The August 2017 Marin County Real Estate Market Report
Just Sold by Thomas: 5 Norwood Avenue in Ross (Represented Buyers)
Welcome to my Marin County Real Estate Market Report for August 2017! Summer slowdown? Hardly! While the Marin County real estate market has slowed from its fever pitch in the spring, there is still plenty of activity out there. In fact, it was my busiest July ever. Of course I could not do this without you, and I truly appreciate your referrals and support. Based on this Marin IJ Real Estate Market article that I was happy to be quoted in, it is looks like I’m not the only one experiencing a busy summer season.
The big story this month (besides the continued price appreciation in Marin County) is the double-digit decline in the number of homes for sale (which we refer to as “inventory”) which is down almost 15% versus the same time last year. New listings are down 40% versus the same month last year while sales have increased almost 7% during the same period. No wonder prices continue to increase given that buyers are competing for fewer homes in the county.
Speaking of which, my buyers closed on 5 Norwood Avenue in Ross (photo above, with a happy Realtor standing in front of it) and I have just listed a lovely home at 36 Tampa Drive in San Rafael for sale. It is recently-remodeled with beautiful bay views and true indoor / outdoor living with a beautiful patio just off the kitchen.
In July my listing of Olympic Gold Medalist Michael Johnson’s house, 87 Brodea Way in San Rafael, also closed. I always protect the privacy of my clients and in this case Michael and I agreed that his name recognition would add to the publicity around this house, which it did. I was pleased to receive coverage in a number of media outlets, including Curbed SF , the Marin IJ and SF Gate.
I also closed on 493 Washington Court in Tiburon, and we set a new record for this area of one of Marin’s most popular towns. Buyers were attracted to this home’s bold, striking design, and the sellers were rewarded with multiple offers including an all-cash full-price offer which was the winner.
Finally, I launched 304 Bolinas in San Anselmo, which went into escrow in 4 days. It just closed today (August 8th) for $2,275,000 — $100,000 over the asking price with multiple offers. The seller did an amazing job remodeling this home with exquisite taste and attention to detail, and buyers definitely noticed.
Next month I will be attending the Sotheby’s International Realty Global Networking Event in Las Vegas to serve as a member of the social media experts panel as well as to learn best luxury home marketing practices from some of Sotheby’s top agents around the globe. I always look forward to meeting other agents from around the world and hearing about the latest trends in the luxury real estate market.
I hope you are having a wonderful summer. My tomato crop has been bountiful this year, and it seems like our weather has been even better than summers past. As always, I am happy to discuss the Marin real estate market with you — just give me a call at 415-847-5584.
Just Launched – 36 Tampa Drive in San Rafael
Marin County Real Estate Market Report August 2017 Dashboards
Marin County Real Estate Dashboard:
Home Prices
For sale prices decreased by 3.9% versus last month and increased 8% vs. the same month in 2016.
Average sold prices decreased by 3.1% vs. last month and increased by 7.5% vs. the same month in 2016.
The median home price decreased by 7.3% and increased 5.1% vs. the same month in 2016.
The average price per square foot sold decreased by 2.5% vs. last month and increased by 7.9% vs. the same month last year.
All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
Dashboard compiled by Thomas Henthorne, all rights reserved.
Marin County Real Estate Dashboard:
Inventory
Number of homes for sale decreased by 5.2.% vs. last month and decreased 14.8% vs. the same month in 2016. New listings decreased 40% versus July 2016.
Number of homes sold decreased 13.6% vs. last month and increased 6.8% vs. the same month in 2016.
Months of inventory increased 7.6% vs. last month and decreased 22.1% vs. the same month last year.
The average days on market increased by 17.1% vs. last month and decreased 4% vs. last year.
All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
Dashboard compiled by Thomas Henthorne, all rights reserved.
National Real Estate Market Update
Courtesy of Wells Fargo:
Western Markets Drive Home Prices Higher
“The median price of an existing home rose to an all-time high on a nominal basis in June, climbing to $266,200. Most other measures of home prices are either at or near all-time highs, including new home prices and the FHFA Purchase Only Index, which measures prices for homes purchased with mortgages securitized through Fannie Mae or Freddie Mac. The FHFA index rose 6.9 percent this past year, reaching a series high in May. While the CoreLogic Home Price Index (HPI) is not quite at its all-time high, it is close. Rising demand for new and existing homes combined with unusually lean inventories of homes and lots have pulled home prices higher.
