September 2017 Marin County Real Estate Market Update

September 2017 Marin County Real Estate Market Update

Welcome to my September 2017 Marin County Real Estate Market Update! Indian summer in the San Francisco Bay Area, including Marin County, is a season in its own right. Karl the Fog makes fewer appearances, and we enjoy some of the best weather of the year: warm, clear and dry. The distraction of summer and slower pace of its lazy days with less traffic has been replaced since school started again with the excitement of a new school year and new season. Fall is sneaking up on us, we sense something in the air, notice the trees are already turning orange, crimson and gold. I love it! Yet I am not ready for everything pumpkin and the rebel in me keeps me wearing my favorite white jeans on warm days like today.

On the real estate front, the market has taken a turn since Labor Day and we are finally, and thankfully, seeing more new listings: close to 300 new single family home listings in September compared to 129 in the entire month of August. Typically the fall season, between Labor Day and Thanksgiving, is the second busiest of the year after spring/early summer in our Marin County market, with on average 25 to 29 percent of the sales: in 2016, 25.6 of sales took place during that period. This year, demand remains very high for the lower end of the market: I wrote an offer for some buyers today on an entry level property in San Rafael, and their offer was one of nine offers! There appears to be a limitless pool of buyers at all price points at different levels of motivation and frustration. More buyers are competing with each other because the economy is strong, employment rates are robust, incomes are up, and low mortgage interest rates persist. However, it is a bit a tale of two markets because the high end market –properties over $4 million–has slowed down a little.

Overall, the trend I am noticing in our market is a combination of fewer and fewer new listings, and sustained or increased sales. As you can well imagine, the result is a smaller and smaller pool of active listing and a rock bottom months supply of inventory. Read on to find out more.

Whether your home is too small for your growing family, or too large for you as empty-nesters, now is very opportune time to sell. Worried about the timing of the sale and purchase, preparing or emptying the home before coming on the market? I can help you overcome these hurdles. I can introduce you to smart, creative lenders who can help you leverage the equity in your home for your next purchase, and teams of professionals to help you declutter and prepare your home. Don’t hesitate to call me for a free, no-obligation consultation.

 

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

September 2017 Marin County Real Estate Market Update

 

  •  The average number of active listings decreased slightly in August compared to July, and was 16 percent lower than it was in August 2016, a significant drop! This year over year decrease in the inventory of active listings has been a trend since April this year, with active listings down compared to the same month last year as follows: April: -4%; May: -5%; June: -8%; July -11% and August -16%, the highest decrease to date this year.
  •  The number of new listings decreased significantly versus the number of new listings in July, and also compared to the number of new listings in August 2016. Again, this has been a trend this year: new listings have been decreasing year over year every single month in 2017, as follows: January: -42%; February: -39%; March: -30%; April: -29%; May: -5%; June: -16%, July: -45% and August -39%. 
  •  The number of sold properties dropped from 210 in July to 175 in August. Despite the lower number of new listings and the lower inventory of active listings, sales were on par with last year’s sales. One might expect that the decrease in active listings would choke off sales, but as demand remains very high, sales have been trending up.
  •  The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–was up compared to July, and up year over year by 7 percent–a strong testimony that demand remains high for Marin County properties right now.
  •  The average active (or list) price was up month over month,  and was up 16 percent year over year, reflecting the fact that our higher priced inventory is increasing in relation to the lower end.
  •  The average sales price decreased month over month. The normal seasonal pattern is for prices to spike in the spring, and again in September, while settling a bit during the summer and winter months as activity wanes. Year over year, the average sales price was up 7 percent. 
  •  The median sales price increased very slightly month over month, and went up by 1 percent year over year. It is important to keep in mind that while movements in the median sale price and even to a greater extent the average sale price are a great measure of what’s selling, they’re not necessarily an accurate measure of appreciation or changes in value and are extremely susceptible to changes in mix. Two or three very highly priced properties can significantly affect the average sales price in a particular month.
  •  Days on Market increased month over month, and also year over year. 
  •  The months’ supply of inventory (based on pended properties) decreased compared to July’s number and was down a whopping 30 percent year over year, a reflection of the increased level of absorption as demand continues to be higher than the supply of Marin homes for sale. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.

When I chat with my colleagues from San Francisco, I notice they are always measuring the performance of their market based on the number of “overbids,” i.e. the number of properties that sell over the list price. It sparked my curiosity, and I did some research to see how our Marin market measures up in terms of the number of “overbids.” See the chart below:

September 2017 Marin County Real Estate Market Update

What does it mean when a property sells for a significant amount over the list price? It can mean that the seller priced the property strategically low to attract multiple offers and initiate a bidding war. It can also mean that there are many more buyers searching for this type of property than there are offerings. Often, it is a combination of the two.

Here are some examples of the properties that sold for a high percentage of their asking price:

September 2017 Marin County Real Estate Market Update
1970 Indian Valley Road in Novato – Photo Courtesy of Bradley Real Estate

This large estate property perfect for equestrian use was originally listed for $1,650,000 and sold for $2,700,000, or 164% of the original list price.

 

September 2017 Marin County Real Estate Market Update
62 Upper Briar Road, Kentfield – Photo Courtesy of Golden Gate Sotheby’s International Realty

This oak studded, gated, knoll top property was originally listed for $1,795,000 and sold for $2,400,000, or 134% of the original list price.

September 2017 Marin County Real Estate Market Update
2360 Paradise Drive, Tiburon – Photo Courtesy of Pacific Union

This rare and unique historic Tiburon home with an abundance of Edwardian architectural details and stunning views was listed for $2,250,000 and sold for $3,300,500, or 147% of the original list price.

 

Here are your best strategies in today’s market:

Buyers: As you can see from the above statistics, the Marin market remains extremely competitive with demand remaining higher than supply. Understand that is is a tough market, not the type of market in which anything is going to feel like “a deal.” There are still multiple offers on many properties and homes selling for significantly over the list price. Many sellers are pricing their homes well below the price they actually want to sell their home for in the hope of creating a bidding war. For highly desirable properties, it works well most of the time. Although I have seen instances when the listing agent receives indications that there will be several offers and in the end does not receive any. How to best navigate this market? The advice I always give aspiring homeowners bears repeating:

  • seek a pre-approval from a local, respected lender who can, and will, move fast. Working with a lender who can underwrite your loan upfront can help you compete with all cash offers. Call me to find out more about this.
  • know what your budget and limits are
  • be prepared to make a decision fast and write your highest and best offer first, you probably won’t get a second chance, i.e. a counter offer from the seller
  • begin discussions early on about your housing wants and needs with a savvy Realtor who knows how to navigate this market
  • consider listings that have been on the market for a while: sometimes they don’t sell because they are overpriced, or they don’t check all the boxes. They might offer you the opportunity to make an offer with less competition and a very motivated seller.  Finally, listen to your agent: price is definitely very important to sellers, but you can make your offer attractive through other terms. A savvy agent can guide you and help you win. I just helped two buyers present the winning offer as they were competing with other eager buyers and close on their dream home after a short, smooth escrow. I would be happy to help you too!

Sellers: Buyers have access to more and more market information and are working with savvy agents who are very knowledgeable of values.

  •  it is important to work with an agent who is intimately familiar with market trends and values
  •  despite the seasonal increase in inventory in our market, I am still seeing some overbids. Our market is still a strong seller’s market.
  • pricing correctly out of the gate is paramount. Make sure your list price reflects the location, condition and presentation of your property. Consider staging as it makes your home show well and photograph well, and will help make it stand out online…where buyers will see it first.

2.The Big Picture

THE ECONOMY

According to a recent New York Times article,  the current recovery is showing unexpected vigor and, as it is entering its ninth year, outlasting the eight year cycle to which we have become accustomed. The economy grew at an annual rate of 3 percent in the second quarter of this year, a substantial improvement over the lackluster 1.2 percent growth of the first quarter, and the best showing in the past two years. The improved performance and acceleration in spending suggests that the so-called “Trump bump”—improved sentiment among consumers and more optimism among business leaders—may be translating into concrete actions like homeowners buying new appliances and companies investing in new software or equipment.

“The consumer is in the driver’s seat in terms of economic growth,” said Scott Anderson, chief economist at Bank of the West in San Francisco. “It puts us on a stronger path going into the third quarter, although Hurricane Harvey introduces some uncertainty.”

Talking about consumers, consumer confidence remains high: the Conference Board Consumer Confidence Index®, which had increased in July, improved further in August. The Index now stands at 122.9 (1985=100), up from 120.0 in July and 101. 1 in August 2016.

At a very enlightening presentation at the Marin Association of Realtors last meeting, economist Dr. Robert Eyler echoed the same sentiment. According to him, there is no prediction for a recession until at least 2020, and when the slowdown does occur, it will be gradual. We have had a slow and steady growth over the past few years, and any recession will be mild as well. As far as other economic conditions, he reports that poverty rates remain a concern and there’s growing income and wealth inequality. Dr. Eyler also cautions that drought conditions in California remain, and without an abundant rain season this winter, we’ll be right back into it. My 2016 article Five Things You Need to Know to Rock your Drought Tolerant Garden is still very relevant!

With respect to Marin county real estate prices, he stressed that they will always remain high because of our no-growth policy and consistent high demand which combine to maintain a strong imbalance between supply and demand for housing.

 

INTEREST RATES

Tensions with North Korea, the uncertainty about Trump’s tax plan and hawkish remarks from Fed Chair Janel Yellen all conspired to move rates up in the past few days. They are still historically low however.

September 2017 Marin County Real Estate Market Update

September 2017 Marin County Real Estate Market Update

 

I hope you have enjoyed reading my September 2017 Marin County Real Estate Market Update. I would be happy to answer any questions you might have. If you are thinking of buying or selling this fall/winterl or next spring, feel free to contact me today. It is never too early to start preparing to sell your home and I am always happy to sit down with you and provide you with advice on the best improvements to make on your home for the best returns.

Contact me at 415-505-4789 or Sylvie@YourPieceOfMarin.com.

Please note: All reports presented by Sylvie Zolezzi are based on data supplied by TrendGraphix and BAREIS MLS. Neither the Marin Association of Realtors nor its MLS guarantee or are in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

If you don’t already follow me on social media, join the 7,500 people who LIKE my popular YourPieceofMarin Facebook Page. If you live,work or aspire to live in Larkspur, LIKE my LiveInLarkspur page for information on the community and the real estate market.

 

About the Author: The article September 2017 Marin County Real Estate Market Update was written by Sylvie Zolezzi. I am an award winning, top producing 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 intelligence—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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.


Marin County Real Estate Market Update – August 2017

Welcome to my Marin County Real Estate Market Update for August 2017!

The market slowed down a little from the high activity of late spring and early summer in July and beginning of August. . I am still seeing multiple offers however on the most desirable properties. Most noteworthy is the 45 percent drop in the number of new listings coming on the market compared to July 2016. Many homeowners are remodeling instead of moving up, or just staying put instead of downsizing. Read my July 2017 Market Update for tips on how to deal with the challenges of our market as a seller. Despite the drop in new listings and resulting decrease in the number of active listings available for sale, the number of sales increased year over year. This is a new trend that started in the spring this year: as the number of active listings has been decreasing, the number of sales has been increasing every month, as compared to the same month in 2016.

