Marin County Real Estate Market Report November 2021 | Latest News

Marin County Real Estate Market Report

November 2021

October brought us continued home price appreciation in Marin County with the median home price up 16% vs. the same month last year to $1.7 million. The number of homes for sale in the county was down 35% to just 204 homes on the market. 

Normally in Marin we see the market slow down for the holidays in November and December, then re-awaken in late February or early March. Last year however the pandemic delayed the start of the spring season. It was my busiest year ever and I was closing deals through New Year’s Eve.  We also saw an extraordinary number of buyers moving from the city. All of this contributed to a market that did not take a holiday breather. Based on what I am seeing, I believe this year will be more like other typical holiday seasons.

Interest Rates Forecast to Climb

The Federal Reserve signaled last month that interest rates may be allowed to rise in 2022. Already we have seen mortgage rates climb from their all-time nadir but they are still at historical lows. I believe my first mortgage years ago was at 8% and now rates continue to be less than half of that. Read more here from CBS Marketwatch.

What’s Happening In My World

I just launched a beautifully remodeled duplex in San Rafael’s “walk-to-everything” Sun Valley neighborhood. Located just a few blocks from Sun Valley Elementary School, Sun Valley Park and Andy’s Market, 2002-2004 Fifth Avenue features two 2 BR/1BA units in a great location. Exclusively offered for $1,749,000. Click here for more information.

I was also pleased to close on my listing at 2102 Feliz Drive in Novato, which sold in 4 days for $115,000 over asking. We have seen significant price appreciation in central and northern Marin, and Novato has become a new real estate hotspot. Buyers are attracted to its charming downtown and small-town feel.

I also helped buyers close on 120 Coronet Avenue in Mill Valley — a lovely home with a stunning view. It was a competitive bidding situation but we prevailed and they are very excited spend the holidays in their new home.

Believe it or not, it’s not too early to begin thinking of the spring market. Whether you are buying or selling, let’s discuss the best strategies to set you up for success in what promises to be another competitive year in Marin county real estate.

Prices Surge Across the Country

According to this New York Times article from November 13th, median home prices have surged across the country, up 24.8 percent since March of 2020. Sixty-three percent of buyers made an offer on a home in 2020 that they had not yet seen in person. Furthermore, multiple bids are no longer confined to the country’s large metropolitan areas: “…the cutthroat competitiveness that once defined only a few U.S. markets (San Francisco, New York, Los Angeles) had now become standard across the country, as the median home price in small- and medium-size metropolitan areas rose by jaw-dropping levels: Boise, Idaho, 46 percent; Phoenix, 36 percent; Austin, 35 percent; Salt Lake City, 33 percent; Sacramento, 28 percent.”

How Can I Help?

These market reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area. Call or text me anytime at 415-847-5584.