Marin Market Update

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Quarterly Marin Market Update
Q3 2017



From Pacific Union International Chief Economist Selma Hepp – Oct. 18, 2017

Marin County homebuyers remained enthusiastic in the third quarter, continuing the streak of healthy home sales activity that began earlier in the year. Marin County saw the second-strongest increase in home sales in the Bay Area this year, driven by strong demand for homes priced between $2 million and $3 million.

At the same time, third-quarter inventory was lower than during the same period a last year, leading to heightened competition among buyers. Bidding wars remained common, and almost half of homes sold over the asking price, a notable increase from the same period last year.

Strong sales amid a declining number of homes for sale led the months’ supply of inventory to fall to almost half of what it was during the third quarter of 2016. Fewer homes for sale combined with robust demand kept pressure on prices, which continued to grow at a solid pace, especially for more affordable properties. Homes sold a few days faster than they did at the same time last year.

Looking Forward: Heightened enthusiasm among buyers suggests that activity in the fourth quarter will remain strong. Fall is already showing strong activity, boosted by new listings coming to market, which buyers have been eagerly anticipating.

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.

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