Marin County Real Estate Tracker – Mar 2019

    Zephyr MarketTracker Zephyr
    Buyers have Marin’s Number

    Marin data is at odds with itself right now. However, one thing is certain: buyers have figured out that Marin condos offer some of the best value in the Bay area. Condos have appreciated 32% since February, 2017. By contrast, single family homes have demonstrated the slow in appreciation that the California Association of Realtors (CAR) predicted.

    Condo v. Single Family

    The median sales price (MSP) of single family homes has increased 8.51% over the last 2 years. Prices peaked in May of 2018, and have since receded by 9.89%. The MSP of condos, on the other hand, has experienced a steady incline to a total 32% increase over February of 2017. Inventory studies also display a divergence. Single family homes have 22.44% more inventory over the past 2 years while condo inventory has slightly decreased.

    Less surprisingly, the number of days on market has decreased 9.26% for condos (as buyers’ interest and competition increase). Over the same 2 year timeframe, the number of days on market for single family homes has gone up 33.96%. The percent of list price received has, curiously, dropped 2% for condos and 3% for single family homes.

    The Real Head-Scratcher

    This month, a few of the statistics seem to be fighting one another. While condo prices have risen and days on market have decreased, pending sales have decreased 33%. Our first thought was that there is just not enough inventory to satisfy demand. However, single family home prices have shown the opposite trend: MSP has decreased while pending sales have increased 7%. (All in spite of the constant rain.)

    New listings are down 42% for both condos and single family homes. This may indicate a slow-down, or it may simply demonstrate that Californians don’t like the rain.

    Over and Under 2 Million

    It is safe to say that the $2 million market behaves differently than the under $2 million group. The numbers for the over $2 million properties bounce around quite a bit, and the month of sale substantially affects appreciation. The good news for the under $2 million home buyers is that they have experienced significantly more appreciation and less variation from month to month.

    Though not shown here, it is interesting to note that there has been no decrease in the percentage of total sales made up by $2 million homes bought and sold over the last 2 years. The sale of homes over $2 million represents 21.44% of the Marin market. Despite almost double the days on market, the upper end is alive and well!

    All Marin
    Sold for $1,845,000
    311 Cape Court, Mill Valley
    3BR // 3.1BA // Listed for $1,800,000
    Sold for $3,300,000
    1 Lark Court, Larkspur
    4BR // 4BA // Listed for $3,398,000
    Sold for $729,000
    1365 Denlyn Street, Novato
    3BR // 2BA // Listed for $729,000
    Sold for $1,125,000
    705 Knocknaboul Way, San Rafael
    4BR // 2BA // Listed for $1,125,000

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    If you’re looking for a great way to spend a day with a loved one but cant think of ideas, this list is for you. Going out for dinner, drinks and a movie is always a great way to spend your evening, but sometimes it is nice to switch it up. Here are some of Marin County’s best places and adventures to experience on a nice day with your friends, partner or family. Enjoy! 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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