I am pleased to present the Marin Real Estate Market Report April 2016 from the excellent analytics team at Decker Bullock Sotheby’s International Realty. If you are a regular reader of this report and of national real estate news, you know that low inventory is an issue in many areas of the country, and Marin is no exception. Not to minimize the low inventory numbers, but as I type this there are almost 300 homes for sale in the Multiple Listing System (MLS) in Marin County, with an additional 135 homes that are in various stages of escrow. There are some great homes on the market in Marin, and savvy buyers are working with agents who know what’s coming on the market and can help them be among the first to make offers. Don’t get discouraged! There are also some early indications that the market may be hitting the plateau we have been expecting.
In Marin County, the inventory of homes for sale in March increased from 215 to 281, still remarkably low at 72% less than the inventory level in 2007 at the Peak. The added inventory was welcomed by frustrated buyers and supported the increase in sales and properties in contract for the month. I am proud that one of my own listings contributed to the March sales numbers! I have three properties coming on the market — watch this page for more details.
Marin Real Estate Market Report: Home Sales in Marin By Area
March marked an increase in the number of homes sold in Marin County, 126, from 93 in February. Novato and San Rafael continued to see the highest number of homes sold at 35 and 36, respectively. The more affluent communities of Ross and Belvedere had the fewest sales after West Marin, which had no sales in March. Again, keep in mind how the inventory numbers skew the data — San Rafael and Novato had much more inventory than the smaller towns.
Marin Real Estate Market Report: Percent Of Homes In Contract
Larkspur and Corte Madera led Marin County in March for the highest percentage of homes in contract at 67% and 65%. Fairfax, at 60%, saw the highest increase in homes under contract from the February level, at 20% percent. San Anselmo and Belvedere also had strong month-on-month increases. Greenbrae had half the number of homes in contract, 20% percent, compared to February’s 40% percent but again on a very small base. Sausalito and Tiburon also saw slight percentage increases, a healthy market indicator given the higher price-points in those markets. If you have been watching the inventory here on my website, you know that towns like Larkspur have had very few homes for sale during this period. As I type this, there are only two homes for sale in all of Larkspur, much the same story as last month. Corte Madera only has 5 homes for sale.
Marin Real Estate Market April 2016: Home Sales By Price Point
Homes priced from $1 to $2 million remain the most active market in Marin County with 59 sales in March. Homes under $1 million followed closely with 46 sales. There was an increase of active homes priced between $2 – $3 million, and $3 – $4 million, at 51 and 26 percent, respectively. Active homes priced from $5 – $7 million doubled from February levels.
Marin Real Estate Market Report April 2016: Has The Market Peaked?
In contrast to Marin County averages in February where listing prices decreased and sale prices increased, March saw a subtle decrease in average sale price and a small reduction in the average listing price. This leveling effect with only a small seasonal increase may suggest that the market may have peaked and is softening.
Marin Real Estate Market Report: Number For Sale and Sold
Marin’s low inventory saw a healthy increase in March as we enter listing season, up 25 percent from February, though levels are 22 percent below the same month last year. The number of homes sold in March increased from February yet remain well below the number sold during the same month last year. Home sales in March represent less than half the month’s active inventory level.
I hope you have found this Marin Real Estate Market Report April 2016 informative. If you have any questions or would like to discuss buying or selling a home in Marin County, please call or text me at 415.847.5584 or complete the below contact form.