This means increased pressure on prices, especially in the lower end of the market, as buyers are competing for a decreasing inventory of homes available for sale in Marin County.

Yet, while some homes are selling quickly and receiving full price, or over the list price, cash offers, others are lingering on the market and only sell after one or more price reductions, especially in the high end. A word of advice to sellers: our market has cooled off since 2015 and 2016. Pricing correctly from the start can make all the difference if you want to  secure multiple offers, providing you with more leverage in the negotiations, and helping you sell for the highest possible price.

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

Marin County Real Estate Market Update - August 2017

  •  The average number of active listings decreased slightly in July compared to June, and was 11 % lower than it was in June 2016.
  •  The number of new listings decreased significantly versus the number of new listings in June, and also compared to the number of new listings in July 2016. 
  •  The number of sold properties dropped from 242 in June to 203 in July. Despite the lower number of new listings and the lower inventory of active listings, sales were up compared to last year. One might expect that the decrease in active listings would choke off sales, but on the contrary, sales are trending up.
  •  The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–was down compared to June, but up year over year by 13 percent–a strong testimony that demand continues to be high for Marin County properties.
  •  The average active (or list) price went down slightly month over month, but was up 4 percent year over year.
  •  The average sales price decreased month over month. The normal seasonal pattern is for prices to spike in the spring, and again in September, while settling a bit during the summer and winter months as activity wanes. Year over year, the average sales price was up 10 percent. 
  •  The median sales price also decreased month over month, but went up by 3 percent year over year. It is important to keep in mind that while movements in the median sale price and even to a greater extent the average sale price are a great measure of what’s selling, they’re not necessarily an accurate measure of appreciation or changes in value and are extremely susceptible to changes in mix. Two or three very highly priced properties can significantly affect the average sales price in a particular month.
  •  Days on Market went up month over month, and were almost flat year over year. 
  •  The months’ supply of inventory (based on pended properties) increased compared to June’s number and was down 23 percent year over year, a reflection of the increased level of absorption as demand continues to be higher than the supply of Marin homes for sale.

Here are your best strategies in today’s market:

Buyers: The Marin market remains extremely competitive with demand remaining higher than supply. Understand that is is a tough market, not the type of market in which anything is going to feel like “a deal.” There are still multiple offers on many properties (I wrote an offer yesterday for clients of mine who were competing with four other buyers), and homes selling for significantly over the list price. However, I am seeing more price reductions, as sellers are meeting with resistance when they try to push prices higher. The advice I always give aspiring homeowners bears repeating:

  • seek a pre-approval from a local, respected lender who can, and will, move fast
  • know what your budget and limits are
  • be prepared to make a decision fast and write your highest and best offer first, you probably won’t get a second chance
  • begin discussions early on about your housing wants and needs with a savvy Realtor who knows how to navigate this market
  • consider listings that have been on the market for a while: sometimes they don’t sell because they are overpriced, or they don’t check all the boxes. They might offer you the opportunity to make an offer with less competition and a very motivated seller.finally, listen to your agent: price is definitely very important to sellers, but you can make your offer attractive through other terms. A savvy agent can guide you and help you win. I just helped two buyers present the winning offer as they were competing with other eager buyers and close on their dream home after a short, smooth escrow. I would be happy to help you too!

Sellers: Buyers have access to more and more market information and are working with savvy agents who are very knowledgeable of values.

  •  it is important to work with an agent who is intimately familiar with market trends and values
  •  despite the seasonal slow down in our market, I am still seeing some overbids. Our market is still a strong seller’s market.

2.The Big Picture

THE ECONOMY

In July the current recovery reached its eighth birthday (a rarity for modern economic growth cycles). The S&P 500 finished its ninth consecutive month in positive territory. The Dow Jones industrial average passed the 22,000 milestone, and the Unemployment Rate fell to 4.3% from 4.4%, the lowest level since March 2001.

Domestic political turmoil appears to be the new normal but American businesses are thriving against the backdrop of steady economic growth and historically low interest rates.

It is no surprise in view of the above that the Conference Board Consumer Confidence Index®, which had increased in July, improved further in August. The Index now stands at 122.9 (1985=100), up from 120.0 in July and 118.9  in June.

CALIFORNIA HOUSING CRISIS

You may have heard on the news last week about the event organized by the Center for CA Real Estate (CCRE) and the Bay Area Council. Here are some take aways.

Housing affordability dipped to 29 percent statewide and only 17 percent in Marin. We’ve had the lowest single-family residence growth rate in history, employment numbers have shown a 17 percent decrease in hiring velocity and although the public recognizes the need for housing supply, there are many barriers put up by existing communities to keep others out by opposing proposals for new housing, development and change.

According to the panelists, the Bay Area is out of reach for many of those who wish to live here – our children may not be able to afford a home here without our help. Some businesses are migrating out of the area to Seattle, Austin, Denver and Boston. 

INTEREST RATES

Talking about affordability, it is important to remember that rising interest rates can have a huge impact on affordability. In an article titled How rising interest rates can decrease affordability more than home price increases,  Andrew Le Page of Corelogic explains: “Rising home prices and relatively stagnant wage growth have combined to create affordability headwinds for many Americans. Until recently, however, historically low mortgage interest rates have been one of the few tailwinds helping the average home-buyer. But what will happen now that rates are rising again?”

According to Mr. LePage, if we go back more than a decade, to June 2006, “the inflation-adjusted typical mortgage payment hit a record $1,244, about 47 percent higher than the June 2017 payment. That’s because the average interest rate back in June 2006 was about 6.7 percent, compared with 3.9 percent this June, and the median sale price in June 2006 was $199,900 (or $241,495 in 2017 dollars), compared with $225,000 this June.

The change in the typical mortgage payment over the past year illustrates how it can be misleading to simply focus on the rise in home prices when assessing affordability. For example, in March of this year the median sale price was up 5.9 percent from a year earlier in nominal terms, but the typical mortgage payment was up 12.6 percent because mortgage rates had increased 0.5 percentage points in that 12-month period.”

I thought this was worth sharing and helpful in assessing the situation with the right perspective.

Here are current interest rates this week.

Marin County Real Estate Market Update - August 2017

Marin County Real Estate Market Update - August 2017

 

3. MARIN MARKET STATISTICS AND COMMENTARY 

Number of Homes Sold

With 202 sold, Marin single family home sales were down 17% from June, and up 4% compared to the same month last year. This is expected in July with the seasonal summer market slowdown.

Marin County Real Estate Market Update - August 2017

Average Price Sold

The Average Sale Price of Marin single family homes decreased 2% in July compared to June, at $1,574,423 and $1,612,473, respectively. Compared to the same month last year, the Average Sale Price is 10% higher in 2017.

Marin County Real Estate Market Update - August 2017

Home Sales by Area

Novato and San Rafael continue to see the highest Number of Homes Sold in July at 53 and 50, respectively. Mill Valley had a notable 25 sold. Less active markets include Belvedere with one sale, Kentfield with 4 and Tiburon with 6, and zero sold in the Beach Cities and West Marin.

Marin County Real Estate Market Update - August 2017

In Contract by Area

Corte Madera had 60% of Homes in Contract at the end of July, followed by Larkspur (55%), Greenbrae (50%) and San Rafael (48%). Kentfield, San Anselmo and Sausalito also had a high percentage of homes in contract, at 47%, 45% and 44%, respectively. In contrast, less active markets were Ross (18%) and Belvedere, with none.

Marin County Real Estate Market Update - August 2017

Sales by Price Point

In July, the highest number of homes both available (113) and sold (95) were between $1-2 million. There were 48 homes sold between $750,000 and $1 million, while 26 homes sold in the $2-3 million price range. A notable 14 homes sold between $3-7 million, while one home sold over $10 million.

Marin County Real Estate Market Update - August 2017

With Labor Day week end right ahead of us, we are about to enter a period which typically sees revived activity after the summer slowdown. Most people are back from their vacation, many of us agents are busy preparing listings to be launched in the next few weeks.  Will there be a big influx of new listings this fall? It is hard to predict, but what is certain is that there are many buyers hoping it will be the case.

If you don’t already follow me on social media, join the 7,500 people who LIKE my popular YourPieceofMarin Facebook Page. If you live,work or aspire to live in Larkspur, LIKE my LiveInLarkspur page for information on the community and the real estate market.


About the Author: The article Marin County Real Estate Market Update – August 2017 was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 

 

 

 

 

 

 

 

 


Marin County Real Estate Market Update – July 2017

Marin County Real Estate Market Update - July 2017

 

Welcome to my July 2017 Marin County Real Estate Market Update! Summer is in full swing, and many Marinites are on vacation. I have to admit I enjoy the lighter traffic and empty parking lots. On the real estate front, our market rebounded nicely in the spring after the slow start in Q1, and now is slowing down again as is typical in the summer months. Sales remained strong in June, reflecting the brisk activity in April and May. The imbalance between the sustained high demand and our reduced inventory of Marin homes for sale continues to push prices up, albeit at a slower pace than in the recent past.

So far this year, the hottest markets in terms of the number of overbids and sales over the list price have been Greenbrae (with the average sale price at 106.64% of the original list price), Corte Madera (105.73%), Kentfield (105.52%), San Anselmo (105.18%) and Fairfax (104.79%). Larkspur and Mill Valley properties sold for 103.36% and 102.05%, respectively, of the original list price. Novato was at 100.63%, San Rafael 100.54% and Sausalito 100.50%. In the high luxury markets, Ross was at 99.70%, Tiburon 99.45% and Belvedere at 91.48% as their high prices attract a smaller, less competitive pool of buyers. The lower number of foreign buyers this year compared to last year for very high end Marin properties is further reducing that pool.

The low supply of homes for sale remains our market’s major challenge, as more baby boomers are staying put instead of downsizing than in the past. Many of them are reluctant to move, fearing not to find a replacement property. Succeeding in managing the simultaneous sale of their existing home and purchase of their new residence is also another serious hurdle. What is the best option? Unless you have the cash, how do you handle the challenge? Some sellers qualify “all in,” i.e. they can get qualified for the second mortgage. Others use a cross-collateralization program, or a departing residence program. Others bite the bullet and use a bridge loan. I can introduce you to my preferred lender who is very knowledgeable of the ins and outs of these various options and can recommend the one best suited for your unique situation. This will determine whether you sell first, and then buy, or vice versa. With a well thought out strategy, you may be able to avoid having to write an offer contingent on the sale of your existing home.

