Marin Market Update
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Quarterly Marin Market Update
THE MARIN COUNTY MARKET AT A GLANCE
Marin County Market Overview
From Compass Chief Economist Selma Hepp – July 12, 2019
Home sales activity in Marin County in the second quarter picked up solidly compared to the challenging start to the year. And while overall sales still trended slightly below last year’s second quarter, sales of homes priced above $2 million saw a stronger rebound finally falling in line with last year’s sales.
Meanwhile, for-sale options were plenty for home buyers and seasonal inventory increase showed the largest jump in the last 5 years with equally large increases in all price ranges. While buyers were quicker to make a purchase compared to exceedingly slow winter months, they still took longer than the same time last year. Also, while the need for price reductions lessen in the spring, more homes on the market were seeing price reductions than during the last few spring seasons.
Median home prices picked up as well but trended slightly below last June’s high. Overall, 2019 median home prices in Marin County are at the same level as during the same period last year. While buyer frenzy has leveled off, about 4 in 10 homes in Marin end up selling above the asking price, especially renovated homes in close proximity to amenities.
Looking Forward: Although summer months bring slower home sales activity, favorable conditions for buyers including more inventory, lower interest rates, and steady home prices may lure in potential home buyers.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts includes single-family homes in these communities.