Marin County Real Estate Market Snapshot - April 2014
The active listings for Single Family Homes in Marin increased slightly but inventory is so low it is 70% less than at the peak in 2007. Sales are brisk with the number of listings going into contract increasing by 28%.
Online, April 15, 2014 (Newswire.com) - The demand for housing in Marin County remained strong for the first quarter of 2014.
The active listings for Single Family Homes in Marin increased slightly but inventory is so low it is 70% less than at the peak in 2007. Sales are brisk with the number of listings going into contract increasing by 28%.
Home Sales by Area
On the National scene, 3 of the top 5 hottest housing markets are in California with San Francisco in the #2 spot under Las Vegas according to a recent Case-Shiller 20-city, home-price index report. Rates have been hovering around 4.4%, up nearly a point from the same time a year ago, resulting in borrowers in essence paying 25% more.
The Average Sale Price for Single Family Homes in Marin is now $1,473,416, 21% above the peak average in 2007. The Average Price Per Square Foot is $606, which is 1% higher than the peak average.
Belvedere had the highest home sale last month, at $12,000,000, which was a Decker Bullock Sotheby's listing where we represented both sides of the transaction. The next highest priced sale was for $6,150,000 in Tiburon. The Beach Cities continue to have the longest Average Days on Market at 192. Corte Madera had the shortest Average Days on Market and continues to be one of the hottest cities in Marin County. Mill Valley, Novato and San Rafael continue to move the most inventory with double digit closings for the month of March.
Homes in Contract
For the fourth consecutive month Corte Madera continues to thrive with an overwhelming 69% of inventory in contract for the month of March. Seven of the 15 Marin locales in our report have more than half their inventory in contract for the month of March. The fewest homes in contract remained the Beach City area at 6%. Sausalito, Ross and Fairfax homes in contract saw double digit increase month-over-month, with Sausalito jumping 25%.
Marin Market by Price Point
While 64% of active Single Family Homes in Marin are under $2 million, they represent 81% of March's sales. The luxury market had improved movement. There were three times as many luxury sales in the first quarter of 2014, compared to the same quarter last year. The months of inventory dropped significantly in the $3M-$4M from 9 the previous month to 2 in March. The $5M to $7M range also saw a drop in months of inventory and had 4 pending at the time of data publication.
Average Sale Price
The Average List Price showed a slight reduction since February with the Average Sale Price coming up. The Average Sales Price for March of $1,473,416 is 26% higher year-over-year.
Number of Homes Listed and Sold
The number of Single Family Homes in Marin for sale in March 2014 increased substantially year-over-year by 21%. The closed sales were up month-over-month with a 68% increase.
Also according to the California Association of Realtors "2013 International Clients Survey," saw U.S. as a safe place to invest. These buyers spent over $68 billion on homes across America during March of 2012 to March of 2013.
To read the full report, please visit http://marinhomelistings.com/Communities/Monthly-Market-Report/Marin-Market-Snapshot-MAR-31-2014
Also see our annual 2013 report on the real estate market in Marin County, a city by city analysis
http://marinhomelistings.com/Communities/Marin-Market-Report