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

Marin County Real Estate Market Update - July 2017

  •  The average number of active listings increased slightly in June compared to May, but was 8% lower than it was in June 2016.
  •  The number of new listings decreased compared to May, which is not unusual. It also was lower than in June 2016
  •  The number of sold properties was a little higher than in May, and also slightly higher than last June. One might expect that the decrease in active listings would choke off sales, but they remain strong.
  •  The number of pended properties (or properties in contract)the most accurate indicator of how the market is performing right now–was up month over month, and year over year–a strong testimony that demand remains high for Marin County properties.
  •  The average active (or list) price went down slightly month over month, but was up 3% year over year.
  •  The average sales price decreased month over month. The normal seasonal pattern is for prices to spike in the spring, and again in September, while settling a bit during the summer and winter months as activity wanes. Year over year, the average sales was up slightly. 
  •  The median sales price also decreased month over month, but went up by 2% year over year. It is important to keep in mind that while movements in the average sales price and median sale price are a great measure of what’s selling, they’re not necessarily an accurate measure of appreciation or changes in value and are extremely susceptible to changes in mix.
  •  Days on Market remained relatively flat month over month, and year over year. 
  •  The months’ supply of inventory (based on pended properties) decreased compared to May’s number and was down 26% year over year, a reflection of the increased level of absorption as demand continues to be higher than the supply of Marin homes for sale.

For a longer perspective on the market trends, let’s take a quick look at Q1 and Q2 statistics for the past six years:

Marin County Real Estate Market Update - July 2017

Since the recovery began in 2012, the major trends have been as follows:

the number of active listings has decreased steadily every year, and then remained almost flat in the first half of 2017 as compared to the first half of 2016.

the number of sales, after jumping in the first half of 2013,  has decreased every year, and then remained almost flat in the first half of 2017 as compared to the first half of 2016.

the average sale price, median sale price and average price per square foot have increased every year. The fundamental driver of price increases is, of course, demand outstripping supply.

average days on market has decreased steadily

Here are your best strategies in today’s market:

Buyers: The Marin market remains extremely competitive with demand remaining higher than supply. Understand that is is a tough market, not the type of market in which anything is going to feel like “a deal.” There are still multiple offers on prime properties, and homes selling for significantly over the list price. However, I am seeing more price reductions, as sellers are meeting with resistance when they try to push prices higher. The advice I always give aspiring homeowners bears repeating:

  • seek a pre-approval from a local, respected lender who can, and will, move fast
  • know what your budget and limits are
  • be prepared to make a decision fast and write your highest and best offer first, you probably won’t get a second chance
  • begin discussions early on about your housing wants and needs with a savvy Realtor who knows how to navigate this market
  • consider listings that have been on the market for a while: sometimes they don’t sell because they are overpriced, or they don’t check all the boxes. They might offer you the opportunity to make an offer with less competition and a very motivated seller.finally, listen to your agent: price is definitely very important to sellers, but you can make your offer attractive through other terms. A savvy agent can guide you and help you win. I just helped two buyers present the winning offer as they were competing with other eager buyers and close on their dream home after a short, smooth escrow. I would be happy to help you too!

Sellers: Buyers have access to more and more market information and are working with savvy agents who are very knowledgeable of values.

  •  it is important to work with an agent who is intimately familiar with market trends and values
  •  despite the seasonal slow down in our market, I am still seeing some overbids. Our market is still a strong seller’s market.

2.The Big Picture

The San Francisco Market

San Francisco is suffering from low inventory, just as we are in Marin, and prices are at record highs, while supply remains at record low levels, particularly for single family homes.

The hottest neighborhoods, based on the number of multiple offers received on properties, are actually some of San Francisco’s coolest in terms of weather. Parkside, the Outer Sunset, and Lake Shore and Lakeside are well within the foggy reaches of the Pacific Ocean. These are the most affordable neighborhoods for single family homes. Of course, Eureka and Cole Valleys are still hot, and remain very popular with techies wanting easy access to the South Bay. Meanwhile, luxury neighborhoods like Pacific Heights and Noe Valley seem to be reaching somewhat of a peak in their pricing, as overbids appear to be moderating — for now.  

The luxury condo market has seen a dramatic drop of almost 50% in sales reported to the MLS year over year, despite the fact that listing inventory in SOMA has hit new highs. San Francisco experts are surmising that because there have been large, very expensive, high-rise projects coming on the market, they may to some degree be cannibalizing MLS sales in the resale market. Furthermore, as foreign buyers have played a significant role here in recent years, it is possible (there is no hard data) that this demand has declined due to political issues in the US and in China as well.

The Economy

Employers added 222,000 new jobs in June, well above expectations, the Labor Department reported. April was revised up from 174,000 to 207,000, and May was revised up from 138,000 to 152,000 jobs. With these revisions, employment gains in April and May combined were 47,000 more than previously reported. The unemployment rate was little changed at 4.4 percent. Employment growth has averaged 180,000 per month in 2017, in line with the average monthly gain of 187,000 jobs in 2016.

However, average hourly earnings showed just a 0.2 percent gain from May and 2.5 percent gain year over year.

After a slight pause, US equity markets continued higher in June delivering the best quarterly earnings growth in five years. The US economy continues to offer a Goldilocks-like scenario of low unemployment, benign growth, and low inflation. The Dow Jones average closed at 21,475 at the end of June! However, given the tight labor market, the Federal Reserve (Fed) raised rates again in June and remain on track for 1-2 more increases this year.

In the first quarter of this year alone, household net worth climbed by $2.3 trillion and it is now a record $94.8 trillion, or five times GDP. This is much higher than during the housing or dotcom booms and no doubt a contributing factor to the record consumer confidence figures.

Consumer confidence increased moderately in June to 118.9 following a small decline in May, and remains much higher than last July when it was at 98. Consumers’ assessment of current conditions improved to a nearly 16-year high (July 2001, 151.3). Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating”

 

Interest Rates

Bonds offered a different narrative. After falling since March, interest rates saw a sharp spike upwards at the end of June as investors responded to a less dovish tone from European central bankers. Mortgage rates still remain historically very attractive however. See below current interest rates as reported on Monday, July 17 by Terra Mortgage Banking:

Marin County Real Estate Market Update - July 2017

3. MARIN MARKET STATISTICS AND COMMENTARY 

Number of Homes Sold

With 629 sold, Marin single family homes sales were up 123% from Q1 2017, and down 3% compared to the same quarter last year. Increased inventory, following a weather-hampered Q1 and an increasingly positive economic outlook, helped to fuel the Number of Homes Sold in Q2.

Marin County Real Estate Market Update - July 2017

Average Price Sold

The Average Sale Price of Marin single family homes increased in Q2 2017 compared to Q1 2017, at $1,622,175 and $1,575,411, respectively. Compared to the same quarter last year, the Average Sale Price remained relatively unchanged, increasing by just 1%.

Marin County Real Estate Market Update - July 2017

 

In Contract by Area

At the end of Q2, Corte Madera had 58% of Homes in Contract recorded in June, followed by Larkspur (53%), Greenbrae (50%) and Novato (49%). San Rafael, Mill Valley and Fairfax also had a high percentage of homes in contract, at 48%, 45% and 42%, respectively. In contrast, less active markets were Belvedere (7%) and Tiburon (17%).

Marin County Real Estate Market Update - July 2017

Home Sales by Area

Novato and San Rafael continue to see the highest Number of Homes Sold in June at 39 each, with Mill Valley not far behind with 26 sold. San Anselmo had a notable number of homes sold at 22, while Greenbrae (2) and Larkspur (7) saw a slowdown in home sales compared to Q1 and early Q2.

Marin County Real Estate Market Update - July 2017

Sales by Price Point

In Q2, the highest number of homes both available (415) and sold (299) were between $1-2 million. There were 139 homes sold between $750,000 and $1 million, while 85 homes sold in the $2-3 million price range. A notable 17 homes sold between $4-5 million. There were only 7 homes sold at $5 million or higher.

Marin County Real Estate Market Update - July 2017

With July 4 right behind us, we are in the typical summer doldrums months.  There continues to be activity however, and I am around for the rest of the summer. So feel free to reach out. If you are particularly interested in the Larkspur market, check out The Scoop on Larkspur Real Estate – July 2017  As always, your comments, referrals, and suggestions are much appreciated!

If you don’t already follow me on social media, join the 7,500 people who LIKE my popular YourPieceofMarin Facebook Page. If you live,work or aspire to live in Larkspur, LIKE my LiveInLarkspur page for information on the community and the real estate market.




About the Author: The article Marin County Real Estate Market Update – July 2017 was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 

 

 

 

 

 


The Scoop on Larkspur Real Estate – July 2017

The Scoop on Larkspur Real Estate - July 2017

 

I am pleased to report that there has been more activity in the Larkspur real estate market this spring and summer than in the recent past. Larkspur remains one of the most desirable destinations in Central Marin, thanks to its easy access to 101, warm climate, award winning schools and close proximity to its newly expanded downtown with new high end boutiques and eateries. As such, our real estate has been selling for much higher prices of late. Since January 1, 2016, 34 out of 81 homes sold in Larkspur fetched a price of $2 million or above. In July 2016, 215 Alexander Avenue sold for $5,525,000–an all time record for Larkspur. Newly constructed in 2016, the 5,400 square foot, 5 bedroom 5.5 baths home situated on a street to street lot in the sought after flats offers great indoor outdoor living, high quality materials and top of the line finishes, and Mt. Tam views.

 

The Scoop on Larkspur Real Estate - July 2017
215 Alexander Avenue sold for $5.525,000 in July 2016

1.Market Snapshot

In the first half of 2017, we’ve had more new listings, more properties going in contract and more sales than last year! Here is a comparison of the first half of 2017 with the first half of 2016 for single family homes in Larkspur.

It is important to note that because we have such a small number of sales in Larkspur, the average sale price is greatly affected by the mix of properties, with one very low or very high sale skewing the numbers. The median sale price paints a more accurate picture of what is happening as it represents the sale with the same number of sales at lower and higher prices. The average price per square foot can also be a good metric to watch to track market trends, even though it is not a perfect tool.

The Scoop on Larkspur Real Estate - July 2017

2.The Scoop on Market Activity 

For Sale, Sold and Pended (In Contract)

Median Sale Price 

As mentioned above, because the number of properties sold in Larkspur every month is so small, I am sharing the median price chart rather than the average price chart. The median price is not skewed by the mix of properties sold as much as the average sales price is.

Average Price per Square Foot

The average price per square foot has been higher in 2017, reaching its highest point in June at $938.

3.What’s for Sale and What Just Sold

Active Listings:

The Scoop on Larkspur Real Estate - July 2017
123 William Avenue, Larkspur – Photo Courtesy of Pacific Union International
The Scoop on Larkspur Real Estate - July 2017
130 Elm Avenue, Larkspur, CA – Photo Courtesy of Golden Gate Sotheby’s International Realty

There are today, as of this writing on July 15, 8 active listings ranging from a 688 square foot one bedroom/one bath fixer at 123 William Avenue listed at $800,000 to a 4,280 square foot totally renovated five bedroom/five bath home at 130 Elm Avenue listed for $4,500,000.

