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Needless to say, its been a very wild ride in residential real estate since SIP was mandated in early March. As predicted, urban migration out of San Francisco and some other major metropolitan cities in the country has created a firestorm of demand in beautiful suburban areas like Marin County, which offer more immediate access to hiking trails, bike paths, bayfront walking paths, pools, and outdoor living space for entertaining and relaxing at home. The possibility of continued home schooling is also creating a fair amount of buyer discernment over specific needs for a floor plan that works for the possible duality of working and learning from home. Subsequent to the release of my first book, Real Estate Rescue, on May 12th, I have been doing weekly radio, tv and podcast interviews about what is driving demand in residential housing right now and how to monetize this most important asset. Here is a recap of the broadcasts:
1. Buyers are focused on a private, separate and fully contained home office, with appropriate audio/visual equipment for zoom calls or video conferencing.
2. Secondary family rooms that are separate from the great room. Growing children want some autonomy, space to play, and separate space for zoom learning.
3. Water features, especially pools, are creating demand for homes like we have never seen in Marin. Even in communities that are a bit cooler, demand for pools has really increased.
4. Homes in the hills of Marin with immediate access to both biking or hiking trails are selling for more money than they ever have before. Whereas homes far up in the hills have been more challenging to sell, if the home is renovated and very close to trails, it will sell for a higher price today than it would have even six months ago.
5. Renovate and Update! Homes that are renovated, with current, bespoke finishes, are selling for record prices. Current buyers do not have much of an appetite for protracted renovation approvals through building and planning departments for a myriad of reasons. The message here is this: Invest the money into your home to make sure it sells for the very highest price when you decide to sell. How to do this the right way is the subject of my recent book, Real Estate Rescue. www.RealEstateRescue.me.
ORDER YOUR COPY HERE:
Amazon
Book Passage
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Recent News
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Current Listings
37 Upper Road
Ross
$15,995,000
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6 Beds | 4 Full & 3 Half Baths
+- 9,560 SqFt
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147 Beach Road
Belvedere
$7,350,000
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5 Beds | 4 Full & 1 Half Bath
+- 4,000 SqFt
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5 Midden Lane
Tiburon
$3,595,000
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4 Beds | 4 Baths
+- 4,495 SqFt
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Pending Listings
15 West Road
Ross
$2,995,000
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4 Beds | 4 Full & 1 Half Bath
+- 2,520 SqFt
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84 Glenwood Avenue
Ross
$2,995,000
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4 Beds | 4 Full & 1 Half Bath
+- 2,229 SqFt
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7 Leona Drive
San Rafael
$1,995,000
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5 Beds | 5 Baths
+- 3,930 SqFt
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84 Via La Brisa
Larkspur
$1,895,000
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3 Beds | 2 Baths
+- 1,938 SqFt
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Just Sold
320 Seadrift Road
Stinson Beach
List Price: $7,750,000
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4 Beds | 3 Baths
+- 2,215 SqFt
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205 Laurel Grove Avenue
Kentfield
List Price: $4,995,000
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5 Beds | 4 Full & 1 Half Baths
+- 4,033 SqFt
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44 Chestnut Avenue
Ross
List Price: $4,495,000
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4 Beds | 3 Full & 2 Half Baths
+- 4,285 SqFt
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96 Laurel Grove
Ross
$3,995,000
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6 Beds | 6 Full & 1 Half Bath
+- 5,350 SqFt
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2 Hillgirt Drive
Ross
List Price: $3,495,000
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4 Beds | 3 Baths
+- 2,215 SqFt
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27 Frances Avenue
Larkspur
List Price: $2,195,000
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4 Beds | 3 Baths
+- 2,041 SqFt
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258 Bayview Avenue
Belvedere
List Price: $1,995,000
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3 Beds | 3 Baths
+- 1,985 SqFt
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420 Vista Grande
Greenbrae
List Price: $1,995,000
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4 Beds | 4 Baths
+- 2,910 SqFt
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998 Edgewood Ave
Mill Valley
List Price: $1,995,000
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5 Beds | 3 Baths
+- 3,425 SqFt
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135 Cascade Drive
Mill Valley
$1,595,000
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3 Beds | 3 Baths
+- 1,964 SqFt
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Coming Soon
96 Avenue Del Norte, San Anselmo
65 Summit Road, San Anselmo
421 Crown Road, Kentfield
45 Evergreen Drive, Kentfield
216 Evergreen Drive, Kentfield
61 Wolfe Canyon Road, Kentfield
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320 Belvedere Avenue, Belvedere
21 Oak Place, Belvedere
199 Madrone Avenue, Larkspur
14 Cedar Avenue, Larkspur
2 Berry Lane, Ross
296 Margarita Drive, San Rafael
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United States Market Watch
New Single-Family Home Sales Increased 13.8% in June
Brian S. Wesbury, Chief Economist
Robert Stein, Deputy Chief Economist
Date: 7/24/2020
New single-family home sales increased 13.8% in June to a 776,000 annual rate, easily beating the consensus expected 700,000. Sales are up 6.9% from a year ago.
Sales rose in all major regions of the country.
The months' supply of new homes (how long it would take to sell all the homes in inventory) fell to 4.7 months in June from 5.5 months in May. The decline was due to both the faster pace of sales and a decrease in inventories of 4,000 units.
The median price of new homes sold was $329,200 in June, up 5.6% from a year ago. The average price of new homes sold was $384,700, up 6.3% versus last year.
Implications: The recovery in new home sales continued at a break-neck pace in June, rising more than even the most optimistic forecast by any economics group to the highest level since 2007. That's right, new home sales were higher in June than before COVID-19 hit the US economy. Keep in mind that sales of new homes are counted when the contracts are signed, so they represent a timelier indicator of activity than existing home sales, which are counted at closing. There are a couple of factors that should continue to drive new home sales higher in the months ahead. First, affordability is increasing; Fed rate cuts have reversed the increase in mortgage rates we saw prior to the shutdowns and rates now sit below 3% for the first time on record. Second, due to the pandemic, buyers' preferences look to be shifting away from units in denser urban environments, toward the more spacious options in the suburbs where most new single-family homes are built. However, a lack of finished new homes waiting for buyers could be a headwind for sales going forward. In the past year, the only portion of the inventory of unsold new homes that has seen gains has been homes where construction has yet to start. Meanwhile, the inventory of unsold homes that are either under construction or finished is still down from a year ago. Given the downward pressure that social distancing regulations, shortages of labor, and supply chain issues continue to exert on new construction, we do not expect an oversupply of homes anytime soon. As a result, home prices should continue to rebound in the next several months. In other recent news, initial jobless claims rose last week for the first time since March, coming in at 1.416 million, up 109,000 from the week before. It looks like the recent "second-wave" of coronavirus infections, and the resulting shutdowns of bars and restaurants in many states, is causing headwinds for the labor market recovery. Meanwhile, continuing claims, which lag initial claims by a week, declined 1.1 million to a reading of 16.2 million. Combined, these readings suggest job growth continued in July, but at a slower pace than June. Finally, on the manufacturing front, the Kansas City Fed index rose modestly to +3 in July from +1 in June. This represents a return to pre-pandemic levels, and a significant recovery from the reading of -30 during April in the middle of the crisis.
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TRACY GIVES A PERCENTAGE OF EVERY CLOSING TO MARINS CENTER FOR DOMESTIC PEACE, WHICH HAS PROVIDED SAFE HOUSING FOR WOMEN AND CHILDREN IN MARIN COUNTY FOR THE PAST 41 YEARS. To learn more about this incredible organization, please visit CenterForDomesticPeace.org
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