The Marin County Fair is well underway, and people are vacationing.Â My open house in Larkspur on Sunday had 23 groups through, but mostly neighbors.Â I didn’t get the sense that anyone was really seriously looking this week.Â With the 4th of July in the middle of the week, many people are taking off the entire week and through next weekend.Â The home buyers who are out looking right now are serious but cautious.Â They don’t want to compete and they don’t want to overpay.Â All my active buyers are on vacation or spending time with family.Â I can’t say mind this week- I am off to make a blueberry pie andÂ plan to spend the afternoon at the beach.
School is out and summer is here. The sound of children’s laughter and the smell of summer barbecues fill the air. Many people have started their summer vacations. So what is this doing to the real estate market? Last week’s broker tour seemed very quiet. Many “hot” properties were empty when I walked through at tour time, although I did hear a couple of agents say they had more than 70 agents through their tour. Slower Broker Tours means more agents (and their clients) on vacation. It will be interesting to see the number of clients through open homes this weekend.
The big picture Marin real estate market has defnitely slowed down. 24% of single family homes in Marin County are in contract. This generally indicates a buyers market. If we look at specific cities, Greenbrae has 46% of listings in contract, Fairfax 42%, and Corte Madera 39%. These percentages would generally indicate a sellers market. The slowest areas based on percentage in contract are Ross (10%), Belvedere (14%), Sausalito (14%), San Rafael (20%), Tiburon (22%) and Novato (22%). Kentfield (26%), San Anselmo (31%), Larkspur (33%), and Mill Valley (35%) are more balanced.
March was Marin’s strongest real estate month this year, with a gradual downtrend in number of listings in contract over the last couple of months.
Hot, hot, hot? I talk about it, the IJ talks about, multiple offers, people locking themselves in houses to make sure they are the only people who see it.. is the marin real estate market crazy, crazy, crazy? Can sellers get any price they want? NO!! We are seeing multiple offers, and that upper end market is hot. Actually, the higher the price, the hotter it has been BUT this is not the norm. All over Marin, good houses are sitting on the market unsold. Sellers have to be realistic about their prices. Overpriced homes will not sell. Buyers are prepared to wait for big price reductions. With interest rates creaping up, buyers in the lower price ranges are watching prices very closely. The Marin market is still active, but it generally gets pretty quiet in the summer months.
Curious about how to sell your home in this changing market? It is all about creating an emotional connection with the buyer.
So, what’s happening….
Well I heard this week that a buyer in Southern Marin locked himself in a house with their agent to prevent other buyers from seeing a property while they wrote an offer. Desperate measure? Sure seems like it! Multiple offers are still very common in Marin, yet many properties are sitting on the market. The average days on the market in May (through the 30th) was 58, the median sales price was $1,012,500. 188 properties were sold. The most active price point was between $1,000,000 and $1,750,000. The highest sale in Marin so far in May was $7,950,000. The lowest single family home sold (excludes condos) was $550,000.
# of Home Sales by Area
May 1-May 30, 10:40 am
Corte Madera- 10
Dillon Beach -1
Greenbrae – 4
Mill Valley- 30
Muir Beach -1
San Anselmo- 12
San Geronimo Valley- 5
San Rafael- 40
Stinson Beach -1
Tiburon – 15
The marin real estate market continues to be brisk. In the last week, activity for Marin County Single Family Homes (no condos) was as follows:
- New listings- 97
- Price Reductions- 75
- Contingent (in contract with contigencies)- 66
- Pending (contingencies removed)- 54
- Expired/In -Active -24
For Sold properties , 15 were above asking, 12 were at asking, 30 were below asking. The average days on the market for homes closing escrow last week was 57.
Properties are still receiving multiple offers when they are priced at or below market but in general, buyers are more cautious with their offers.
The Marin Real Estate Market is hot again, especially in Southern Marin. Multiple offers abound and we are seeing many new listings sell before they hit the multiple listing service. Now is definitely the time for sellers to put their properties on the market. Buyers are prepared to pay more than asking price for reasonably priced homes that show well. Overpriced homes prevent buyers from coming through the front door. Sellers are often surprised that buyers don’t just make an offer on these homes.
Considering buying a home? Patience and the ability to jump rapidly on new listings is the key in the current fast paced market. Buyers must be preapproved for their loan and be able to close quickly.