Contingent Listings (offers accepted, contingencies not yet removed)

The Scoop on Larkspur Real Estate - July 2017
14 Chevy Chase Court, Larkspur, CA – Photo Courtesy of Golden Gate Sotheby’s International Realty
The Scoop on Larkspur Real Estate - July 2017
11 Ardmore Road, Larkspur, CA – Photo Courtesy of Golden Gate Sotheby’s International Realty
The Scoop on Larkspur Real Estate - July 2017
52 Murray Avenue, Larkspur, CA – Photo courtesy of Paragon Real Estate Group

There are 4 contingent listings, including two quintessential Larkspur homes in the Chevy Chase neighborhood, tucked under a redwood grove: 14 Chevy Chase Court and 11 Ardmore Road, both listed at $1,595,000 by Golden Gate Sotheby’s International Realty. One of my very favorite homes in Larkspur is also contingent: 52 Murray Avenue, a stunning Craftsman listed at $4,450,000. It will be interesting to see how much it sells for as it had sold in October 2015 for $4,450,000.

Pending Listings (all contingencies have been removed):

The Scoop on Larkspur Real Estate - July 2017
106 William Avenue, Larkspur, Ca – Photo Courtesy of Pacific Union International
The Scoop on Larkspur Real Estate - July 2017
25 Witlshire Avenue, Larkspur, CA – Photo Courtesy of Coldwell Banker

There are five pending listings. The highest priced is 106 William Avenue, a newly constructed 2,392 square foot home with 3 bedrooms and 4 baths. 25 Wiltshire Avenue, a gem situated in the Chevy Chase neighborhood, offering total privacy within a few minutes of downtown, is also pending. Their list prices are $2,850,000 and $1,995,000, respectively.

Recent Sales

In the first half of the year,  35 single family homes sold in Larkspur ranging in price from $840,000 to $3,800,000. A few noteworthy sales include:

The Scoop on Larkspur Real Estate - July 2017
422 Alexander Avenue, Larkspur, CA – Photo Courtesy of Pacific Union International

422 Alexander Avenue sold for $3,100,000 at 110.91% of its offer price of $2,795,000. The Spanish style home received 6 offers and fetched the highest price per square foot at $1,477.60.

The Scoop on Larkspur Real Estate - July 2017
273 Riviera Circle, Larkspur, CA – Photo Courtesy of Zephyr Real Estate

273 Riviera Circle sold for $3,400,000 at 117.44% of its list price of $2,895,000. The 3,708 square foot, 4 bedroom 3.5 bath waterfront property received four offers.

The Scoop on Larkspur Real Estate - July 2017
49 Holly Avenue, Larkspur, CA – Photo Courtesy of Pacific Union International

49 Holly Avenue sold for the highest price so far this year at $3,800,000 or 92.68% of the list price. Built in 2000, the 3,960 square foot home has 5 bedrooms and 3.5 baths and is located in a prime location in very close proximity to charming downtown Larkspur.

The Scoop on Larkspur Real Estate - July 2017
7 Heather Way, Larkspur, CA – Photo Courtesy of Golden Gate Sotheby’s International Realty

I liked 7 Heather Way, a 2,205 square foot classic Kraftsman rebuilt like new with 4 bedrooms and 3 baths. It sold for $2,500,000 or 116.33% of its list price of $$2,149,000.

You may have driven these three homes that sold on Magnolia Avenue, here is the scoop on what happened:

The Scoop on Larkspur Real Estate - July 2017
223 Magnolia Avenue, Larkspur, CA – Photo Courtesy of Pacific Union

223 Magnolia Avenue, one of my favorites. The small, iconic cottage with 3 bedrooms and 1 bath at the corner of Madrone sold for $1,650,000 or 104.76% of its list price of $1,575,000. It received two offers.

The Scoop on Larkspur Real Estate - July 2017
27 Magnolia Avenue, Larkspur, CA – Photo Courtesy of Golden Gate Sotheby’s International Realty

27 Magnolia Avenue, at the corner of Wiltshire Avenue. This three bedroom, 2 bath home received three offers and sold for $1,700,000. The list price was $1,695,000.

The Scoop on Larkspur Real Estate - July 2017
577 Magnolia Avenue, Larkspur, CA – Photo Courtesy of Pacific Union International

Finally, 577 Magnolia sold after several price reductions for $2,125,000. The 3,414 square foot house has 4 bedrooms and 3.5 baths and is located in the heart of downtown Larkspur, right next to the Lark Theater.

Here is the full List of Single Family Homes sold in the first half of 2017.

For more information on the Larkspur real estate market, and to get a free, no string attached valuation of your Larkspur property, feel free to reach out to me. I have lived in Larkspur for over 20 years and absolutely love it. I am very familiar with the Larkspur real estate market and will be happy to answer any of your questions. Like my LiveinLarkspur Facebook Page  to keep up with what is happening in our community and our real estate market. Click here for my Larkspur Real Estate Web Page.  And if you would like to keep up with the Marin County Real Estate Market visit my Marin County Real Estate Market Update Page. I publish a detailed report every month.


About the Author: The article The Scoop on Larkspur Real Estate – July 2017 was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.


June 2017 Marin County Real Estate Market Update

June 2017 Marin County Real Estate Market Update

Welcome to my June 2017 Marin County Real Estate Market Update!

Summer will officially begin on June 21, but it already feels like it has arrived in Marin County! School is out, and graduation season is in full swing. At this time of year, our real estate market typically slows down a little after the busy spring months. Sales are often at their highest in June as a result of the peak in activity in April and May. During the summer months fewer homes come on the market and go in contract as the rush to secure a new home for families with school age children lets up and many are away on their summer vacation. September generally sees a second wave of more intense activity.

As is the case in most of the country, the lack of inventory in Marin County remains the major challenge. Yet there are opportunities to move up, or downsize. Determined and resourceful buyers and sellers are succeeding in this market.

 

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

 

June 2017 Marin County Real Estate Market Update

In 2014 and 2015, the norm was systematic multiple offers, or even pre-emptive offers, non-contingent offers (i.e. offers without inspection or financing contingencies), and a seven to ten-day period from the first day on the market to the offer deadline date. Sellers were benefiting from bidding wars and prices went up significantly. In 2016, and this year again, while demand has remained high, we have been seeing more push back from buyers on price, and as such, more price reductions–especially in the $2 million plus price range. As a result, despite a very limited supply of homes for sale, prices have leveled off. Here are the main highlights:

  • The average number of active listings increased in May compared to April, as is the case every year when our market switches into high gear after the slower winter months. However, the number of active listings was 5% lower than it was in May 2016.
  • The number of new listings decreased compared to April, but was significantly lower than last May.
  • The number of sold properties was a little higher than in April. Year over year, the number of sold properties remained almost flat despite the lower number of homes for sale.
  • The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–was up month over month, and year over year–as demand remains high for Marin County properties.
  • The average active (or list) price went down slightly month over month, but was up 4% year over year.
  • The average sales price increased month over month, and year over year. 
  • The median sales price remained flat month over month, but went up by 13% year over year. It is important to keep in mind that while movements in the median sale price are a great measure of what’s selling, they’re not necessarily an accurate measure of appreciation or changes in value and are extremely susceptible to changes in mix.
  • Days on Market remained relatively flat month over month, and year over year. 
  • The months’ supply of inventory (based on pended properties) remained flat compared to April’s number and was down year over year, a reflection of the increased level of absorption as demand continues to be higher than the supply of Marin homes for sale.

Here are your best strategies in today’s market:

Buyers: The Marin market remains extremely competitive with demand remaining higher than supply. Understand that is is a tough market, not the type of market in which anything is going to feel like “a deal.” There are still multiple offers on prime properties, and homes selling for significantly over the list price. However, I am seeing more price reductions, as sellers are meeting with resistance when they try to push prices higher. The advice I always give aspiring homeowners bears repeating:

  • seek a pre-approval from a local, respected lender who can, and will, move fast
  • know what your budget and limits are
  • be prepared to make a decision fast and write your highest and best offer first, you probably won’t get a second chance
  • begin discussions early on about your housing wants and needs with a savvy Realtor who knows how to navigate this market
  • consider listings that have been on the market for a while: sometimes they don’t sell because they are overpriced, or they don’t check all the boxes. They might offer you the opportunity to make an offer with less competition and a very motivated seller.
  • finally, listen to your agent: price is definitely very important to sellers, but you can make your offer attractive through other terms. A savvy agent can guide you and help you win. I just helped two buyers present the winning offer as they were competing with other eager buyers and close on their dream home after a short, smooth escrow. I would be happy to help you too!

Sellers: Buyers have access to more and more market information and are working with savvy agents who are very knowledgeable of values. As I mentioned it above:

  • overpriced homes are not selling in our market
  • as prices are leveling off, it is paramount to price your property correctly from the onset to ensure you sell it for the highest possible price.
  • now’s the time to move quickly before the summer lull hits. That’s especially true if your home will be priced above $2 million.

 

2. THE BIG PICTURE

While it is important to remember that our Marin County real estate market is hyper local in nature, and that it moves up and down with the local supply and demand for similar types of housing, it also takes its cues from what is happening at the regional–especially the San Francisco and Bay area markets– and national levels.

The San Francisco Bay Area Market

June 2017 Marin County Real Estate Market Update

 

The Marin market tends to track the San Francisco market, generally moving at a slightly more moderate pace. While single family home values increased in Marin by over 40% from 2012 to 2015 (read my May 2017 Marin County Real Estate Market Update for more details), the median price of a single family home in San Francisco increased during the same period by around 70% as we came out of the Great Financial Crisis. Condominium prices increased by around 55% during the same period. While the San Francisco market leveled off in 2016, just like the Marin market, this spring buyers came back to the market in droves and the San Francisco market has heated up again.

Meanwhile, as prices keep going up, the more affordable southern and western neighborhoods like Central Sunset, Sunnyside, and the Excelsior are seeing big gains as buyers are priced out of their first and second choice neighborhoods.

It will be interesting to see if our Marin market heats up as well in the upcoming months.

Economic Market Overview

Despite weak economic growth, the housing market got off to a good start in 2017 thanks to low inflation, record low unemployment (4.4%) and strong job growth.

Consumer confidence decreased slightly in May, following a moderate decline in April, according the recently released Board Consumer Confidence Index report. The headline number of 117.9 was a decrease from the final reading of 119.4 for April, a downward revision from 120.4. However consumers, while less upbeat than in April, overall remain optimistic that the economy will continue expanding into the summer month.

Interest Rates

Interest rates have been a bit of a surprise, drifting down since March, helping bolster housing demand.

A recent KCM article reminds us that, at the beginning of 2017, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.

However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year:

June 2017 Marin County Real Estate Market Update

The thirty year jumbo rate is currently at 4.125%.

What can we expect moving forward?  The Fed is expected to raise rates at its next meeting this week, and four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year.

I don’t have a crystal ball and am not certain of what will happen. However, it is worth remembering that a fluctuation in interest rates can greatly affect your purchasing power, as illustrated in the chart I created below:

June 2017 Marin County Real Estate Market Update

 

3. MARIN MARKET STATISTICS AND COMMENTARY 

In Contract By Area

San Anselmo had 52% of Homes in Contract in May, followed by Greenbrae (50%), Mill Valley (42%) and San Rafael (41%). Eight cities had over 25% of Homes in Contract. In contrast, less active markets were Belvedere (21%) and Kentfield (17%).

