Marin Residential Market Update [sponsored]
Market conditions in Marin remain tight and seller favorable. Sales activity continues to be active, but has edged lower in recent years due to inventory constraints. Single family and condominium sales probably reached their cyclical high in 2013 when nearly 3,100 homes were sold, compared to 3,000 in 2014 and 2,900 in 2015. With current inventory at 1.4 months of supply for single family homes and 1.3 months for condominiums, the expectation is for slightly lower sales once again in 2016.
The resilient rate of sales has kept pushing median prices higher, although the rate of increase has slowed. The median single family home price reached its highest point of $1.21 million in April 2016, 7.1% higher than one year ago. Condominium prices rose by 6.5% over this same time period to $625,000, but was slightly below its all-time high of $634,000 reached in July 2015. Not surprisingly, the amount of time required to sell homes remained quick at 38 days on average, which compelled buyers to act decisively on purchases. In fact, successful buyers bid 102% of asking price for homes they acquired in April 2016.
Challenging market conditions are likely to persist for buyers in 2016, although newly available home supply is expected to rise in the months ahead as it typically does in the summer, and if the sales rate continues to slow, better opportunities than in years’ past may emerge.
All of these trends are reflecting countywide data, but what's happening in each city or even a specific neighborhood may vary widely. Real estate is nuanced and highly local. For more personalized information, call me today at 415.328.4143. I'll match you up with a member of our team who can assist with all your real estate needs.
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