The Hills and Valleys of the Marin Housing Market. Despite the usual seasonal dips, the Marin market continues its gentle incline in median sales price (MSP). Condominiums remain more affordable than single-family homes. However, condo prices have inclined more steeply, while the MSP of single family homes has slowed its ascent. The condo market in when viewed for the county does not seem to have made great gains in appreciation, but when you look at the city’s of Mill Valley and Novato you see tremendous gains.
Supply and Demand continue to define the marketplace. Every year, the number of new listings is lower than the previous year for both condos and single-family homes. During the lowest points, pending sales outnumber new listings. As long as this trend continues, prices will continue to rise. The List to Sales Price ratio (the asking price of a home as compared to its final selling price) continues to hover between a low of 98% and a high of 103%. Given the low inventory and the continued demand, it is remarkable that the ratio is that low. That said, these numbers reflect the stability of the Marin real estate market.
Marin’s Many Cities. Marin is an eclectic collection of small and large cities. For the smaller cities, there are not enough closed sales to reveal a price trend. The cities we featured here are those that had enough activity to reveal a trend. To get a sense of the market in different cities, we have included a chart that shows active listings of single-family homes throughout the area. When buying or selling a home, it is also helpful to know the MSP, so we have included it on this chart. Remember, every property is unique, so buyers and sellers should consult with their agent regarding the most appropriate listing or offer price on a property.
Pro Tip: Notice that in places like Larkspur, Greenbrae, Fairfax, and Tiburon, there is not a lot of property to choose from. Because of their size, these areas are likely to continue to have few listings and high demand. You would assume these towns would then see a greater gain in value, but the “Marin” higher price markets ($2,000,000 up) don’t always see great gains but Fairfax and Greenbrae have home prices which have room to make substantial gains.