June 2017 Marin County Real Estate Market Update

Home Sales by Area

Novato, San Rafael and Mill Valley continue to see the highest number of homes sold at 44, 39 and 33, respectively. Tiburon had a notable number of homes sold at 14, while Greenbrae and Larkspur saw a slowdown in number of home sales compared to previous months, each at 5.

June 2017 Marin County Real Estate Market Update

 

Sales By Price Point

The highest number of homes both available (137) and sold (97) were in the $1-2 million price range, which continues to be the most active in our market. There were 45 homes sold between $750,000 and $1 million, while 30 homes sold in the $2-3 million price range, up from 22 homes in April. A notable nine homes sold between $4-5 million. There were only 2 homes sold at $5 million or higher.

 

June 2017 Marin County Real Estate Market Update

 

I hope you have enjoyed reading my May 2017 Marin County Real Estate Market Update. I would be happy to answer any questions you might have. If you are thinking of buying or selling now or later this summer, feel free to contact me today. It is never too early to start preparing to sell your home and I am always happy to sit down with you and provide you with advice on the best improvements to make on your home for the best returns.

Contact me at 415-505-4789 or Sylvie@YourPieceOfMarin.com.

Please note: Unless otherwise indicated, charts were prepared by the Golden Gate  Sotheby’s International Realty marketing department. All reports presented by Sylvie Zolezzi are based on data supplied by TrendGraphix and BAREIS MLS. Neither the Marin Association of Realtors nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.


 About the Author: The article June 2017 Marin County Real Estate Market Update  was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.


May 2017 Marin County Real Estate Market Update

May 2017 Marin County Real Estate Market Update

Pictured above: 120 Mountain View Avenue, San Rafael, CA – Listed at $8,000,000 by Golden Gate Sotheby’s International Realty

Welcome to my May 2017 Marin County Real Estate Market Update! Spring is off to a good start and our real estate market is in full swing, with continued high demand from buyers competing for a low number of homes available for sale. How low is that number? Let me put in perspective for you: in April the months’ supply of inventory for pended homes was only 1.5. The months’ supply of inventory reflects the market absorption rate and how long it would take for the market to absorb current inventory if no new listings came on the market. A healthy inventory level is considered to be 4-6 months, which we have not experienced in Marin since 2011 when it ranged from 2.8 to 5.5.

Here is a chart that shows the number of homes for sale and sold since 2011, when the recovery started. You will note a significant decline in the number of homes available for sale starting in 2012 as many of the distressed properties which had flooded the market were sold. The good news is that the level of inventory has remained almost flat since 2015.

May 2017 Marin County Real Estate Market Update

What does it mean for you?

Buyers: Of late, the trifecta of low inventory, higher home prices and increasing interest rates has made it quite challenging to be a buyer in Marin County. The good news is that inventory is more stable, remaining at about the same level as last year and prices are leveling off. However, competition remains high, and most buyers are looking for the same amenities, including great schools, flat lots, privacy, an easy commute, walk to town location, an open floor plan, views and quiet neighborhoods. It is quite rare to find all of these features wrapped into one property, and the successful buyers are the ones who know how to compromise. The advice I gave aspiring homeowners in last month’s report bears repeating: seek a pre-approval from a local, respected lender, know what your budget and limits are, begin discussions early on about your housing wants and needs with a savvy Realtor who knows how to navigate this market. And be prepared to make decisions very fast.

Sellers: Buyers have access to market information (they are reading reports such as this one), and are working with savvy agents who are very knowledgeable of values. Overpriced homes are not selling in our market and I am seeing more price reductions from sellers who are trying to push prices higher. As prices are leveling off, it is paramount to price your property correctly from the onset to ensure you sell it for the highest possible price.


CLICK HERE TO DOWNLOAD A PRINTER FRIENDLY VERSION OF THIS REPORT.


1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

May 2017 Marin County Real Estate Market Update

Here are the main highlights:

  • The average number of active listings increased in April compared to March, as is the case every year when our market switches into high gear after the slower winter pace. However, the number of active listings was 4% lower than it was in April 2016.
  • The number of new listings decreased compared to March, which is not unusual as March typically is the first month of good weather in Marin when many sellers put their home on the market. But the drop is more significant than in previous years, and is especially important year over year.
  • The number of sold properties shot up from February’s low number of 77 and March’s number of 132 to 239-an expected seasonal increase. Year over year, the number of sold properties remained almost flat.
  • The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–went up from 114 in February to 205 in March, and now 239 in April, or almost 6% higher than in April 2016.
  • The average active (or list) price increased from $2,599,000 in March to $2,656,000 in April, and  7% year over year.
  • The average sales price on the other hand decreased month over month.   However, it is important to note that part of the increase in the average sales price for March was due to the sale of three high priced properties: $14.64M in Belvedere, $9.5M in Bolinas, and $8.25M in Tiburon.
  • Days on Market decreased to 46, on average. Some homes actually sell in just 2 or 3 days as a result of pre-marketing.
  • The months’ supply of inventory (based on pended properties) decreased compared to March’s number and compared to March 2016’s number.

 

2. THE BIG PICTURE

While it is important to remember that our Marin County real estate market is hyper local in nature, and that it moves up and down with the local supply and demand for similar types of housing, it also takes its cues from what is happening at the regional and national levels.

The San Francisco Bay Area Market

May 2017 Marin County Real Estate Market Update
View of the San Francisco skyline from the Bay

Our Marin market tends to track the San Francisco market, and it is always interesting to check in and see how it is performing. At first glance, it appears to be leveling off just as our market is.

The San Francisco market continued its steady pace through the first part of the year. Single family home values remained pretty constant, as compared to the first quarter of last year, while the number of sales increased by 4%. The market pace in San Francisco is faster than in Marin with homes selling in two to three weeks on average, compared to our 46 days.

Overbidding in San Francisco also remained consistent with last year, coming in at an average of 12% over list price, compared to our average in Marin of 1% over list price. The middle tier ($1.1 million to $1.7 million) had the greatest number of multiple offers and overbidding, averaging 14% over list price.

Condominium values posted a healthy gain of 5% in the first quarter, compared to the same period last year. This gain occurred despite an influx of nearly 1,000 new condominiums. The number of sales remained consistent with last year. Overbidding decreased slightly, coming in at an average of 4% over list price, versus 6% last year. 

I am still seeing a lot of buyers moving to Marin where they feel they can get a lot more home for their money, in addition to great schools, great weather and a great lifestyle, all within a short commute to the City. 

Economic Market Overview

I attended a Women’s Council of Realtors conference in Sacramento at the beginning of May and listened to an excellent presentation from Anita Khan, a top Wells Fargo economist. Among other factors, she blamed the low inventory on the fact that homeowners are waiting to sell because they believe their home will continue to increase in value. And indeed prices have been on an upward trend since 2011, increasing by over 50% since 2011, as illustrated by the chart below. Yet, you will notice that the increase has slowed down and actually almost leveled off since 2015. Especially when you know that the average for 2017 was high because of March’s high average sold price of $1,805,000, due to three unusually high priced sales. While I am still seeing properties receiving multiple offers and selling significantly over their asking price, there are also overpriced properties that sit on a market for several months and only sell after one or more price reductions. The market is still very competitive, and while some buyers are willing to jump in the fray in multiple offer scenarios, others are not willing to pay significantly over the asking price. As a result, the frenzy of 2015 and early 2016 seems to have subsided.

May 2017 Marin County Real Estate Market Update

Back to Anita Khan, the economist: she gave a word of caution, pointing out that this July we will reach the eighth year in our current economic cycle. Cycles typically last about 7-8 years; we are currently in the third longest economic expansion since 1850. Yet, there is no life expectancy for the business cycle. Both the extended expansions of the 1980’s and 1990’s witnessed a second wind with new stimulus of tax reform and technological applications. With the election of President Donald Trump, the financial markets have moved in a way that anticipates financial success from his tax reform and pro business policies. It remains to be seen if actual policy actions will justify such optimism.

And so far, we have been left with an expectation hangover, as markets have rallied considerably since November but no changes have materialized. We are looking at a mixed picture with strong consumer and business sentiment, and continued hope Congress will deliver on the President’s pro-business agenda, continuing to fuel the positive market momentum. Yet US GDP growth for the first quarter of 2017 was anemic at 0.7%. She is hoping this was a one-off, and that GDP will increase to 2 to 2.5% in 2017.

For this to happen, consumer spending, which is the main driver of GDP growth and was down significantly in the first quarter, will have to increase.

The biggest impediment to a full recovery continues to be low inventory of housing. As I mentioned it earlier, she feels that homeowners have become complacent, waiting for their home to increase further in value, and that they could face a sudden downturn in the economy and drop in their home value. The other big risk is a steep increase in interest rates. She expects two more interest hikes this year.

If you are thinking of selling, keep a close eye on the market and any forewarning signs of a change, as you may not know the cycle is over until prices have already started going down.

Interest Rates

For now, home loan rates remain attractive, despite a small increase. Here are rates quoted on May 12, 2017 by Rob Spinosa at RPM Mortgage.

Rate Trend: Higher by .125%.
30-Year Fixed Conforming: 4.250%
30-Year Fixed Conf-Jumbo: 4.500%
30-Year Fixed Jumbo:  4.125%
7/1 ARM Jumbo:  3.375%
FHA 30-Year Fixed: 4.000%
(All pricing above at 0 points. For reference and for real estate professionals only.  Your actual rate, payment and costs could be higher.  Get an official loan estimate before choosing a loan.)


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3. MARIN MARKET STATISTICS AND COMMENTARY 

Percentage in Contract by Area

Greenbrae had 67% of Homes in Contract in April, followed by Corte Madera (57%) and Novato (51%). Five cities had between 40% and 50% of Homes in Contract. In contrast, less active markets were West Marin (7%) and Belvedere (10%).

May 2017 Marin County Real Estate Market Update

Number of Homes Sold

Marin Single Family Home sales were up 53% from March, and up 3% compared to the same month last year. Most Single Family Homes sold in April were in the price range of $1-2 million.

May 2017 Marin County Real Estate Market Update

Home Sales by Area

San Rafael, Novato and Mill Valley continue to see the highest Number of Homes Sold at 48, 46 and 28, respectively. San Anselmo had a notable number of homes sold in April at 16, as did Kentfield and Tiburon, with 11 each for the period.

May 2017 Marin County Real Estate Market Update

Average Price Sold

The Average Sale Price of Marin Single Family Homes decreased significantly by 11% in April compared to March, from at $1,607,803 and $1,826,554, respectively. As mentioned above, the spike on March was due to a few high priced home sales in March; $14.64M in Belvedere, $9.5M in Bolinas, and $8.25M in Tiburon. Compared to the same month last year, the Average Sale Price remains relatively unchanged, up 1%.

