Welcome to my Marin County Real Estate Market Report for February 2017! We continue to see evidence that the market is cooling, even as we take into account the slower winter months. It remains to be seen, however, whether this trend will continue into the normally-busy spring season. In general, January 2017 was softer than January 2016, and we are starting to see inventories increase and sales decrease. The main positive metric was the average median sold price, which increased by 12.8% in January 2017 vs. January 2016. Please continue reading for more facts and figures.
In my headlines for the month, I would like to share that 124 Lily Street in San Francisco (pictured below) just went into escrow in 4 days with multiple offers. My listing at 87 Marinita in San Rafael closed in January – a great way to start the year! Finally, if you missed the announcement that Marin’s #1 brokerage will soon be known as Golden Gate Sotheby’s International Realty and will encompass markets beyond Marin, please take a moment to read my recent blog article on this exciting announcement.
Key Takeaways in the February 2017 Marin County Real Estate Market Report:
- The number of homes sold ⬇ decreased by 42% versus the prior month and ⬇ decreased by 19.2% versus January 2016
- The average active “for sale” price ⬇ decreased by 12.8% and the average sold price ⬇ decreased by 4.1% vs. last month
- The average price per square foot ⬇ decreased by 3% vs. last month but ⬆ increased by 5.8% versus January 2016.
- The months of inventory ⬆ increased 104.5% vs. the prior month and ⬆ increased 36.2% versus January 2016.
- The median price of homes sold ⬇ decreased by 3.1% vs. last month but ⬆ increased 12.8% vs. January 2016.
- The average days on market ⬆ increased 11.1% vs. last month and by 14.8% vs. January 2016.
What Does This Mean In Plain English?
What this means is that the market softening trend we saw in the last half of 2016 is continuing into 2017. Inventories are increasing, sales prices are decreasing, and homes are staying on the market longer. Having said that, it’s all relative — we have been enjoying a turbo-charged market for a few years now and it was bound to take a breather. The Marin real estate market often moves in tandem with the overall stock market, which as we know has been surging since November.
I am still seeing serious buyers come to my open houses.The difference is compared to this time last year is that the buyers are more relaxed, taking their time, and for the most part have a “if this one gets away, there will be another home for me” mentality in Marin County, especially in the price point above $1mm.
In San Francisco, the market, which also cooled in 2016 compared to 2015, still has a lot of pent-up demand for homes that are priced and marketed well. Whereas here in Marin we may send out 2-5 disclosure packets, I sent out more than 10 disclosure packets for my San Francisco listing. There simply isn’t enough inventory there to satisfy demand and that is bound to ripple into the surrounding counties if that trend continues.
Next month also marks “selection day,” when San Francisco parents find out if their children get into their schools of choice. Those who don’t like the outcome often join the spring house hunters in Marin County looking for homes in good school districts.
What I said last month bears repeating…..
SELLERS: If you’re thinking of selling your home, look carefully at both the increases in inventory (more competition in an admittedly tight market) and in list prices and the decreases in average sold prices. 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, and even though inventories are tight they are better than where they were the same period last year. Look for homes that are well-priced and be prepared to move quickly as the intensely competitive spring market ramps up. Set up property alerts on my website so you can immediately see new homes on the market. (You may wish to read my article Buying a Home in Marin County for more tips and advice.)
Now on to the charts….
“For Sale” Prices and “Sold” Prices Decreasing
February 2017 Marin County Real Estate Market Report: Marin Home Prices List Price vs. Sold
February 2017 Marin County Real Estate Market Report Months of Inventory Based on Closed Sales
February 2017 Marin County Real Estate Market Report Average Price Per Square Foot
Want 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:
Here Comes Spring…
I hope you have found my February 2017 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.
Please subscribe to my blog to receive my latest articles in your inbox: