The November 2017 Marin County Real Estate Market Report
8 Woodland Place in Kentfield, Photo by Matt McCourtney
Welcome to my Marin County Real Estate Market Report for November 2017.
The North Bay fires are finally out but the victims still need our help. Please join me in donating to the North Bay Fire Relief Fund. A full 100% of donations go to those impacted by the dreadful wildfires. Many of you have asked if the tragic fires up north have had an impact on the market here in Marin County. While it is difficult to say for sure, I did see showings and activity increase after the fire. Normally this time of year we see activity slowing down, but the market is still very strong now. My open houses are busy and buyers are still out in force.
Regular readers of my Marin County real estate market report will note that the trend in past months has continued into October. The number of homes for sale was down 11.4% versus October 2016 with pricing up about 1% versus a year ago, both median pricing and average pricing. While I do not have a crystal ball, if this lack of inventory continues into spring we could see further upward pricing pressure, which will be good for sellers and potentially frustrating for buyers. I am working with several buyers right now who are taking advantage of the lack of competition out there to look for a home before the holidays.
The San Francisco city market, which impacts all the surrounding counties’ markets, continues to slow from its fever pitch. However for every article about it slowing, there is another article about a new record set or a burned out shell of a house going for $800,000. Overall the forecasts I am seeing look for price appreciation more in line with inflation in the coming year in that market. There is a lot of uncertainty around the impact of tax-reform on the California real estate market. More on that in a future column.
October was a busy month in my business. In addition to lining up some exciting listings coming next spring, my listing at 36 Tampa Drive in San Rafael sold for $1,020,000. Also, my gorgeous coastal listing, 125 Calle del Sol Bodega Bay, went into escrow and is due to close in mid-November. I am grateful for your referrals and support.
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 November 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.