May 2017 Marin County Real Estate Market Update

Sales By Price Point

The highest number of homes both available (110) and sold (94), were between $1-2 million. There were 50 homes sold between $750,000 and $1 million, almost double the number sold in March, while 22 homes sold in the $2-3 million price range. A notable 15 homes sold between $3-4 million. There were only 7 homes sold at $4 million or higher.

May 2017 Marin County Real Estate Market Update

I hope you have enjoyed reading my May 2017 Marin County Real Estate Market Update. I would be happy to answer any questions you might have. If you are thinking of buying or selling now or later this spring or summer, feel free to contact me today. It is never too early to start preparing to sell your home and I am always happy to sit down with you and provide you with advice on the best improvements to make on your home for the best returns.

Contact me at 415-505-4789 or Sylvie@YourPieceOfMarin.com.

Please note: Unless otherwise indicated, charts were prepared by the Golden Gate  Sotheby’s International Realty marketing department. All reports presented by Sylvie Zolezzi are based on data supplied by TrendGraphix and BAREIS MLS. Neither the Marin Association of Realtors nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

CLICK HERE TO DOWNLOAD A PRINTER FRIENDLY VERSION OF THIS REPORT.


About the Author: The article May 2017 Marin County Real Estate Market Update  was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 

 

 

 

 

 


April 2017 Marin County Real Estate Market Update

April 2017 Marin County Real Estate Market Update

Beautiful pink dogwood in bloom last week in San Anselmo

Welcome to my April 2017 Marin County Real Estate Market Report! I love this time of year in Marin: the birds are singing, the trees are blooming and with the beautiful days of spring, our real estate market is coming alive. Sellers are finally putting their homes up for sale now that the weather is more clement and their gardens look their absolute best. Anxious buyers hope to find and move into their next residence before the summer, in order to ensure their children get in the right school for the following year.

Despite intermittent rains we have enjoyed a healthy level of activity in March. We’ve finally had more new listings come on the market after the storms subsided. Open houses have been very busy, and the newly listed properties are being snatched up very fast. However, despite a jump in the number of new listings in March, inventory remains limited. Supply constraints are driving prices higher, creating a heightened sense of buyer urgency, especially in the lower end of our market–under $1 million. It’s not uncommon to see Marin homes receive multiple offers and sell for 5-10% over the list price.

All indicators point to the fact that we are in a strong seller’s market, with increasing prices, lower days on market and a tight inventory. Yet, as buyers are more and more market savvy, and aware of values, sellers have to ensure they list their properties in alignment with buyers’ values and prices. We saw the market soften in 2016 as compared to 2015, with fewer multiple offers. As a result, as the difference between the average list price and the average sales price is narrowing, it appears that sellers are more in tune with the market than they were last year, when they were still thinking it was 2015. Yet, when their homes show well, are well priced and are well marketed and advertised, they are typically rewarded with very strong offers.

The reality of this market is that Marin buyers have to move fast, and be prepared to step up sometimes significantly over the asking price to get in contract as they compete with all cash offers, no contingency offers or just crazy high offers. While it can be extremely frustrating, with the right guidance and willingness to step up, it is possible to nab your dream home. I just helped a San Francisco family to successfully compete with an all cash offer and secure a Mill Valley property in a premium location (see below). Had they not stepped up, they might have had to pay even more for another comparable property in Mill Valley as the sale price of their new home is now the new “comp” for the neighborhood. I also just helped another family earlier this week write the winning offer and get in contract on an attractive Novato property in a competitive bidding situation.

 

April 2017 Marin County Real Estate Market Update

My advice to aspiring homeowners: seek a pre-approval from a local, respected lender, know what your budget and limits are, begin discussions early on about your housing wants and needs with a Realtor who knows how to navigate this market. Most buyers are looking for the same amenities, and if you find a great home in a desirable neighborhood, there will undoubtedly be many other buyers who spot it as well, and you will have to move fast.

The reward for stepping up? As Carole Rodoni, a highly respected Bay Area economist, recently shared at a conference here in Marin, she is absolutely convinced that real estate as an investment can do you no wrong. Marin County property values continue to go up in the long term, albeit with some minor ups and downs, as clearly illustrated by the chart below. Your holding costs are reduced by the tax deduction on your mortgage interest, property tax deduction, and the depreciation if it is an investment property. Finally, when you sell, the appreciation is considered long-term capital gain, which you can avoid up to a certain level (read my article here about Six Ways to Minimize Your Capital Gains Tax) and enjoys a discounted tax rate. She feels strongly that stocks cannot match that. Oh, and also, you get to live in your investment!

April 2017 Marin County Real Estate Market Update

Source: MarinReports.com

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

April 2017 Marin County Real Estate Market Update

 

Here are the main highlights:

  • The average number of active listings increased in March compared to February, and was a little higher than in March 2016.
  • The number of new listings increased as well compared to February, but was significantly lower than in March 2016. 
  • The number of sold properties shot up from February’s low number of 77 to 123–an expected seasonal increase–, and remained just below last year’s sales for March. The silver lining for the low number of sales in February and March is that it gave a small boost to the level of inventory which was higher in March than last year despite a lower number of new listings year over year.
  • The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–jumped from 114 in February to 212 in March, or almost exactly to the same level as last March. It will be interesting to keep track of the number of new listings, because if it continues to trend below last year’s levels while the number of sales and pended properties remain at the same level, we are going to suffer from an increased scarcity of inventory.
  • The average active (or list) price decreased from $2,779,000 in February to $2,599,000 in March, while both the average sales price and median sales increased month over month. As I mentioned it earlier, when the active price trends down and the sales price trends upwards, and the gap narrows, it is a sign that the market is more balanced, that sellers are more in touch with the reality of today’s market. In 2016, sellers were expecting to sell their properties at the very high 2015 levels, and it appears that this year that they are more in line with buyer’s values.
  • The months’ supply of inventory (based on pended properties) decreased compared to February’s number and increased a tad compared to March 2016’s number. At 1.4, this number is another strong sign that we remain in a seller’s market. The months’ supply of inventory (reflecting the market’s absorption rate) indicates how long it would take for the market to absorb current inventory if no new listings came on the market. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.

 

2. THE BIG PICTURE

While it is important to remember that real estate values are hyper local in nature, and that they move up and down with the local supply and demand for similar types of housing, they are also influenced by national and regional factors.

The National and San Francisco Bay Area Markets

April 2017 Marin County Real Estate Market Update
View of San Francisco from Strawberry – Mill Valley

It appears that the entire country, not just Marin and the San Francisco Bay Area, is suffering from a shortage of inventory of homes for sale. Lawrence Yun, the National Association of Realtors’ chief economist, said at the end of March that the number of sales retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. “Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” he said. Now is a good time to sell, and until an increase in the number of listings actually occurs, home prices will continue to move hastily.

The Bay Area is experiencing some of the quickest pace of sales in the U.S: homes in Santa Clara County found a buyer in an average of 21 days, the shortest days on market in the country, with San Mateo a close second with 23 days, followed by Alamada (24 days) and San Francisco (25 days). Wow!

Economic Market Overview

“After six consecutive monthly gains, the U.S. Leading Economic Indicator (LEI) is at its highest level in over a decade. Widespread gains across a majority of the leading indicators point to an improving economic outlook for 2017, although GDP growth is likely to remain moderate,” according to Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “Only housing permits contributed negatively to the LEI in February, reversing gains over the previous two months.”

Meanwhile, the Conference Board Consumer Confidence Index®, which had increased in February, also improved sharply in March to its highest level since December 2000. The Index now stands at 125.6 (1985=100), up from 116.1 in February.

For now, the high consumer confidence index, and improved job and income prospects should prove excellent for our real estate market, as well as the very healthy stock market, especially for the high end of our Marin market. The Dow Jones Industrial Average has been trending over 20,000 in the first quarter.

The in-fighting in Washington and resulting challenges for the administration to reach its ambitious goals, combined with the tensions with North Korea may dampen consumers’ enthusiasm down the road; stay tuned to see what happens next.

Interest Rates

Meanwhile, mortgage rates are now at the best levels of the year and remain just above historic lows. Conforming rates for a thirty year fixed are at about 4.00 percent, and conforming high balance rates are a tad higher at 4.125 percent, down compared to a week ago, up compared to one year ago.

TheMortgageReports.com reported this week that, in an unexpected rally earlier this week, mortgage rates fell below the important 4% barrier to a five month low. Most experts were predicting several interest rate hikes this year, so why are they trending down?

Well, the honeymoon appears to be over, as I hinted earlier. That’s what investors are saying, anyway, denoting their curbed enthusiasm about the new administration. In late 2016, the election pushed up mortgage rates to multi-year highs. Investors built in massive economic growth before it actually happened, and economic growth causes interest rates to go up. Now, tax reforms and infrastructure plans have failed to materialize.

Add that to the fact that world conflict is heating up, and you have a recipe for falling rates.

3. MARIN MARKET STATISTICS AND COMMENTARY 

Percentage of Single Family Homes in Contract by Area

April 2017 Marin County Real Estate Market Update

 

Number of Single Family Homes Sold

April 2017 Marin County Real Estate Market Update

 

Single Family Home Sales by Area

April 2017 Marin County Real Estate Market Update

 

Average Price Sold

April 2017 Marin County Real Estate Market Update

 

Sales by Price Point

April 2017 Marin County Real Estate Market Update


About the Author: The article April 2017 Marin County Real Estate Market Update  was written by Sylvie Zolezzi. I live in Marin, work in Marin and LOVE Marin!!! I am an award winning, top producing 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 intelligence—and a genuine concern for their needs. My association with Golden Gate 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, Golden Gate 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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 

 


March 2017 Marin County Real Estate Market Update

March 2017 Marin County Real Estate Market Update

Welcome to my March 2017 Marin County Real Estate Market Update! While spring is not starting officially for a few more days, spring-like weather certainly has arrived in Marin County. Wherever you look, you can feast your eyes on beautiful trees laden with pink or white blooms. It makes my heart sing! In real estate, the busy spring season has begun as well. To the delight of agents and buyers, a nice crop of new listings is popping up on the market every day, 96 so far today (March 12) compared to 117 for the entire month of February! The market appears poised for a promising listing season ahead.

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

March 2017 Marin County Real Estate Market Update

* I have been considering removing the “Peak 2007 Monthly Average” column from my chart because as you can see our sales prices in Marin are now, and have been for quite a while, actually higher than the 2017 prices. Yet, I find the comparison in terms of inventory, number of sales and pended properties, and months supply of inventory useful. So for now, I am going to keep the column as a point of reference. 

January and February were notably slow for Single Family Home sales in Marin County. However, it is important to keep in mind that recent sales at the beginning of the year in real estate lag the real trend and don’t necessarily tell us about the current market. Since escrows take one to two months to close, February sales reflect the market activity in December and January: December is always slow because of the holidays and January was even slower than usual this year because of the bad, stormy weather. A more accurate indicator of current market activity is the number of pended listings: it was up significantly in February from January, a telling sign that demand remains very strong.

