and Sonoma.
Some amount of buyer fatigue may be growing in the mid-priced tiers, with buyers facing highly competitive bidding situations in most neighborhoods. Many listings received multiple offers soon after coming to market and the average days on market decreased in the mid-priced segment. The number of sales closed fell by 6% in the $1.25 to $2.5 million range, while sales dropped by 11% in the $2.5 to 3.5 million range.
The volatile economy and rising rate of infections will continue to create uncertainty in the SF Bay Area even as the housing market closes out the remainder of the year at an elevated pace. Thus far during the pandemic, housing demand has not been dampened and there is little reason to believe that this will change in the coming months. The low mortgage rate environment is likely to persist, which will help new entrants to the most expensive housing market in the country.
While affordability concerns will remain throughout the region, elevated demand for quality single family homes will drive the housing market into 2022.
“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.