MARIN MARKET SNAPSHOT
As we hit the half way point in the year, Marin County’s real estate market seems to have slowed down a little, as is typical after school is out and we enter into the summer vacation period.
So far, during the first six months of the year, Marin has had fewer new listings of single family homes (1,449 in 2015 vs. 1,644 in 2014) and fewer sales (1,093 in 2015 vs. 1,119 in 2014) than last year for the same period.
Marin County’s residential inventory, while still low relative to the average number of homes available for sale in the past, has been steadily increasing, up 8% from last month, but remains lower than last year, down 12% compared to last June. In my April 27, 2015, I had covered the 10 Reasons for Low Housing Inventory in Marin County, including lack of buildable lots, little new construction and sellers moving within the County worrying about not finding a replacement property. These factors have not changed since April, and I expect our inventory will remain low for the foreseeable future.
Closed sales in June were down 4% from last month and 15% compared with June of last year. The lower sales number can be blamed on the limited inventory as many buyers are struggling to find homes to buy in Marin.
While in some markets in other parts of the country average sale prices have not completely caught up with the peak prices of 2007, here in Marin our average sales price for single family homes of $1,404,047 is 15 percent higher than the peak price of $1,220,000. Again, our limited inventory and severe imbalance between supply and demand play a large role in driving our prices up. It is important to remember however that buyers are very savvy and knowledgeable about home values. As a result only the homes that are well priced and well presented garner multiple offers and sell for prices sometimes significantly over the list price.
Mortgage interest rates remain historically low, and while they are up slightly compared to last month, they are down compared to one year ago.
30-Year Fixed Conforming ($200,000 – $417,000): 4.125%
30-Year Fixed Conf-Jumbo ($417,001 – $625,500 cap by county): 4.250%
30-Year Fixed Jumbo ($625,501 – $2,000,000): 4.000%
7/1 ARM Jumbo: 3.625%
FHA 30-Year Fixed: 3.750%
(All pricing above at 0 points.)
However, according to the majority of economists surveyed by Bloomberg in July, the economic outlook will be bright enough for Fed officials to announce an interest-rate increase at their September meeting.
HOME SALES BY AREA
The number of homes sold in Marin County decreased just slightly month-over-month overall, although the sales for Beach Cities, Greenbrae, Larkspur, Novato, San Rafael and Tiburon increased.
HOMES IN CONTRACT
For the month of June, Fairfax has garnered the top spot for the highest percentage of homes in contract at 65%, a 20% increase month-over-month. Percentage of homes in contract in both Corte Madera and Belvedere also increased exponentially with a 78% growth in Corte Madera and a 191% growth in Belvedere month-over-month.
AVERAGE SALES PRICE
The average sale price of homes sold in Marin decreased slightly in the month of June, staying around $1,400,000.
MARIN MARKET BY PRICE POINT
The number of active listings across all price point categories showed an increase month-over-month with the exception of the $2m-$3m, $5m-$7m, and $7m-$10m ranges. The largest increase of active listings in Marin County month-over-month occurred in the under $1m range growing by 9 active listings.
NUMBER OF HOMES LISTED AND SOLD
The number of single-family homes sold in Marin decreased slightly in June while the number of homes for sale increased. Neither the decrease in homes sold nor the increase in inventory for the month is dramatic, keeping the summer months consistent so far. Competition is still present among buyers in Marin County across all price points but most significantly in the $3m and under range.
If you are considering selling, let’s strategize on how to prepare and price your home for maximum returns. If it’s time to buy, let me know so I can give you the inside scoop on each neighborhood that may be right for you. In the meantime, have a wonderful summer.
About the Author: The above Marin County Real Estate Market Update for June 2015 was provided by Sylvie Zolezzi. I am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.
I offer a wide range of innovative and comprehensive real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs. My association with Decker Bullock Sotheby’s International Realty allows me to provide a high-end luxury experience to all my clients at every single price point. It also empowers me to leverage the unique combination of Sotheby’s global resources, Decker Bullock Sotheby’s International Realty’s growing market share and local knowledge with my unmatched social media networks to provide highly personalized service and unmatched exposure to my clients’ properties locally and worldwide.
I would welcome the opportunity to show you how I consistently get outstanding Real Estate results for my clients. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.