How Marin Home Prices Got So High
The Marin County median home price hit a record of $1.2 million for a single-family home as of May 2016. According to CoreLogic, that is the highest median home price in Marin since the data began being collected in 1988. The median price increased 8% on a year-over-year basis. The previous record median price in Marin was $1,125,000 for a detached, single-family home in June 2007. After a decline during the mortgage crisis, the median home price got back to $1,125,000 again in November of 2015, on its way to the current record.
Home sales in Marin during the month of May 2016 dropped 14%, from 303 to 261 closed sales during the same period last year, contributing to the upward pressure on prices. These figures also highlight the continuing shortage of inventory in Marin, which has been challenging the local market for a long time. This is due to a moratorium on using open space for new home builds, low interest rates, proximity to San Francisco, proximity to jobs, as well as good public schools.
In fact, the median price for homes in the entire San Francisco Bay Area also rose to an all-time high for the second month in a row according to an article in the Marin Independent Journal. Moreover, prices of single-family homes surged in every county in the Bay Area except San Mateo County. However, home sales fell in the Bay Area from the levels they were this time last year, just as they did in Marin.
What To Expect For The Marin Market
Homes priced up to $1.5 million in Marin are still seeing multiple offers. If properties are priced correctly and have a good location and/or school district, they tend to fetch more offers. Luxury homes in Marin priced in the $3 million to $6 million range are seeing less activity, and have been taking longer to sell. Overall, the market tends to see a slowdown in July and August after the July 4th holiday weekend, providing more opportunity for buyers. Then the market picks up again in September after Labor Day, as sellers try to get their homes in sold before Thanksgiving and the rest of the holidays for the year.
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