What's happening in Marin County Real Estate?
The Marin Market at a Glance
Second-quarter home sales activity in Marin County mostly reflected typical trends observed in the previous few years. Nevertheless, sales of homes priced higher than $3 million started off slightly slower before catching up toward the end of the quarter. The strongest demand was for homes priced between $1 million and $3 million.
At the same time, inventory showed some improvement compared with last year except in the sub-$1 million price range. Strong buyer demand pushed the median sales price up by 8 percent from the second quarter of 2017.
Bidding wars were again common, and more homes sold for premiums than during the same period last year, especially those priced between $1 million and $2 million. About 65 percent of homes sold for more than asking price in the second quarter. While demand at the higher end of the market has remained solid, the number of home sales priced above $3 million sold this year has slowed from the same period in 2017.
Looking Forward: A seasonal slowdown is traditionally seen during the summer months, while September will once again bring buyers back to the market. With low inventory levels still a concern, buyers may face stiff competition and rapidly growing median prices.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts includes single-family homes in these communities.
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THE MEDIAN HOME
The Pacific Union Q2 sale closest to the Marin median price of $1,428,250:
THE HIGH END
The most expensive home sold in Marin County by Pacific Union in Q2
SCROLL FOR ONE YEAR MARKET TRENDS
A HIGH LEVEL LOOK AT THE MARIN COUNTY REAL ESTATE MARKET
YEAR OVER YEAR
Inventory / Home Sales
While overall home sales increased in 2017 by 163 homes over the previous year, 2017 home sales still remains significantly lower than years prior. Why? There were simply fewer homes available to sell. For a home seller, if the ultimate measure of success is actually selling your home, then 2017 was the second most successful year, setting all-time records for the lowest average days on market and highest average sales price.
The median selling price in Marin County continued to rise in 2017 and it's simply due to high demand and low inventory.
Average Days on Market
Average days on market (DOM) reached a record low in 2017, with properties going into contract in 47 days. However, 50.4% of all 2017 transactions were in contract within only 30 days. Fast! What does this mean? It's truly an amazing time to be a seller with Marin County's desirability among buyers, with few homes to choose from.