Marin County Real Estate Tracker — August 2019

    Zephyr MarketTracker Zephyr
    Which Way Is Up?

    Over the last twelve months, the median sales price (MSP) of single family homes has decreased by 5.43%. At the same time, the MSP of condominiums has increased by 2.39%. That’s not a lot, but at least it’s up. Over the last 12 months, we have come to expect this kind of month to month fluctuation on both sides of the Golden Gate.

    July, the Middleground

    While we often address primarily the title month in our market update, this month, we’re looking at how July fits into the bigger picture. The rainbow chart shows high point months (yellow), low point months (orange), and July (blue) over the last 3 years. July tends to be a middle ground—neither the most expensive nor the least expensive. The low point is fairly stable returning every January along with the holidays and cold weather. (Although November of 2018 broke with tradition.) May is consistently the high point in MSP. Color coding also helps us to spot another trend: orange, blue, and red of 2019 are all less than their counterparts in 2018.

    Correction Update

    This overall decrease in MSP corresponds to the correction we’ve discussed in the last few Market Updates. Looking at July, year over year is even more revealing. The MSP of single family homes has dropped 5.66% from 2018 to 2019. The MSP of condos has also crept down over the last several years. Though it seems to have bottomed out in 2018.

    The most informative data comes from the New Listings charts in comparison with the Active Inventory charts. New listings of single family homes are down 39.52%. Intuitively, we might guess that active inventory (all properties available for sale) would also be down. However, active inventory of single family homes is up 24.85%! Condos follow the same trend. At the same time, the number of days on market is actually down a bit. So, the increase in active inventory is not the result of properties sitting on the market longer. And, there’s been little change in the percent of list price received. Our conclusion? Well, buyers are out there creating plenty of demand, but they are being discriminating. They are competing for properties that look like the best value. Those that do not appear appropriately priced are piling up and adding to the existing inventory.

    Advice to Buyers and Sellers

    If you’re thinking of selling, staging and pricing are key to getting your property sold. If  you’re a buyer, you might think of looking for that diamond in the rough; it could lead to less competition and a better price.

    All Marin
    Sold for $880,000
    7 Jackson Court, Novato
    4BR // 2BA // Listed for $897,000
    Sold for $912,000
    8 Monroe Court, Novato
    4BR // 2BA // Listed for $897,000
    Sold for $1,340,625
    50 La Crescenta Way, San Rafael
    3BR // 2.1BA // Listed for $1,375,000
    Sold for $915,000
    100 Park Street, San Rafael
    3BR // 1.1BA // Listed for $899,000

    Newest Listings »

    Recent Sales »

    Happenings Around the Bay Area
    With summer coming to end, it doesn’t mean the vacations have to too. Fall in the Bay Area is one of the loveliest times of year, and what better way to enjoy the season than camping. No matter what kind of camping you’re looking for, an RV campground, rental cabins or a place to pitch a tent, you can find all the information you need on this list. Make a reservation, pack your bags and enjoy the outdoors. Read More »»
    Early risers unit! Most of us think of finding a nice spot to watch the sunset, but what about finding a quiet place to watch the sunrise? If you’re already awake and have the time, why not start your day by heading to one of these places around the Bay Area, with a cup of coffee and a blanket, to peacefully enjoy the scenery as the sunrises. This list has 8 spectacular places to catch daybreak. Read More »»
    Summer isn’t over yet! Before you hang up your bathing suits and sun hats, take a nice lazy float down the Russian River. Just a short drive from San Francisco and even quicker from Marin County; you can make your trip to the Russian River an all day excursion. Not sure what you’ll need or where to start? Whether you’re looking for a quick float with the kids or a leisurely day on the river, here’s a guide to help you prepare! Don’t forget your snacks and sunscreen. Read More »»
    David O'Brien
    Broker Associate GRI
    415.342.1968
    LIC# 01832087
    Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

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