From Pacific Union International Chief Economist Selma Hepp – July 13, 2018
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.
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THE MEDIAN HOME
The Pacific Union Q1 sale closest to the Marin County median price of $1,428,250
THE HIGH END
The most expensive home sold in Marin County by Pacific Union in Q1
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.