Spring fever has struck the Marin real estate market, typically the busiest transaction season of the year. By the end of March, there were 279 single family homes and 69 condos for sale, of which 44% were in escrow. Over 40% of those listings had multiple offers and homes under $2M that were priced correctly were swarmed, on average selling for 3% over asking after only 36 days on market. The continued frenzy in the San Francisco market saw one home correctly priced under $2M selling for 15% over asking price. Around this time the annual private school and pre-school acceptance letters went out in the City, making Marin a bargain for many rejected parents and frustrated buyers!
Since the 2012 market recovery, median home prices have increased 63% and condos have appreciated 75% in value. The first quarter of 2016 showed an increase in the single family home median sale price of 9% compared to quarter one of last year – from $1,025,000 to $1,115,000 – while the number of sales declined by 13%.
We are fully four years into the most recent real estate cycle, but its hard to say if we are at the top yet. With a long term outlook, owning real estate in Marin’s perennially constricted market has proven be an excellent investment. (See this chart of Marin RE vs. the DJIA) And we’ve seen recently that tremendous surges aren’t dampening demand. We can say for sure that real estate is a unique investment because people need a place to live, call home and plan for the future. It’s difficult to time the market exactly, but if you plan to make Marin your home, the long term view has paid off for buyers and sellers alike. Please let me know how I can help you navigate this process.
Read the full Report here.