Even though home prices have recovered on a nominal basis, prices remain almost 15 percent below previous highs on a real, inflation-adjusted basis. In addition, home price appreciation has not been evenly spread throughout the country. Only 41 of the nation’s 100 largest housing markets have seen prices surpass their previous nominal peak and even fewer markets have seen prices fully recover in real terms, according to Harvard’s Joint Center for Housing Studies.
Home prices are yet another example of how exceptionally uneven this economic recovery has been. The strongest growth has been concentrated in a handful of markets, mostly in parts of the country with a vibrant tech sector. These areas have tended to experience strong job growth, increased population inflows, soaring rents and robust home price appreciation. These increases are somewhat misleading. Vast areas of the country have seen home prices recover much less. The S&P CoreLogic Case-Shiller HPI is weighted by the aggregate value of single-family homes as of 2010, which means price changes in perennially pricey Western metro areas carry more weight in the overall index. When weighted by number of households, home prices have appreciated more gradually and are 7.8 percent below the currently reported overall figure.”
What This Update Means For You
SELLERS: If you’re thinking of selling your home, don’t listen to your Uncle Fred at dinner who says it is a sellers market and buyers will pay anything. Buyers are well educated and the majority in Marin County are working with very experienced and savvy agents who know values. Keep an eye on some of the trends we are seeing — that while inventories remain tight, sellers are having a hard time pushing pricing higher than last year. Bottom line: price your home for this market, not for the market in early 2016 or 2015.
BUYERS: For home buyers, the good news is that more balance is coming to the Marin real estate market even though inventories are tight. Look for homes that are well-priced and be prepared to move quickly. Chances are you are looking for the same things most other buyers are also seeking (see my list below.) Set up property alerts on my website so you can immediately see new homes on the market, and make sure you are pre-qualified so you present a compelling offer. (You may wish to read my article Buying a Home in Marin County for more tips and advice.) One other tip: Ask your agent to run aged inventory reports in and above your price range. Sometimes there are some real gems that the market has overlooked due to pricing or other factors.
What Are Buyers Looking For Right Now?
In speaking with buyers, they want it all right now, with the following at the top of their lists:
- Great schools
- Single-level
- Easy commute
- Walk to restaurants and shops
- Views
- Quiet streets
- Remodeled homes in move-in condition
Smart buyers, which is almost all of them, realize they cannot have all of those attributes and buying a home in a market like Marin County is a series of tradeoffs. For example, they may choose to give up walking to restaurants to be in the hills with a view of the bay. In any event, we are seeing buyers that are more tech-savvy than ever and who have done their homework, reading market reports such as this one and spending a lot of time online looking at homes.
Wondering If You Should Buy or Rent?
This handy calculator is a great place to start. Then give me a call and let’s discuss.
Marin Real Estate Market Report Charts
(click any slide to enlarge & launch slideshow)
“For Sale” vs. Sold Home Prices vs. Median Home Prices
Marin Home Prices List Price vs. Sold
Marin County Months of Inventory Based on Closed Sales
Average Price Per Square Foot
Would you like to see this data for your town only?
I am also now rolling out market update charts for selected towns in Marin. Please click the below for local real estate market updates & charts:
Kentfield Real Estate Market Update
Mill Valley Real Estate Market Update
Just One More:
The Beautiful Kitchen at 304 Bolinas Avenue (Just Sold!) :
I hope you have found my Marin County Real Estate Market Report for August 2017 informative. Please feel free to add your comments, questions or suggestions in the comments section below. If I may be of any assistance in helping you attain your real estate goals, please call or text me at 415-847-5584 and I will be in touch right away.
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This is huge! “New listings are down 40% versus the same month last year while sales have increased almost 7% during the same period.” As always great information and presentation of facts in written and visual media form. Beautiful listings as well. Thanks for sharing.
Thank you, Judy! Yes, I thought that number was pretty important given low inventories have been the story for several years now… so it’s 40% off a low base.
Hope you’re having a good summer!