Marin County Update--May 2016

 

 





 

Marin County - May 2016

The Real Estate Update

Zephyr Real Estate
divider

Market conditions in Marin remain tight and seller favorable. Sales activity continues to be active, but has edged lower in recent years due to inventory constraints. Single family and condominium sales probably reached their cyclical high in 2013 when nearly 3,100 homes were sold, compared to 3,000 in 2014 and 2,900 in 2015. With current inventory at 1.4 months of supply for single family homes and 1.3 months for condominiums, the expectation is for slightly lower sales once again in 2016.



The resilient rate of sales has kept pushing median prices higher, although the rate of increase has slowed. The median single family home price reached its highest point of $1.21 million in April 2016, 7.1% higher than one year ago. Condominium prices rose by 6.5% over this same time period to $625,000, but was slightly below its all-time high of $634,000 reached in July 2015. Not surprisingly, the amount of time required to sell homes remained quick at 38 days on average, which compelled buyers to act decisively on purchases. In fact, successful buyers bid 102% of asking price for homes they acquired in April 2016.

money icon

Median Sales Price

$1,210,000

calendar icon

Avg. Days on Market

36

house icon

# Homes Sold

224

percent icon

% List Price Received

102.30%

divider

Median Sales Price

7.1%

6.5%

Graph

Avg. Days on Market

-41.0%

17.5%

Graph

# Units Sold

-3.0%

-35.4%

Graph

Bottom line?

Challenging market conditions are likely to persist for buyers in 2016, although newly available home supply is expected to rise in the months ahead as it typically does in the summer, and if the sales rate continues to slow, better opportunities than in years’ past may emerge.



Check back next month for more insight into what’s happening in our dynamic and rapidly changing real estate market.

% List Price Received

 

 

Graph

Months Supply of Inventory

 

 

Graph

SFRs - For Sale vs Under Contract + Sold

 

 

Graph

Condos - For Sale vs Under Contract + Sold

 

 

Graph

divider

Closer to Home

recent sales citywide


301 Mission Street #18E

$1,575,000

2BR / 2BA

Sold at $1,545,000


689-691 20th Avenue

$2,500,000

-BR / -BA

Sold at $2,388,750


72 Townsend Street #312

$1,240,000

1BR / 1BA

Sold at $1,240,000


72 Townsend Street #402

$1,554,679

2BR / 2BA

Sold at $1,554,679


72 Townsend Street #406

$1,476,433

2BR / 2BA

Sold at $1,476,433


72 Townsend Street #408

$1,240,683

1BR / 1.5BA

Sold at $1,240,683

Newest Listings »

divider

Community News


Are you a dark chocolate fan? 7x7 lists the best places to try dark chocolate in the Bay Area.

Read More »


If you are staying in town for the holiday weekend, here are 5 ideas for last minute Memorial Day plans.

Read More »


Famed San Francisco Chronicle food critic Michael Bauer highlights his favorite Marin County restaurants.

Read More »

divider
Jane Mermelstein

415.432.2146

Jane@Mermeltown.com

CalBRE # 01343171

ZephyrRE.com

Data Source: San Francisco Association of Realtors Multiple Listing Service (SFAR MLS)

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.
To prevent automated spam submissions leave this field empty.