Here are the main highlights:

  • The average number of active listings increased in February by 20 percent. It was flat compared to February 2016’s number, despite a significant drop of 39 percent in the number of new listings, as a result of lower sales activity.
  • The number of new listings increased slightly compared to January’s low seasonal number, but was significantly lower than February 2016’s number.  The inclement weather and succession of severe storms in both January and February delayed some of the preparations for new listings. In March, we are seeing more listings launched.
  • The number of sold properties remained low, and was almost 20 percent lower than last year’s sales in February.
  • The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–jumped 70 percent from February’s low number. This confirms that demand remains high. 
  • The average sales price and median sales prices were similar to 2016’s prices. 
  • The months supply of inventory (based on pended properties) decreased compared to January’s number and February 2016’s number because more properties were pended during the month. This means the market absorption is increasing a little. The months supply of inventory (reflecting the market’s absorption rate) indicates how long it would take for the market to absorb current inventory if no new listings came on the market. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.

What does it mean for you?

  • If you are thinking of buying, preparation is more important than ever. In the most competitive (and desirable) neighborhoods, bidding wars, escalating prices and fast sales are the rule, not the exception. You have to accept the fact that you may not be able to check all the boxes on your wish list and get your dream home in this market. You should instead be prepared to make some concessions on location, price, move-in readiness and other factors.

    The good news is that the market pace has slowed down. It looks like we should be getting more inventory this spring, but the key is to be able to move quickly. Get pre-approved and set up property searches and alerts  on my website or contact me for free access to Real Scout, the best search tool in the industry.

    It is more than ever paramount to submit a clean, streamlined offer that makes it easy for the seller to close quickly and meets any particular needs he/she may have. If you are not paying cash, know that all pre-approvals do not carry the same weight. Make sure you work with a reputable local mortgage lender who knows the Marin market and can fully underwrite your loan before you even go under contract. That way the seller knows your financing is secure, and your offer stands a much better chance to successfully compete with all-cash offers.

  • If you are thinking of selling, preparation is key as well. Make sure your home and yard look as good as possible, and consider staging. While inventory remains relatively spare, it does not mean you can overprice your home and get away with it. Price your listing based on recent comparable sales, not the 2015’s high price your neighbor sold his home for. I am happy to provide a free, no obligation consultation on improvements with the best return on investment to make to your home whether or not you are ready to sell this season. Feel free to contact me.

2. THE BIG PICTURE

While it is important to remember that real estate values are hyper local in nature, and that they move up and down with the local supply and demand for similar types of housing, they are also influenced by national and regional factors.

Economic Market Overview

Economic optimism prevailed for another month and US stocks hit all-time highs. In the months since the Presidential election, the Dow has continued its rally and broke over 20,000 for the first time.

All indicators improved in February. The labor market continues to march ahead at near “full-employment” and recent readings on retail sales and industrial production were extremely favorable. A survey of manufacturing shows the factory sector is expanding at breakneck pace — a remarkable turnaround for an index that was contracting as recently as August 2016. Indeed, the US economy appears to be firing on all cylinders.

The consumer confidence index increased in February to 114.8 from 111.6 in January.

Of course, more jobs and better wages result in increased consumer spending and ultimately, inflation, prompting Fed Chair Janet Yellen to pledge to increase interest rates at the Federal Open Market Committee (FOMC) meeting. While interest rates remain historically attractive today at about 4.1 percent for a 30 year mortgage, Ms. Yellen did add that the Fed expected to raise rates twice more this year.

The San Francisco Market

March 2017 Marin County Real Estate Market Update
San Francisco Richmond’s District – Photo courtesy of Octoferret

Softening demand and increased inventory from new construction have resulted in fewer multiple offers in 2016 than in 2014 and 2015. According to a recent SFCurbed Article,  as the real estate site Redfin rolled out its annual list of the neighborhoods with the most competitive bidding wars in the U.S., “the San Francisco’s battlefront [was] looking a bit quiet.”  Only three San Francisco neighborhoods made the list: they were Inner Richmond, Dolores Heights and Parkside.

Back in 2014, by contrast, San Francisco commanded seven spots on the list, including the top three: the Sunset, the Castro, and Bernal Heights, and Glen Park, Westlake, Noe Valley, and the Haight further down the list.

But keep in mind all is relative. The fact there are fewer multiple offers, both in San Francisco and in Marin, does not mean the market is not competitive. It was pretty much out of control in 2015, and is more balanced and healthy now.

Marin remains more affordable than San Francisco, and attracts many buyers thanks to its award winning schools and sunny, warmer weather.

The National Real Estate Market

Lawrence Yun, NAR (the National Association of Realtors) chief economist, reports that interest in buying a home is the highest it has been since the Great Recession. According to Yun, households are feeling more confident about their financial situation; job growth is strong in most of the country and the stock market has seen record gains in recent months. While these factors bode favorably for increased sales in coming months, buyers throughout the country are dealing with challenging supply shortages that continue to run up prices in many areas, and deteriorating affordability as the result of higher home prices and mortgage rates.

In Marin, the anemic supply of homes poses an extreme challenge as we are not building new construction because of our no-growth policy. A word of advice to buyers, when you see that perfect house: jump on it!

 

3. MARIN MARKET STATISTICS AND COMMENTARY 

Number of Homes Sold 

With 74 sold, Marin Single Family Homes sales were up 1% from January, and down 22% compared to the same month last year. Most Single Family Homes sold in February were in the price range of $1-2 million.

March 2017 Marin County Real Estate Market Update

 

Percentage of Homes in Contract by Area

Greenbrae had the highest percentage of homes in contract in February (67%), followed by Corte Madera (50%) and Novato (49%). San Rafael, San Anselmo and Sausalito had between 41% and 42% of homes in contract. In contrast, less active markets were Tiburon (12%), West Marin (8%) and Kentfield which had none.

March 2017 Marin County Real Estate Market Update

 

Average Price Sold

March 2017 Marin County Real Estate Market Update

 

Sales by Price Point

The highest number of homes both available (72) and sold (28) were between $1-2 million. 25 homes sold priced between $750,000 and $1 million, while 11 homes sold in the $2-3 million price range. There were no sales of homes priced at $4 million or higher.

March 2017 Marin County Real Estate Market Update

 

I hope you have enjoyed reading my March 2017 Marin County Real Estate Market Update. I would be happy to answer any questions you might have. If you are thinking of buying or selling now or later this spring or summer, feel free to contact me today. It is never too early to start preparing to sell your home and I am always happy to sit down with you and provide you with advice on the best improvements to make on your home for the best returns.

Contact me at 415-505-4789 or Sylvie@YourPieceOfMarin.com.

Please note: Unless otherwise indicated, charts were prepared by the Decker Bullock Sotheby’s International Realty marketing department. All reports presented by Sylvie Zolezzi are based on data supplied by TrendGraphix and BAREIS MLS. Neither the Marin Association of Realtors nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

About the Author: The article March 2017 Marin County Real Estate Market Update  was written by Sylvie Zolezzi. I am an award winning, top producing 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 intelligence—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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 

 

 

 


February 2017 Marin County Real Estate Market Update

February 2017 Marin County Real Estate Market Update

 

Welcome to my February 2017 Marin County Real Estate Market Update! As we start a new year, the market seems to continue the cooling trend it initiated in 2016. Let’s look at the main market highlights and the fundamentals driving the market to better understand its performance.

 

1. MARIN COUNTY MARKET HIGHLIGHTS AND ANALYSIS

More than at any other time of the year, the seasonal market slow down in December makes comparing year over year figures more accurate than month to month numbers.

February 2017 Marin County Real Estate Market Update

January was notably slow for Single Family Home sales in Marin County. Here are the highlights:

  • The average number of active listings increased in January, a normal increase from December’s seasonal low due to the Holidays. More importantly, the number was also 10 percent higher than in January 2016. This increase is due to a slower pace in sales, not an increase in new listings as seen below.
  • The number of new listings increased compared to December’s low seasonal number, but was significantly lower than January 2016’s number.  The inclement weather and succession of severe storms delayed some of the preparations for new listings which frequently launch after Super Bowl Sunday. Uncertainty about changes in tax codes, interest rates and the new administration have also contributed to a tentative sellers’ market. We anticipate a very active listing season in the coming months, while cautious sellers and buyers regain confidence.
  • The number of sold properties decreased month over month and also year over year.
  • The number of pended properties (or properties in contract)–the most accurate indicator of how the market is performing right now–increased compared to December, and dropped a tad compared to January 2016. This means demand remains high. 
  • The average sales price decreased very slightly from December, but was 14% higher than in January 2016.
  • The median sales price also decreased very slightly from December, but was 16% higher than in January 2016, a testimony to the competitive nature of the market throughout 2016 and the continued imbalance between supply and demand.
  • The months supply of inventory (based on pended properties) decreased slightly compared to December’s number, but was up compared to January 2016. This means the market absorption rate is decreasing a little.

If you are interested in more detailed information and statistics on a particular town/city in Marin, please visit my Marin County Real Estate Page. You will find information about each community, neighborhoods, schools and up to date statistics (the stats update automatically the 8th of every month).

Overall, we are continuing to see the cooling trend of 2016. As buyers started pushing back on price, became more picky than in 2015, and experienced uncertainty surrounding the November elections, sellers found out the hard way that correct pricing was paramount to a successful sale. The good news for sellers is that there continues to be a backlog of demand and limited supply. Good condition and spot on pricing are rewarded by quick sales. Buyers, make sure to narrow down your criteria, educate yourself as much as you can on the market, get pre-approved if you are financing your purchase, in order to be ready to pounce when the right home comes on the market. If you are just starting your search, you can sign up for an account to search homes and receive alerts right here.  If you are ready to buy now, feel free to contact me. I will invite you to open an account for RealScout, the best tool in the industry to set up very detailed searches and receive alerts. I can help you find off-market or pre-market properties.

What does the market softening mean? In my view it is a positive trend as moderating price increases generally indicate improved market stability and the emergence of a more balanced market.

It is hard to know what 2017 holds in store for our Marin County market. We have not seen a tidal wave of new listings so far this year, but I believe there is a lot coming soon later in the spring. Stay tuned!

2. THE BIG PICTURE

While it is important to remember that real estate values are hyper local in nature, and that they move up and down with the local supply and demand for similar types of housing, they are also influenced by national and regional factors.

Economic Market Overview

  • The post-election stock market momentum carried over to the New Year and continued through January, albeit at a more modest pace.
  • January employment reports showed 227,000 new jobs were added — well above expectations and the strongest gain since September.
  • February 2017 Marin County Real Estate Market UpdateThese figures combined with positive indicators (see side chart from the Consumer Confidence Conference Board) indicate the economy is continuing with its positive trends. While the Consumer Confidence Index dropped slightly in January, it is important to note that it had jumped in December to 113.3, the highest level since August 2001. Small business confidence, manufacturing statistics, and corporate earnings are all rebounding as well.
  • There has been little movement in mortgage interest rates; most recently a slight decline, reversing some of the increases in November and December. This may be the result of a weak fourth quarter GDP reading which resulted in a lower average GDP reading overall for 2016 (1.6%), the lowest it’s been since 2011. The Fed acknowledged the slow growth when they voted to hold the Fed Funds Rate steady at their January meeting, and with inflation below its 2% target, significant increases are not expected in the near term.

