July '17 Marin Market Update
The Marin real estate market is in the midst of a summer's heat wave with scorching hot with activity!
Marin's median price charted at
$1,144,500 this past June
(Median price is the point at which half of the sales are above and half are below),
up 6.2% from Q1 of 2017
Demand continued to outpace supply with just
348 homes on the market in all of Marin.
More inventory would certainly be helpful for those desperate buyers looking to get into a home before the new school year begins at the end of Summer.
- Why haven't more homeowners jumped into this robust seller's market? A high number of homes were purchased as rentals or have become rentals over time and with rents as high as they are, many owners are holding on to their investments for a nice monthly return.
And, Sellers are afraid that, because of the inventory shortage, if they sell, they may not be able to find a replacement property. Ask me about buying down in Marin; it's entirely do-able.
For those homeowners who are ready to put their home on the market, here are a few pricing strategies that will help you refine where you want to price once you have an idea of the range in which your home sits
City by City Breakdown of Median Sales Price July 2017 vs. July 2016
Some markets and market segments were hotter than others
- Corte Madera, with more sales on the West side of the 101 rose by almost 12%.
- Marin's high-end waterfront market of Tiburon saw 21% rise in media price
- The more wooded area of Kentfield saw 16% growth.
- Sausalito saw 8% growth.
- Larkspur experienced a 33% increases in the number of homes sold, but that drove it's median sales price down by 37%.
- San Rafael continued its growth spurt (4.2%), but there was a little thaw in properties above the $1.2 million mark. Buyers seem to have hit a threshold of what they are not willing to go beyond in general.
Average price per square foot in Marin varies from city to city, but the
overall average is $
per square foot. The luxury market starts at about $1,000 per square foot.
$1 to $1.5 million market is almost exactly where it was a year ago, but big gains in the $1.5 to $2 million market, which has really popped, showing that buyers are willing to jump up to that next level to get what they want.
With prices continuing to rise, inventory scarce and interest rates inching up, the market continues to forge ahead, but there is always a threshold where enough is enough and I am waiting for signs of that. Perhaps slowing in some price points is an early indicator, but that could also just be a pause. Stay tuned for more news and projections next month!
What's your home worth today?
Has your home gone up in value in the past 6 months?
Call me for a Free Market Analysis and a no-nonsense approach to preparing your home for market; 415-837-8331
I welcome your referrals!
Associate Broker, Bradley Real Estate
Commercial and Residential Real Estate Sales Since 1985