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Marin County Real Estate Tracker – Feb 2019

Zephyr MarketTracker Zephyr
Is it the Weather or What?

Real estate in Marin has cooled over the last 12 months by almost any measure. Economists with the California Association of Realtors (CAR) have been predicting a slow down; they warned that we are in the 9th year of a 7-year cycle. This slowdown is not, however, evidence of a significant drop in the market. Rather, it is what we call a “correction” to a previously super-charged market. This correction fits perfectly with the CAR’s projections for the natural market cycle. We should also mention that, in our experience, nasty weather slows down real estate activity. As the weather improves, listings and sales increase significantly.

Prices

The Median Sales Price (MSP) of single family homes jumped in the middle of 2018. However, if we look at January 2019 over January 2018, the MSP actually decreased 11.07%. Condos bucked the trend, appreciating 18.66% over the last 12 months, 23.37% since 2017. As Marin condos have been underpriced compared to Alameda, San Francisco, and Peninsula neighbors, it is not surprising that we have seen an increase in MSP over the last two years.

Inventory

The number of new listings of condos is down almost 30% over the last two years; the number of new listings of single family homes is down 21.67%. Each new year sets the record for the fewest new listings. That said, overall inventory is up. This means properties are staying on the market longer. Active inventory for both single family homes and condos was up over 30% in 2018.

North and South

It is worth pointing out that Northern and Southern Marin vary dramatically in both pricing and appreciation. In January 2019, Southern Marin had an MSP of $1,585,000 (up 27.31% from January 2019). Northern Marin, on the other hand, had an MSP of $930,000 (up a modest 6.32% from January 2019).

City by City

In this month’s issue, we’ve included a study of MSP and price per sq. ft. of single family homes by city within Marin county. For those of you thinking about diving into the market, we hope this will help you determine budget and desired location!

For comparison, we have also included a chart that tracks long-term appreciation of single family homes in Marin, San Francisco, and Alameda.

All Marin
Sold for $760,000
140 John Street, Tomales
2BR // 2BA // Listed for $795,000
Sold for $1,150,000
27 Waikiki Lane, Dillon Beach
3BR // 2BA // Listed for $1,200,000
Sold for $1,392,014
35 Robinhood Drive, San Rafael
3BR // 2BA // Listed for $1,250,000
Sold for $3,325,000
115 Great Circle Drive, Mill Valley
4BR // 4.2BA // Listed for $3,495,000

Newest Listings »

Recent Sales »

Happenings Around the Bay Area
Going out to eat with the whole family can sometimes be a big undertaking! Luckily, in Marin, there are a handful of restaurants that want to treat your kids to a free meal! Depending on what day of the week it is, you can find a free treat for the kids on this list of places in Marin where they can dine for free. Make your week a little easier by visiting one of these spots where kids eat on the house! Read More »»
Still thinking about that vacation you meant to go on during the holidays? You’re in luck! The Bay Area is fortunate enough to be packed with cute little towns worthy of visiting for a weekend or even just for the day. Take this list out the next time you’re looking for a getaway. From quiet cabins in the woods to seaside abodes, here are 21 Bay Area small towns that are a must-see this year. Read More »»
The Bay Area is full of beauty. From the outdoors to amazing architecture, there are always new sights waiting to be explored. With its rich culture and plethora of public spaces to enjoy, the Bay Area never ceases to amaze us. Here you will find a list of 20 of the Bay Area’s most beautiful libraries. Take in the architectural beauty and read your way through the Bay. Read More »»
David O'Brien
Broker Associate GRI
415.342.1968
LIC# 01832087
Deirdre O'Brien
Team O'Brien Top Producer
415.948.3197
LIC# 01990538
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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