These strong economic fundamentals should give a boost to our local Marin market, especially its high end luxury segment, which typically tracks the stock market and consumer/business confidence indexes. On the other hand however, our low level of inventory in Marin, exacerbated by our no-growth policy and limited housing stock, is likely to continue to hamper sales in 2017 as qualified and motivated buyers struggle to find available properties for sale.

3. MARIN MARKET STATISTICS AND COMMENTARY 

Number of Homes Sold

February 2017 Marin County Real Estate Market Update

 

Average Price Sold

The Average Sale Price of Marin Single Family Homes remained relatively unchanged compared to December. The Average Price Per Square Foot was $603, with home sales ranging from a minimum of $475,000, to a maximum of $5.75 million.

February 2017 Marin County Real Estate Market Update

Sales by Area

Novato, San Rafael and Mill Valley continue to see the highest Number of Homes Sold at 20, 16 and 13, respectively. Belvedere, Larkspur, Ross and Sausalito had no sales recorded. Average Days On Market ranged from 160 in West Marin, to a swift two in Kentfield.

February 2017 Marin County Real Estate Market Update

 

Homes in Contract by Area

Larkspur had 50% of homes in contract, although no sales were recorded in January. Novato had the highest percentage of homes in contract. Fairfax and Kentfield markets had no homes in contract in January.

February 2017 Marin County Real Estate Market Update

 

Homes Sold by Price Point

The luxury market had only 2 homes sold, one in the $4-$5 million range, one in the $5-$7 million range, and none over $7 million. The $1-$2 million range was the most active in January.

February 2017 Marin County Real Estate Market Update

 

I hope you have enjoyed reading my February 2017 Marin County Real Estate Market Update. I would be happy to answer any questions you might have. If you are thinking of buying or selling now or next summer, feel free to contact me today. It is never too early to start preparing to sell your home and I am always happy to sit down with you and provide you with advice on the best improvements to make on your home for the best returns.

Contact me at 415-505-4789 or Sylvie@YourPieceOfMarin.com.

Please note: Unless otherwise indicated, charts were prepared by the Decker Bullock Sotheby’s International Realty marketing department. All reports presented by Sylvie Zolezzi are based on data supplied by TrendGraphix and BAREIS MLS. Neither the Marin Association of Realtors nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

 

About the Author: The article February 2017 Marin County Real Estate Market Update  was written by Sylvie Zolezzi. I am an award winning, top producing 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 intelligence—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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.

 


Marin County’s Luxury Real Estate Market in 2016 – Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County’s luxury real estate market remained very active in 2016, with an impressive number of stunning, unique and exclusive properties changing hands. But don’t take my word for it,  I am inviting you to feast your eyes on the 10 priciest homes sold in the County this past year below.

First, however, let me put the market’s performance in 2016 in perspective as compared to the past few years. If you have been reading my blog, you know that I always like to look back at past years to help you better understand what today’s numbers truly mean.

After the 2008 market crash, the luxury market was pretty dismal and only 8 homes in the $5,000,000 and up price range sold in 2009. By 2012, the high end market had regained some momentum and there were 17 homes over $5,000,000 sold in 2012 and 15 in 2013. In 2014, the Marin County Luxury  Real Estate Market saw a large upswing in prices and the number of properties sold, with the number of homes over $5,000,000 more than doubling year over year, jumping from 15 in 2013 to 38.

Yet 2015 was the year when the luxury market really took off, riding the wave of the tech and economic boom in the San Francisco Bay Area, with 45 homes over $5,000,000 changing owners. 7 of these 45 sales were over $10,000,000, a first in Marin County!

2016 saw Marin’s luxury home sales cool down slightly, but not quite as much as San Francisco’s.  The Marin County entry level housing market experienced increasing activity while the upper end market softened a little. Across the board buyers were more cautious, and fewer multiple offers resulted from their more deliberate approach, resulting in a softening of prices.

It is interesting to note that Larkspur saw its first sale over $5,000,000 this year.

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Stay tuned for my very detailed 2016 Year in Review coming soon! In the meantime, feel free to contact me with any questions on any segment of the Marin market. Whether you are thinking of buying or selling a high end property or an entry level home, I am happy to help.

Now, as promised, enjoy the tour of the 10 most expensive homes sold in Marin in 2016. Please note the priciest one was sold off MLS.

1. 20 Glenwood Avenue, Ross

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Alyssa Taubman and Donna Goldman, Alain Pinel Realtors 

Sold off MLS for $15,000,000 or $1,171 per square foot. The 12,800 square foot 7 bedroom, 10 bath private estate was built in 1902 and sits on close to 2 level acres. It was owned by filmmaker, screenwriter, and actor Barry Levinson in the 1990’s.

2. 1860 Mountain View Drive, Tiburon 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Scott Woods, Bill Smith and Ann Aylwin, Pacific Union International

Sold for $13,000,000 or $2,889 per square foot. An icon of modern design, this recently completed 4,500 square foot, 4 bedroom 5 bath stunning home offers a prime location on a 1/2 acre with San Francisco, Golden Gate Bridge, Angel Island and Mt. Tam views. Presenting a masterful design with top of the line finishes, 11 foot ceilings,indoor-outdoor flow with Nana walls, decks and smart-home technology. Infinity pool, spa, outdoor shower, level lawn.

 

3. 185 Gilmartin Drive, Tiburon 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Bill Bullock and Lydia Sarkissian, Decker Bullock Sotheby’s International Realty. 

Sold for $12,000,000 or $867 per square foot. This gated, private, newly-refinished residence of 13,836 square feet offers a main house with 5 bedrooms, 5 full baths and 3 half baths, a recreation/media room, wine cellar, elevator, foyer with grand staircase, formal Living Room and Dining Room, library, kitchen/family area, master suite with lounge and fireplace. It also has a separate two level, 1 bedroom, 1.5 baths guest house has a kitchenette and a separate 1 bedroom 1 bath au-pair apartment. Beautiful curved pool, spa, sauna and steam room, tennis court, large level lawns, 4 car garage, 3 car carport & large motor court. Captivating views.

 

4. 68 Bridge Road, Ross 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Cj Spielman, Paragon Real Estate Group

Sold for $9,925,000 or $1,256 per square foot for $9,975,000. Owned by the legendary Phil Lesh of the Grateful Dead, the Bridge House, built in 1906 by Conrad Meussdorffer offers a once in a lifetime opportunity to live in an unparalleled setting on 2+ acres in the flats of Ross within a quick stroll to the coveted Ross K-8 school. Welcoming and warm, this 7,900 square foot, 7 bedroom gracious residence has been carefully updated to today’s standards yet remains respectful to the original design. Every window offers complete privacy and park like views of the gorgeous manicured grounds, and inviting swimming pool.

 

5. 266 Seadrift Road, Stinson Beach 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Sarah N. Butler and Gloria Smith, Oceanic Realty and Sotheby’s International Realty

Sold for $9,500,000 or $1,721 per square foot. A rare opportunity to own a spectacular beachfront home on 2 lots boasting spectacular views throughout of Pacific and City foothills. The courtyard is protected and offers views and an outdoor fireplace. The master suite wing also has a fireplace, outlooks, an office and an exercise room. The luxurious master bathroom features 2 vanities, a walk-in shower, walk-in closets. A truly rare offering of 2 prime beachfront lots that feature a 5,520 square foot stunning residence with uncommon privacy.

 

6. 108 Laurel Grove Avenue, Ross 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Tracy McLaughlin – Pacific Union International

Sold for $9,408,000 or $1,113 per square foot. Unrivaled 8,455 square foot Italianate Summer estate on 3 acres in the coveted flats of Ross! Completely renovated throughout! Extensive use of timeless designer finishes with all white marble kitchen & baths. The property offers great scale, a traditional floor plan (all 4 bedrooms up), a full guest house within the main house as well as a secondary detached 2 bedroom guest house! Private and quiet, yet just blocks from town and the K-8 school. Resort like with huge lawn, pool/spa, and entertaining areas.

 

7. 12 Upper Ames, Ross 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Tracy McLaughlin – Pacific Union International

Sold for $9,150,000  or $1,292 per square foot. Ultra-chic modern estate in the heart of Ross! The 7,082 square foot property has been completely restored with great scale, high ceilings, white marble, and a pleasing grey/white palette throughout! The home has been used extensively in print and commercial photo shoots.  5 bedroom main house + guest house+ pool house. Incredible resort like grounds with pool, spa, badminton, sport court, level lawns, and stunning views. Gated & private. In the flats just 2 blocks from school.

 

8. 133 Sugarloaf Drive, Tiburon 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Kouros Tavakoli, Decker Bullock Sotheby’s International Realty

Sold for $9,100,000  or $1,222 per square foot. This magnificent gated estate set atop exclusive Mt.  Tiburon boasts ultra chic interiors and world class views that span the Golden Gate bridge to the San Francisco skyline. Luxury abides in this 7500 sq ft, 4 bedroom, 7 bathroom opulent home. A full spa, replete with European elegance, affords the discerning buyer a coveted lifestyle. A rooftop deck, shimmering pool and soaring fountains further enhance the appeal of this premier property.

 

9. 170 Laurel Grove Avenue, Ross 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Arrian Binnings and Payton Stiewe, Pacific Union International

Sold for $8,745,000  or $1,128 per square foot). 170 Laurel Grove is a 7,750 square foot magnificent gated estate with 5 buildings located on a very private parcel. Altogether, there are 7 bedrooms, 7 baths of which 6 bedrooms and 4 bathrooms are in the main house. There are two guest cottages accessed by hillavator, a totally renovated pool house, and a detached garage with a legal loft space above. The property features a huge sprawling lawn, a rare and highly desirable feature due to the local topography. Inside is a huge wow factor-must see!!

 

10. 296 Beach Road, Belvedere 

 

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Marin County's Luxury Real Estate Market in 2016 - Sizzling Hot or Cooling Down?

Listed by Bill Smith and Ann Aylwin, Pacific Union International

Sold for $8,224,000 or $1,623 per square foot. Rare opportunity to own Landfall, a historic waterfront 5,066 square foot estate on Belvedere Island with generous deep-water dock and views of San Francisco Bay. Modern, yet character-filled amenities include 6 bedrooms plus au pair quarters, 5 full baths, gourmet kitchen, living and dining rooms, sun room, game/workout room and more. Grounds host lush gardens, patios and meandering paths with a two-car garage, workshop, shingled tool shed and hillside pergola.

 

Spring is right around the corner. If you are thinking of selling your home, it is not too early to start preparing it for market. I am happy to meet with you to discuss the best improvements to make to help you sell your home for the highest possible price.


About the Author: The article Marin County’s Luxury Real Estate Market in 2016 – Sizzling Hot or Cooling Down was written by Sylvie Zolezzi. I am an award winning, top producing 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 intelligence—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 work with you. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.