The December 2017 Marin County Real Estate Market Report
Union Square in San Francisco, Photo by Bob Fleshman
Welcome to my final Marin County Real Estate Market Report of 2017! What a year it has been. We have seen the national trend of low home inventories also impact the SF Bay Area which has continued to push pricing ever higher. Even the normally quieter coastal market has awakened, with my listing 125 Calle del Sol (pictured below) selling last month, and Sea Arches going into escrow, due to close this month.
You’ve heard this before from me – we had another month of increasing prices and decreasing inventory. The median price was up almost 13.5% in November versus prior year, and new listings were down almost 12% versus 2016. Marin County continues to be the “blue chip stock” of real estate, with demand outstripping supply.
There is much speculation that the tragic fires to our north, which destroyed thousands of homes, is fueling increased demand here in Marin County. At this point there’s only anecdotal evidence pointing to that, but what we are definitely seeing is buyers are more concerned about lining up tradespeople to effect repairs and remodels. Now more than ever, homes in “move in condition” are commanding a premium. I expect that trend to continue in next year’s busy spring season.
There is much discussion about the tax reform proposals in Washington, DC. The initial versions of the House and Senate bills were cause for alarm in the real estate community as they limited or eliminated the ability to deduct mortgage interest as well as state taxes. I am going to refrain from comment until the final bill is submitted and passed, however the National Association of Realtors does believe the initial proposals, if passed, will have a negative effect on the national housing market next year.
Here in Marin County, we live in a bit of a bubble, situated in an area of amazing natural beauty, strong job growth and minimal new housing construction. Barring a major economic event, conditions are favorable for a continued strong market as we look to spring 2018.
As the year comes to a close, I would like to take a moment to thank all of you for your support in 2017. I could not do this work that I love without you, and I am truly thankful. I wish you and yours a restful, happy holiday season.
As always, I am happy to discuss the Marin real estate market with you — just give me a call at 415-847-5584. Please scroll down to see this month’s Marin real estate market graphs.
Marin County Real Estate Market Report December 2017 Dashboards
What This Update Means For You
SELLERS: If you’re thinking of selling your home, don’t listen to your Uncle Fred at dinner who says it is a sellers market and buyers will pay anything. Buyers are well educated and the majority in Marin County are working with very experienced and savvy agents who know values. Keep an eye on some of the trends we are seeing — that while inventories remain tight, sellers are having a hard time pushing pricing higher than last year. Bottom line: price your home for this market, not for the market in early 2016 or 2015.
BUYERS: For home buyers, the good news is that more balance is coming to the Marin real estate market even though inventories are tight. Look for homes that are well-priced and be prepared to move quickly. Chances are you are looking for the same things most other buyers are also seeking (see my list below.) Set up property alerts on my website so you can immediately see new homes on the market, and make sure you are pre-qualified so you present a compelling offer. (You may wish to read my article Buying a Home in Marin County for more tips and advice.) One other tip: Ask your agent to run aged inventory reports in and above your price range. Sometimes there are some real gems that the market has overlooked due to pricing or other factors.
What Are Buyers Looking For Right Now?
In speaking with buyers, they want it all right now, with the following at the top of their lists:
- Great schools
- Easy commute
- Walk to restaurants and shops
- Quiet streets
- Remodeled homes in move-in condition
Smart buyers, which is almost all of them, realize they cannot have all of those attributes and buying a home in a market like Marin County is a series of tradeoffs. For example, they may choose to give up walking to restaurants to be in the hills with a view of the bay. In any event, we are seeing buyers that are more tech-savvy than ever and who have done their homework, reading market reports such as this one and spending a lot of time online looking at homes.
This handy calculator is a great place to start. Then give me a call and let’s discuss.
“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
Would you like to see this data for your town only?
I am also now rolling out market update charts for selected towns in Marin. Please click the below for local real estate market updates & charts:
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.
What do YOU think? What would you like to see in this report going forward? Please leave your comments in the section below.