The July 2017 Marin County Real Estate Market Report
Welcome to my Marin County Real Estate Market Report for July 2017! Independence Day is behind us and summer is now in full swing. The numbers for June indicate more of the same in the Bay Area as well as the national real estate market — less and less inventory which is driving pricing up. The number of homes newly listed in June 2017 was almost 20% lower than the number in 2016 while months of inventory are down 12.7%. It seems to be a loop – some clients worry if they sell they will struggle to buy, and they know that offers contingent on their purchase of a new home are weaker than no-contingency “clean offers.”
While we saw some minor reductions in the pricing figures versus the prior month, when we compare to the same month in 2016 all of the pricing metrics are higher.
I had a very busy June and am thankful for that. My listing at 87 Brodea Way in San Rafael went into escrow and is due to close this month. As I am writing this, my listing in San Francisco, 65 Hermann Street #9, just went into escrow as well. I have some additional listings in the pipeline but am not ready to discuss them just yet. Please keep an eye on my website or my Facebook page for coming soon announcements.
I also am working with some repeat buyers who went into escrow in June on a beautiful home in Ross, located at 5 Norwood Avenue. While it was a competitive bidding situation, we prevailed, and the home is scheduled to close later this month.
I am representing the buyers of 5 Norwood Avenue in Ross, currently in escrow. Photo courtesy of Tracy McLaughlin, Pacific Union.
Marin County Real Estate Market Report July 2017 Dashboards
Marin County Real Estate Dashboard:
Home Prices
For sale prices increased by 0.5% versus last month and increased 7.5% vs. the same month in 2016.
Average sold prices decreased by 4.9% vs. last month and increased by 2.1% vs. the same month in 2016.
The median home price decreased by 4.6% and increased 5.2% vs. the same month in 2016.
The average price per square foot sold decreased by 0.7% vs. last month and increased by 5.3% vs. the same month last year.
All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
Dashboard compiled by Thomas Henthorne, all rights reserved.
Marin County Real Estate Dashboard:
Inventory
Number of homes for sale decreased by 2.2% and decreased 12.5% vs. the same month in 2016. New listings decreased 18.9% versus June 2016.
Number of homes sold increased 4.6% vs. last month and were flat vs. the same month in 2016.
Months of inventory decreased 6.8% vs. last month and decreased 12.7% vs. the same month last year.
The average days on market increased by 2.6% vs. last month and were flat to last year.
All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
Dashboard compiled by Thomas Henthorne, all rights reserved.
National Real Estate Market Update
Courtesy of Fannie Mae:
Low Housing Inventory a National Problem
“This week offered mixed news on home building, home prices, and mortgage demand. On the bearish side, private residential construction spending fell in May for the first time in more than a year, with annual growth hitting an eight month low. The decline in spending was driven largely by the multifamily sector, which has posted back-to-back drops after hitting an expansion high in March. Annual growth for new multifamily construction spending dipped to the slowest pace in almost six years. Single-family construction spending edged lower after experiencing steady gains over the prior seven months to reach an expansion high in April. An extremely tight inventory of homes for sale continues to support home prices, with May’s CoreLogic House Price Index registering the strongest annual increase in three years. Prices have increased on a year-over-year basis every month since February 2012 but are still slightly below the April 2006 peak, according to CoreLogic.
While robust home price appreciation amid scarce supply is a boon to homeowners and home sellers, it has restrained home sales. CoreLogic’s analysis of the market by price tiers indicates that lower-priced homes experienced significantly stronger appreciation, suggesting that the starter home market is facing substantial affordability constraints. On a positive note, mortgage demand improved during the last week of June, as the first increase in purchase applications in four weeks outweighed a small drop in refinance applications.
Because of a surge in purchase applications during the first week of June, average purchase applications for the month rose for the fourth consecutive month. Recent trends in purchase applications appear to be at odds with recent changes in pending home sales, another forward-looking indicator for home sales, which fell in May for the third consecutive month, according to last week’s release from the National Association of REALTORS®.
Meanwhile, refinance applications rose in June for the second straight month amid declining mortgage rates, which fell to the lowest monthly level since November. Mortgage rates rose this week for the first time in three weeks, according to Freddie Mac, as global interest rates turned up sharply. The average rate on 30-year fixed-rate mortgages increased eight basis points, marking the largest weekly jump since March, to 3.96 percent. “
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
- Single-level
- Easy commute
- Walk to restaurants and shops
- Views
- 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.
Wondering If You Should Buy or Rent?
This handy calculator is a great place to start. Then give me a call and let’s discuss.
Marin 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
April 2017 Marin County Real Estate Market Report 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:
Kentfield Real Estate Market Update
Mill Valley Real Estate Market Update
Just One More:
The View from 65 Hermann #9, Now in Escrow:
I hope you have found my Marin County Real Estate Market Report for July 2017 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.
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