|Economic Market Overview|
|Economic optimism prevailed for another month and US stocks hit all-time highs. In the months since the Presidential election, the Dow and S&P indexes have increased 14% and 9%, respectively -- their best performance since 1987. |
The labor market continues to march ahead at near “full-employment” and recent readings on retail sales and industrial production were extremely favorable. A survey of manufacturing shows the factory sector is expanding at breakneck pace -- a remarkable turnaround for an index that was contracting as recently as August 2016. Indeed, the US economy appears to be firing on all cylinders.
Of course, more jobs and better wages result in increased consumer spending and ultimately, inflation, prompting Fed Chair Janet Yellen to pledge increase interest rates at the Federal Open Market Committee (FOMC) meeting. While interest rates remain historically attractive today, Ms. Yellen did add that the Fed expected to raise rates twice more this year.
|Marin Market Snapshot|
|Closer to home, Marin's Single Family Home market was also up across most metrics, suggesting a healthy market poised for a promising listing season ahead. Inventory, percentage of homes in contract, number of homes sold, and sale prices (excluding maximum sale price) were all up in February compared to January levels. Days on market also decreased, suggesting a healthy demand for inventory and return of buyer confidence in the market post-election.|
|In Contract By Area|
|Greenbrae had the highest percentage of homes in contract in February (67%), followed by Corte Madera (50%) and Novato (49%). San Rafael, San Anselmo and Sausalito had between 41% and 42% of homes in contract. In contrast, less active markets were Tiburon (12%), West Marin (8%) and Kentfield which had none. |
|Number of Homes Sold|
|With 74 sold, Marin Single Family Homes sales were up 1% from January, and down 22% compared to the same month last year. Most Single Family Homes sold in February were in the price range of $1-2 million.|
|Sales By Area|
|Novato, San Rafael and Mill Valley continue to see the highest Number of Homes Sold at 24, 18 and 11, respectively. Ross, Kentfield and the Beach Cities had zero sales recorded. Average Days On Market ranged from 111 in West Marin, to eight in Larkspur.|
|Average Price Sold|
|The average sale price of Marin Single Family Homes inched slightly upward (3%) in February compared to January, at $1,404,216 and $1,363,222, respectively. Compared to the same month last year, average sale price decreased 6%, down by $83,408. |
|Sales By Price Point|
|The highest number of homes both available (72) and sold (28) were between $1-2 million. 25 homes sold priced between $750,000 and $1 million, while 11 homes sold in the $2-3 million price range. There were no sales of homes priced at $4 million or higher. |