Marin County Real Estate Tracker – Nov 2018

    Zephyr MarketTracker Zephyr
    The Talk of the Town

    The Bay Area real estate market is a juicy topic for national gossip. To really understand this market we must separate national data from local data. Of course, we share the same macro economy and currency with the rest of the country, but the Bay area generally marches to the beat of its own drum.

    The national trend is towards increased inventory with fewer sales. In Marin, the number of new listings continues to decrease; this means less inventory, not more. This chart compares the number of new listings for the end of the year with the same time frame over the past five years. The lines are parallel, with the red line representing 2018. While we did see a rush of new listings in September, October has returned to Marin’s normal draught of listings.

    On the demand side, the low number of Days on Market indicates little or no dip. Buyers are still eager to purchase the few properties available. We also see a standard number of pending sales for this time of year in Marin county.

    It’s All About Price

    In the third quarter of this year, prices of single-family homes dipped. This is consistent with the Q3 trends from previous years. That said, over the last two years (October to October) the median sales price (MSP) of single-family homes is up 19.18%. This is a very healthy increase! Condos have not fared quite as well. While the MSP of condos is up 6.46% over the last two years, it has decreased a little in the last 12 months. In the luxury market, the sale of homes over $3,000,000 has increased 25%.

    Some buyers have reached their price cap. Just as hungry to buy the available homes, these buyers are forcing the MSP of single-family homes and condos to slow their incline. They have not stopped buying though, so this is not a sign that the market will slow down dramatically. The high prices are also drawing out the luxury buyers at the high end of the market. All in all, the Marin market, with the North continuing to outperform the South of the county, is still going strong.

    All Marin
    Sold for $950,000
    235 Ridgeway Avenue, Fairfax
    3BR // 3BA // Listed for $975,000
    Sold for $800,000
    711 Del Mar Avenue, Novato
    3BR // 2BA // Listed for $789,000
    Sold for $1,002,000
    524 Las Colindas Road, San Rafael
    3BR // 2BA // Listed for $995,000
    Sold for $1,500,000
    131 Buena Vista Avenue, Stinson Beach
    1BR // 2BA // Listed for $1,695,000

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    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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