Marin Market Report-May 2017

 Photo credits Marin County Parks & Open Space

Photo credits Marin County Parks & Open Space

196 single family homes were sold in Marin in April, with a median sold price of $1,325,000. This is a 7.5% price increase from this time last year, and only two fewer sold homes than April 2016. Notably, Corte Madera, Fairfax, Mill Valley, San Anselmo, and San Rafael saw the most significant increases year over year, with a 53% increase in sale price in San Anselmo and a 15% increase in San Rafael. These two towns have seen incredible growth appreciation in 2017 thus far, with median sale prices reaching well over the $1 million mark.

PRICE & VOLUME

We noticed several news programs that addressed the current housing market from a national level: less inventory, bidding wars, low mortgage rates, fewer days on market, and a seller's market. The nationwide housing market is booming, and Marin is no exception.

Single Family Homes Sold in April 2017 vs April 2016

Significantly fewer homes sold in Corte Madera and Fairfax, raising prices by 8.5% and 13%, respectively. San Rafael and Novato increased the number of units sold and still had price appreciation. 

The most expensive home sold in Marin in April was 1877 Centro West Street, in Tiburon, which sold for $6,495,000 after 102 consecutive days on the market.
 

Trends of Homes Sold in Marin in Varying Price Ranges in April

Properties sold in the $1.5 - $2 million showed a significant increase of 118% this past month versus last year at this same time -- this, in a market where the number of homes sold in other categories has lagged behind last year's numbers. Additionally, the luxury market between $3 million and $5 million saw a substantial increase of 41% since last April.

Fewer homes were sold in all other categories due to the low inventory. Interestingly, days on market increased in most categories, with the exception of the $1 - $2 million range -- perhaps Marin's entry level market (since there are so few homes available under $1 million). This $1 - $2 million price range is attractive to first-time buyers and young families looking to call Marin home. 

Typically activity slows a bit around July 4th but picks up again in mid-August when schools start up again. But, again, it’s the savvy buyers and sellers who realize the market never takes a break who may be the real winners this year! Let’s see where we are in our June report, but my guess is still going strong!

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